Binance秘密操縱KAS價格？

加密貨幣分析Page Page Kaspa報告揭示了他們所說的Kaspa硬幣分佈模式中的“巨大失真”。

Cryptocurrency analytics page Kaspa Report has uncovered what they describe as “a massive distortion” in Kaspa’s coin distribution patterns. The analysis points to a single entity—likely crypto exchange giant Binance—centralizing control of the KAS token supply.

加密貨幣分析Page Page Kaspa報告揭示了他們所說的Kaspa硬幣分佈模式中的“巨大失真”。該分析指出了一個單一實體（Like of Crypto Exchange Giant Binance）將對KAS令牌供應的控制中心化。

Kaspa Report began its investigation in December 2024 by identifying an anomaly in the redistribution of KAS tokens across different wallet categories. They noticed that “humpback” wallets, or very large holders, were making substantial gains in their percentage of circulating supply. This pattern contradicts the normal distribution trends seen in healthy cryptocurrency ecosystems.

Kaspa報告於2024年12月開始調查，確定了不同錢包類別的KAS代幣重新分佈的異常。他們注意到，“座頭包”錢包或非常大的持有人在循環供應百分比方面取得了可觀的收益。這種模式與健康的加密貨幣生態系統中看到的正態分佈趨勢相矛盾。

“What makes this situation particularly unusual is the fact that accumulating large amounts of KAS should become exponentially more difficult over time,” Kaspa Report explained in their detailed thread.

Kaspa報告在其詳細線程中解釋說：“使這種情況特別不尋常的事實是，隨著時間的流逝，累積大量KA應該變得更加困難。”

As hashrate increases and new supply declines, amassing significant quantities of KAS should be increasingly challenging. Yet despite these natural constraints, their analysis identified one wallet that has been accumulating KAS at an accelerating rate for over a year. This wallet, ending in n4uk5a and presumed to belong to Binance, has been accumulating KAS at an unsustainable, accelerating rate, at one point capturing more than half of all new supply for several consecutive months.

隨著哈希酸鹽的增加和新的供應下降，積累大量的KA應該越來越具有挑戰性。然而，儘管有這些自然限制，但他們的分析確定了一個錢包，該錢包已經以一年多的加速速度積累了KAS。這個錢包以N4uk5a結尾，並假定屬於Binance，一直以不可持續的，加速的速度積累Kas，一點點捕獲了連續幾個月的所有新供應的一半以上。

Kaspa Data Analysis: A Tale of Conflicting Data Points

KASPA數據分析：相互衝突的數據點的故事

Digging deeper into blockchain analytics provided by Kaspalytics, the researchers encountered several conflicting data points that ultimately strengthened their suspicions. They found that while the percentage of circulating supply held by the top 0.01% of wallets had increased over the past year, the minimum amount of KAS needed to be in this elite group had decreased.

研究人員深入研究了Kaspalytics提供的區塊鏈分析，遇到了幾個相互矛盾的數據點，最終增強了他們的懷疑。他們發現，雖然在過去一年中，最高0.01％的錢包持有的循環供應百分比增加了，但該精英群中需要的最低KAS數量減少了。

This combination is counterintuitive and suggests that KAS is becoming more concentrated within this small group, but not evenly. After examining all 16 wallets in this cohort with above-average holdings, one stands out dramatically—the same wallet believed to be controlled by Binance.

這種組合是違反直覺的，這表明KAS越來越集中在這一小組中，但均勻均勻。在檢查了該隊列中所有16個錢包的持有量高於平均水平的錢包之後，一個人急劇脫穎而出 - 被認為是由二耐心控制的同一錢包。

The investigation ruled out the possibility that this wallet’s extraordinary growth came from mining operations. Kaspa Report demonstrated through detailed analysis that for a mining operation to achieve this pattern of accumulation would require “an implausibly limitless external funding source or a cost-free, infinitely scalable mining operation” that defies practical limitations.

