定義市場製造與市場操縱之間的界限

這些運動提出了一個重要的問題：市場製造與市場操縱之間的界限在哪裡？

Recently, we’ve observed irregular and significant losses in the value of certain tokens. These movements raise an important question: where is the line between market making and market manipulation? Dr. Rasit Tavus, the founder and CEO of LegalBlock warns that some activities by market makers cannot be classified as routine operations and should instead be regarded as manipulation.

最近，我們觀察到某些令牌的價值不規則且明顯的損失。這些運動提出了一個重要的問題：市場製造與市場操縱之間的界限在哪裡？ LegalBlock的創始人兼首席執行官Rasit Tavus博士警​​告說，做市商的某些活動不能歸類為常規行動，而應被視為操縱。

To begin, it’s essential to understand what market making means in the context of cryptocurrency. Market makers receive a considerable amount of tokens and provide liquidity on specific trading pairs, allowing retail investors to buy and sell more easily. In return, they are typically compensated with tokens or through paid agreements with the token issuer or exchange.

首先，必須了解在加密貨幣的背景下市場的含義。做市商會收到大量的令牌，並在特定的交易對上提供流動性，從而使零售投資者可以更輕鬆地買賣。作為回報，它們通常通過令牌或與令牌發行人或匯率的付費協議進行補償。

The goal is to create a liquid market that enables investors to trade with minimal slippage, while exchanges earn from transaction fees and token issuers benefit from higher demand. Ideally, this creates a win-win situation for all parties involved.

目的是創建一個流動市場，使投資者能夠以最小的滑倒交易，而交易所從交易費用和代幣發行人獲得的交流受益於更高的需求。理想情況下，這為所有有關方面創造了雙贏的情況。

However, recent examples suggest some market makers may be manipulating token prices to benefit their own positions.

但是，最近的例子表明，一些做市商可能正在操縱代幣價格以使自己的立場受益。

Binance recently raised concerns about a market maker who allegedly made around $38 million in profit from the listing of the Move token, while simultaneously influencing its price.

Binance最近對一個做市商提出了擔憂，據稱他從上市代幣中賺取了約3,800萬美元的利潤，同時也影響了其價格。

Market makers are expected to enhance liquidity, not distort it. They are contracted to foster a stable trading environment, not to take actions that destabilise it. In this case, the behaviour appeared to prioritise personal gain over the creation of a functioning market.

做市商有望提高流動性，而不會扭曲流動性。他們合同以促進穩定的交易環境，而不是採取使它穩定的行動。在這種情況下，這種行為似乎優先考慮個人利益而不是創建功能市場。

Token issuers and project teams must never engage directly in price-related activities involving their own tokens. A recent incident involving Mantra Network’s $OM token serves as a warning. The token lost around 90% of its value in a single day.

代幣發行人和項目團隊絕不能直接參與涉及其代幣的價格有關的活動。最近涉及Mantra Network的$ OM令牌的事件可作為警告。代幣在一天內損失了其價值的90％。

It appears that the team behind the project sold tokens at a lower price in an attempt to create artificial upward pressure. With a major holder unloading aggressively, the market failed to absorb the supply, leading to a devastating collapse. This suggests that the previous upward movement had also been manipulated, rather than reflecting genuine demand.

看來，該項目背後的團隊以較低的價格出售令牌，以創造人為的向上壓力。隨著主要持有人積極卸載，市場未能吸收供應，導致破壞性的崩潰。這表明先前的向上運動也被操縱，而不是反映真正的需求。

When a project issues a token, it is generally accompanied by a whitepaper outlining the token’s intended utility. Direct involvement in price actions undermines that purpose and casts doubt on the token’s legitimacy. There is no rational reason to manipulate the price of a token that serves a genuine function. Such behaviour puts retail investors at risk and invites legal scrutiny.

當一個項目發出令牌時，通常伴隨著白皮書，概述了令牌預期的實用程序。直接參與價格行動會破壞目標，並對令牌合法性產生懷疑。沒有合理的理由來操縱具有真正功能的代幣的價格。這種行為使零售投資者處於危險之中，並受到法律審查。

The US Department of Justice has already announced investigations into suspicious price movements in cryptocurrency markets. The Federal Bureau of Investigation has reportedly created its own token to interact with market makers — an indication of their commitment to monitoring pricing dynamics and their impact on retail investors.

美國司法部已經宣布了對加密貨幣市場中可疑價格變動的調查。據報導，聯邦調查局已經創建了自己的代幣來與做市商互動，這表明他們致力於監測定價動態及其對零售投資者的影響。

Despite the decentralised nature of crypto, the United States claims jurisdiction over both DeFi and broader cryptocurrency markets. Unnatural price actions taken by market makers, token issuers, or exchanges could soon result in criminal investigations.

儘管加密的分散性質，但美國聲稱對DEFI和更廣泛的加密貨幣市場的管轄權。做市商，代幣發行人或交易所採取的不自然的價格行動很快就會導致刑事調查。

To remain compliant with US laws and regulations, all market participants should avoid any activity that could be construed as manipulation and that may lead to financial harm for retail investors.

為了遵守美國的法律法規，所有市場參與者都應避免任何可能被解釋為操縱的活動，這可能會對零售投資者造成財務損害。