加密幻象：產業缺乏持久變革，買者自負

儘管加密貨幣行業的知名人士被監禁，但專家警告不要過度樂觀。該行業寬鬆的監管和大量的漏洞為薩姆·班克曼·弗里德（Sam Bankman-Fried）這樣的個人在利潤誘惑和低後果風險的驅動下出現提供了肥沃的土壤。批評者引用歷史上的崩盤和復甦週期，認為監管機構仍然是被動的而不是主動的，使投資者容易受到掠奪性計劃的影響。該行業自稱的監管願望遭到遊說團體的抵制，阻礙了保護消費者的努力。由於行業慣例或監管沒有重大變化，人們仍然擔心像班克曼-弗里德這樣的個人的傳奇故事會重演。

The Illusion of Change in the Cryptocurrency Industry: A Cautionary Tale

加密貨幣產業變革的幻象：一個警世故事

Amidst the recent turbulence within the cryptocurrency industry, there has been a palpable sense of relief, heralding a purported exorcism of its bad actors and the dawn of a new era of legitimacy. However, this optimism is gravely misplaced, as the fundamentals of the industry remain unchanged, promising a disheartening recurrence of the past.

在加密貨幣產業最近的動盪中，人們明顯感到如釋重負，預示著不良行為者的驅魔和合法性新時代的到來。然而，這種樂觀情緒是嚴重錯誤的，因為該行業的基本面沒有改變，令人沮喪的過去可能會再次發生。

The Fall of Crypto's King: A Symphony of Malfeasance

加密之王的沒落：瀆職交響曲

Sam Bankman-Fried, the once-revered mogul behind FTX and Alameda Research, stood convicted of an array of fraudulent and conspiratorial charges. His trial, coupled with the ongoing bankruptcy proceedings, illuminated the shadowy machinations of an industry that has thrived in the absence of meaningful regulation and oversight.

FTX 和 Alameda Research 背後一度受人尊敬的大亨 Sam Bankman-Fried 被判犯有一系列欺詐和共謀指控。他的審判，加上正在進行的破產程序，揭示了這個在缺乏有意義的監管和監督的情況下蓬勃發展的行業的陰暗陰謀。

FTX and Alameda Research, despite their conflicting roles as exchange, market maker, and asset custodian, operated under the same individuals, blurring boundaries and creating a fertile ground for wrongdoing. Customer funds, entrusted to the exchange's safekeeping, were recklessly commingled with corporate assets and squandered on lavish expenditures, ranging from Bahamian real estate to celebrity endorsements. Personal relationships, including Bankman-Fried's involvement with his girlfriend and key lieutenant Caroline Ellison, further eroded the integrity of the firms.

FTX 和 Alameda Research 儘管作為交易所、做市商和資產託管人的角色相互衝突，但它們在同一個人的領導下運營，模糊了界限，並為不法行為創造了沃土。委託給交易所保管的客戶資金被不計後果地與公司資產混合在一起，並被浪費在從巴哈馬房地產到名人代言等大量支出上。私人關係，包括班克曼-弗里德與他的女友兼重要副官卡洛琳·艾里森的關係，進一步侵蝕了公司的誠信。

The due diligence process for loans extended to Bankman-Fried's companies was alarmingly deficient, relying heavily on unaudited financial statements due to the industry's aversion to audits. This laxity proved disastrous, leading to the downfall of the lending firm.

向班克曼-弗里德公司提供的貸款的盡職調查程序存在嚴重缺陷，由於該行業厭惡審計，該程序嚴重依賴未經審計的財務報表。事實證明，這種鬆懈是災難性的，導致貸款公司倒閉。

Absentee Regulators: Laissez-Faire to Disaster

監理機關缺席：自由放任導致災難

The collapse of Bankman-Fried's empire, and numerous others throughout 2022, was not the result of proactive regulatory intervention but rather the fallout from unsustainable practices and illusory tokens. These implosions shattered the hopes of countless investors who had placed their faith in the promise of digital wealth. Many believed that their cryptocurrency holdings were subject to the same protections and safeguards as traditional banking, only to discover the stark reality of an industry devoid of consumer protections and deposit insurance.

班克曼-弗里德帝國以及 2022 年許多其他帝國的崩潰並不是主動監管幹預的結果，而是不可持續做法和虛幻代幣的後果。這些內爆粉碎了無數對數位財富前景抱持信心的投資者的希望。許多人認為他們持有的加密貨幣受到與傳統銀行業相同的保護和保障，卻發現這個行業缺乏消費者保護和存款保險的嚴酷現實。

Instead of preemptively safeguarding investors from predatory crypto schemes, financial regulators have played a reactive role, attempting to mitigate the damage after the fact. They have lagged behind, belatedly investigating and prosecuting individuals like Bankman-Fried and his industry counterpart, Changpeng Zhao, once their misdeeds had reached colossal proportions.

金融監管機構沒有先發制人地保護投資者免受掠奪性加密貨幣計劃的侵害，而是發揮了被動作用，試圖在事後減輕損失。他們已經落後了，當班克曼-弗里德和他的行業同行趙長鵬等人的不當行為達到巨大規模時，他們才開始對他們進行遲來的調查和起訴。

Crypto's Cyclical Nature: A Pattern of Promises and Perils

加密貨幣的週期性：承諾與危險的模式

Despite the assurances of industry leaders touting newfound legitimacy, there is an absence of tangible changes that would prevent history from repeating itself. The cryptocurrency industry has experienced this cycle before. The initial enthusiasm surrounding Bitcoin peaked and then plummeted in 2014 with the collapse of Mt Gox, leaving hundreds of thousands of bitcoins unaccounted for amidst a mix of theft and mismanagement. Decade later, many investors who lost their assets in that debacle are still awaiting reimbursement, illustrating the long and arduous recovery process.