調查裁定了這個錢包的非凡增長來自採礦業務的可能性。 KASPA報告通過詳細分析證明，要實現這種積累模式的採礦操作將需要“無限的外部資金來源或無需成本的無限可擴展的採礦操作”，這違反了實際限制。

KAS Price Suppression Theory Takes Center Stage

KAS價格抑制理論是中心舞台

Kaspa Report’s most provocative claim is that this wallet’s accumulation pattern is only possible through active price suppression in the KAS market. “We suspect that the wallet’s ability to accumulate Kaspa so rapidly stems from the owner’s ability to suppress the price,” they stated.

Kaspa報告最具挑釁性的說法是，只有通過在KAS市場中的積極抑制價格，該錢包的積累方式才有可能。他們說：“我們懷疑錢包積累了卡巴的能力如此迅速源於所有者鎮壓價格的能力。”

According to their analysis, the disruption to Kaspa’s natural redistribution patterns represents a calculated attempt to centralize control of the Kaspa market. If the wallet does indeed belong to Binance as suspected, it would suggest the world’s largest cryptocurrency exchange is undertaking extraordinary efforts to dominate the KAS market.

根據他們的分析，卡巴斯自然重新分配模式的破壞代表了集中對卡巴市場控制的試圖試圖。如果錢包確實確實屬於唯一的義務，這將表明世界上最大的加密貨幣交易所正在採取非凡的努力來統治KAS市場。

The report suggests that the exchange might be intentionally keeping KAS prices artificially low to facilitate their acquisition strategy, potentially ahead of a future spot listing that would expand access to the Kaspa ecosystem.

該報告表明，該交易所可能有意將KAS價格人為地降低，以促進其收購策略，這可能是在未來的現貨清單之前擴大對Kaspa生態系統的訪問。

Kaspa Market Response Shows Resilience Against Centralization

Kaspa市場反應表明反對集中化的彈性

Despite these apparent centralization efforts, Kaspa Report remains optimistic about the network’s long-term decentralization. Their analysis shows that KAS continues to be accumulated by an increasing number of holders who collectively act as resistance against market centralization attempts.

儘管有這些明顯的集中化工作，但Kaspa報告仍然對網絡的長期權力下放保持樂觀。他們的分析表明，越來越多的持有人共同充當抵抗市場集中化嘗試的持有人，KAS仍在積累。

“The more Kaspa’s price is suppressed, the faster holders accumulate, frustrating those trying to usurp KAS,” the report explained. “Each market manipulation attempt to induce forced selling is met with increased buying by those who have adopted the Kaspa standard.”

報告解釋說：“抑制了卡巴的價格越多，持有人積累了越來越快，使那些試圖篡奪KAS的人感到沮喪。” “每種市場操縱試圖誘發強迫銷售的嘗試都被那些採用Kaspa標準的人增加了。”

Kaspa Report concluded their investigation with a surprisingly balanced perspective, noting that while they highlight potential market manipulation by Binance, their goal is not to condemn the exchange. They acknowledge that Binance’s actions represent those of a powerful self-interested market participant, and that such behavior is common in traditional financial markets.

卡巴（Kaspa）的報告以驚人的平衡觀點結束了他們的調查，並指出，儘管他們通過二進制強調了潛在的市場操縱，但他們的目標不是譴責交流。他們承認，Binance的行動代表了強大的自私市場參與者的行為，並且這種行為在傳統的金融市場中很普遍。

They even suggest that long-term Kaspa investors might benefit from this situation, as Binance is effectively “subsidizing” the acquisition of KAS for patient accumulators. Additionally, they note that Binance’s ultimate aim is likely to list Kaspa for spot trading, which would significantly expand access to the Kaspa ecosystem.

他們甚至建議長期的Kaspa投資者可能會從這種情況中受益，因為Binance實際上“補貼”了為患者累積者收購KAS。此外，他們指出，Binance的最終目標可能會列出Kaspa進行現貨交易，這將大大擴展對Kaspa生態系統的訪問。

“Ultimately, this may prove to be one of the biggest attempts to control the Kaspa market,” they concluded. “Yet no amount of fiat currency or price manipulation can break Kaspa’s decentralization.”

他們總結說：“最終，這可能被證明是控制卡巴市場的最大嘗試之一。” “但是，沒有數量的法定貨幣或價格操縱可以打破卡巴的權力下放。”