Arthur Cheong警告說，加密貨幣價格操縱不斷增長，將這種趨勢描述為對投資者信託的嚴重危險

Ardiance Capital的創始人Arthur Cheong警告說，加密貨幣價格操縱不斷增長，將這種趨勢描述為對投資者信託的嚴重危險

Arthur Cheong, the founder of DeFiance Capital, has warned of growing cryptocurrency price manipulation, describing the trend as a serious danger to investor trust amid Mantra and Story Protocol token crashes.

Defiance Capital的創始人Arthur Cheong警告說，加密貨幣價格的操縱不斷增長，將這種趨勢描述為對咒語和故事協議代幣崩潰的嚴重危險。

In an Apr. 14 post on X, Cheong warned that projects and market makers are increasingly working together behind the scenes to artificially sustain token prices, creating a market where “you don’t know whether the price is a result of organic demand and supply” or coordinated manipulation.

Cheong在4月14日的X上發表的帖子中警告說，項目和做市商越來越多地在幕後合作，以人為地維持代幣價格，從而創造了一個市場，“您不知道價格是有機需求和供應的結果”還是協調的操縱。

Centralized exchanges, he added, are ignoring the issue, creating what he referred to as a “lemon’s market,” in which insiders profit while investors bear the risk. Cheong also noted that majority of recent token generation events have performed poorly, with prices falling 70-90% after listing.

他補充說，集中式交流忽略了這個問題，創造了他所謂的“檸檬市場”，其中內部人士在投資者承擔風險的同時獲利。 Cheong還指出，最近的大多數代幣一代活動的表現較差，列表後的價格下降了70-90％。

"The biggest problem plaguing the liquid crypto market now is the complete blackbox of how projects and market makers can work together to create an artificial price that can sustain for a very long period.You don't know whether the price is a result of organic demand & supply…

“現在困擾液體加密市場的最大問題是項目和做市商如何共同創造可以長期維持的人造價格的完整黑框。您不知道價格是否是有機需求和供應的結果…

Due to widespread price manipulation, Cheong came to the conclusion that a large portion of the cryptocurrency market will remain “uninvestable” unless the industry fixes these structural flaws.

由於價格的普遍操縱，Cheong得出的結論是，除非該行業解決這些結構性缺陷，否則加密貨幣市場的很大一部分將保持“不退貨”。

Cheong’s post comes after the Mantra (OM) token lost 90% of its value in under 24 hours, wiping out over $5 billion in market cap. Independent crypto analysts pointed out that Mantra had moved millions of OM tokens to OKX just ahead of the price crash, though Mantra has denied these claims.

Cheong的帖子是在Mantra（OM）代幣在24小時內損失了90％的價值的帖子，從而消除了超過50億美元的市值。獨立加密分析師指出，儘管咒語否認了這些主張，但咒語已將數百萬OM令牌轉移到了OKX，儘管咒語已否認了這些命令。

With 90% of the token supply controlled by the team, many believe this was a case of insider selling disguised as a market event. Mantra’s CEO denied any wrongdoing, blaming the crash on CEX liquidations.

由於團隊控制了90％的令牌供應，許多人認為這是內幕銷售偽裝為市場活動的情況。 Mantra的首席執行官否認了任何不當行為，將墜機事故歸咎於CEX清算。

The concerns didn’t stop with Mantra. As the Mantra drama unfolded, Story Protocol’s (IP) token dropped 25% within an hour, falling from $4.24 to $3.02 before partially recovering. Once more, Binance and OKX, the same exchanges connected to the OM crash, accounted for the majority of the trading volume.

咒語並沒有停止。隨著咒語戲劇的展開，故事協議的（IP）代幣在一個小時內下降了25％，從4.24美元下降到3.02美元，然後部分恢復。 Benance和OKX再次是連接到OM崩潰的相同交換，佔交易量的大部分。

Binance suggested the crash was caused by forced liquidations, while OKX pointed to tokenomics changes and suspicious exchange deposits. The conflicting statements added to speculation over manipulation.

Binance建議墜機是由強迫清算造成的，而OKX則指向令牌學的變化和可疑的交換礦床。相互矛盾的陳述增加了對操縱的投機。

Meanwhile, manipulation has spread to decentralized markets. Last month, a trader on Hyperliquid opened a $5 million short on the JELLY token, then self-liquidated the position by pumping the token’s price on-chain, leading Hyperliquid’s vault to absorb the loss.

同時，操縱已擴散到分散的市場。上個月，一位超級流動性的交易員在果凍代幣上打開了500萬美元的縮寫，然後通過將代幣的價格插入鏈上，自我列出了該職位，導致超級流利的保管庫吸收了損失。

In an analysis shared with crypto.news, Oak Security’s Dr. Jan Philipp Fritsche described it as “a textbook case of unpriced vega risk,” showing how vulnerabilities in DeFi design can still be exploited even without technical bugs.

在與Crypto.news共享的分析中，Oak Security的Jan Philipp Fritsche博士將其描述為“無定價Vega風險的教科書案例”，表明即使沒有技術錯誤，Defi設計中的脆弱性仍然可以被利用。