儘管行業領導者保證宣揚新發現的合法性，但缺乏實際的改變來防止歷史重演。加密貨幣產業之前就經歷過這樣的週期。圍繞比特幣的最初熱情在 2014 年達到頂峰，然後隨著 Mt Gox 的倒閉而驟降，導致數十萬比特幣因盜竊和管理不善而下落不明。十年後，許多在那場災難中損失資產的投資者仍在等待賠償，這說明了復原過程的漫長而艱鉅。

Another crypto bubble, driven by the dubious strategy of "initial coin offerings," burst in 2017 as regulators caught on to the scam-ridden nature of these unregulated investment schemes. Enforcement actions against these ICO fraudsters were still underway when the next speculative mania took hold in 2020-2021. Now, as cryptocurrency prices surge once more, regulators find themselves scrambling to catch up, their focus diverted by the fallout from past disasters.

隨著監管機構意識到這些不受監管的投資計劃充斥著騙局，另一個由可疑的「首次代幣發行」策略驅動的加密貨幣泡沫於 2017 年破裂。當 2020 年至 2021 年下一次投機狂熱爆發時，針對這些 ICO 詐欺者的執法行動仍在進行中。現在，隨著加密貨幣價格再次飆升，監管機構發現自己正在努力追趕，他們的注意力被過去災難的影響所轉移。

Despite their proclaimed desire for greater regulation, the cryptocurrency industry has vehemently resisted attempts by regulators to impose more robust investor protections. Crypto lobbying groups, with their considerable resources and influence, have effectively stymied rule changes that could empower agencies to be more proactive in preventing abuses. Legislators, swayed by industry pressure, have failed to pass meaningful legislation, instead opting for measures that codify the current state of lax regulation, replete with loopholes and carve-outs. The industry argues that such laxity fosters innovation, despite the glaring lack of genuine innovation beyond the creation of novel ways to defraud investors.

儘管加密貨幣行業宣稱希望加強監管，但他們強烈抵制監管機構施加更強有力的投資者保護的嘗試。加密貨幣遊說團體擁有相當大的資源和影響力，有效地阻礙了規則的改變，而規則的改變可以使各機構更積極主動地防止濫用行為。迫於產業壓力的立法者未能通過有意義的立法，而是選擇了將當前監管鬆懈、充滿漏洞和例外的情況編入法典的措施。該行業認為，這種寬鬆促進了創新，儘管除了創造欺騙投資者的新方法之外，明顯缺乏真正的創新。

Echoes of Sam Bankman-Fried: An Endless Cycle of Fraud

薩姆·班克曼·弗里德的迴響：無盡的欺詐循環

Sam Bankman-Fried will face a substantial prison sentence for his orchestrating of fraud. However, without fundamental changes to the industry's operating practices and the absence of vigilant watchdogs to curb the rampant abuse and greed that have defined its 15-year history, history is bound to repeat itself. More individuals like Bankman-Fried will emerge, lured by the prospects of easy wealth and minimal consequences.

薩姆·班克曼-弗里德將因策劃欺詐而面臨重刑。然而，如果該行業的運作方式沒有根本性的改變，也沒有警惕的監管機構來遏制該行業 15 年歷史中猖獗的濫用和貪婪行為，歷史必然會重演。更多像班克曼-弗里德這樣的人將會出現，他們被輕鬆致富和最小後果的前景所吸引。

How many others have eluded punishment or even scrutiny? Crypto advocates stand to profit from the public's belief that the industry's problems have been resolved with the imprisonment of a few individuals. But when they claim that all bad actors have been eliminated, it is imperative to ask: what has truly changed? What safeguards have been implemented to prevent the same scams from ensnaring new victims?

還有多少人逃脫了懲罰甚至審查？公眾相信該行業的問題已經透過監禁少數人而得到解決，加密貨幣倡導者將從中獲利。但當他們聲稱所有壞人都被消滅時，我們有必要問：真正改變了什麼？採取了哪些保障措施來防止同樣的騙局陷入新的受害者？

Regulators and lawmakers have failed to take proactive steps to protect the public, allowing crypto firms to lure new customers who are more likely to become victims of yet another collapse than to become crypto-millionaires. How many more people must lose their hard-earned savings before we cease believing the empty promises of an industry that has exploited people's hopes and dreams of financial prosperity, only to shatter them time and again?

監管機構和立法者未能採取積極主動的措施來保護公眾，從而使加密貨幣公司能夠吸引新客戶，而這些客戶更有可能成為另一場崩潰的受害者，而不是成為加密貨幣百萬富翁。在我們不再相信這個利用人們對金融繁榮的希望和夢想的行業的空洞承諾之前，還要有多少人失去來之不易的積蓄？

Bankman-Fried is behind bars, but nothing has truly changed. The cycle of fraud and exploitation continues unabated, threatening countless more investors who dare to venture into the treacherous waters of cryptocurrency.

班克曼-弗里德入獄了，但一切都沒有真正改變。詐欺和剝削的循環有增無減，威脅著無數敢於冒險進入加密貨幣領域的投資者。