做市商如何操縱加密貨幣價格

分散衍生品平台Synthetix的聯合創始人Kain Warwick闡明了他所描述的欺騙性策略

Kain Warwick, the co-founder of decentralized derivatives platform Synthetix, has shed light on what he describes as the deceptive tactics employed by market makers (MMs) to manipulate cryptocurrency prices.

分散衍生品平台Synthetix的聯合創始人Kain Warwick闡明了他所描述的做市商（MMS）採用的欺騙性策略（MMS）來操縱加密貨幣價格。

In a detailed post on X, Warwick recounted the evolution of these entities, from their initial role in facilitating exchange listings to orchestrating intricate price schemes that often leave retail investors holding devalued assets as exit liquidity.

在X上的詳細帖子中，沃里克講述了這些實體在促進交流列表中的最初作用到精心策劃複雜的價格計劃的演變，這些計劃經常使散戶投資者持有股本貶值的資產作為出口流動性。

During the initial coin offering (ICO) boom, Warwick noted that projects were typically required to pay market makers substantial fees, ranging from $50,000 to $300,000 per month, to secure listings on cryptocurrency exchanges and attract significant investors. He pointed out that without these often costly deals, it was nearly impossible for emerging projects to secure the necessary capital and exchange listings.

在最初的硬幣發行（ICO）繁榮期間，沃里克指出，通常要求項目向市銷商支付大量費用，從每月50,000美元到300,000美元不等，以確保在加密貨幣交易所上市並吸引大量投資者。他指出，如果沒有這些經常昂貴的交易，新興項目幾乎不可能獲得必要的資本和交換清單。

However, Warwick highlighted that as early as 2017, some market makers began to shift their focus towards more manipulative tactics.

但是，沃里克強調，早在2017年，一些做市商就開始將注意力轉向更具操縱性的策略。

Instead of prioritizing genuine liquidity provision, these MMs allegedly started artificially inflating trading volumes on smaller, lesser-known exchanges while strategically avoiding scrutiny on major platforms like Binance and Kraken.

據稱，這些MMS並沒有優先考慮真正的流動性提供，而是開始在較小的，鮮為人知的交易所上人為地膨脹交易量，同時從戰略上避免在Binance和Kraken等主要平台上進行審查。

Warwick explained how market makers began using call option structures to profit from price manipulation.

沃里克（Warwick）解釋了做市商如何開始使用呼叫選項結構來從價格操縱中獲利。

Rather than providing genuine liquidity to the market, these MMs would allegedly engage in tactics to artificially pump up the prices of tokens. Once the price reached a certain level, they would exercise their call options and then quickly dump their holdings onto the market for profit.

據稱，這些MMS不會為市場提供真正的流動性，而是會制定戰術以人為地提高令牌價格。一旦價格達到一定水平，他們將行使呼叫選擇權，然後將其持股迅速轉移到市場上以獲利。

The low float strategy, which involves launching a token with a limited number of coins initially available for trading, and which gained popularity through figures like Sam Bankman-Fried, further amplified the value and effectiveness of these manipulative call option schemes.

低浮標策略涉及推出一個代幣，其最初可用於交易的硬幣數量有限，並且通過諸如Sam Bankman Fried之類的數字獲得了知名度，進一步擴大了這些操縱呼叫選項方案的價值和有效性。

With fewer tokens in circulation at the time of launch, market makers could exert more control over the price action.

在發佈時流通的傳遞量較少，做市商可以對價格行動產生更多控制權。

They would allegedly sell into market bids to create artificial buying pressure, short the token to further drive down the price, and then buy back their positions at lower prices, ensuring maximum profits from these orchestrated price swings.

據稱，他們將出售市場出價，以造成人造購買壓力，簡短的代幣以進一步降低價格，然後以較低的價格回購其頭寸，從而確保這些精心策劃的價格波動中的最大利潤。

According to Warwick, projects now sell discounted tokens to liquidity funds before their Token Generation Event (TGE).

根據沃里克（Warwick）的說法，在其代幣生成活動（TGE）之前，項目現在將折扣令牌出售給流動性基金。

These funds then agree to bid strategically on the market, creating a false impression of strong demand for the token.

然後，這些資金同意戰略性地競標市場，從而對代幣的強烈需求產生了錯誤的印象。

Simultaneously, a large portion of tokens is sent to exit-strategy MMs, who then proceed to dump these tokens into the artificially inflated market.

同時，很大一部分令牌被送往出口策略的MMS，然後他們繼續將這些令牌倒入人為膨脹的市場。

This cycle enables MMs and early investors to exit with profits while leaving retail buyers holding devalued tokens. Warwick cautioned that large token transfers to market makers should be viewed as a red flag, potentially indicating such manipulative schemes are underway.

該週期使MMS和早期投資者能夠以利潤退出，同時使零售買家持有貶值代幣。沃里克（Warwick）警告說，向做市商的大型代幣轉移應被視為危險信號，有可能表明正在進行此類操縱方案。

Warwick expressed his disdain for these tactics, emphasizing that a legitimate market maker should focus on providing liquidity with tight bid-ask spreads rather than manipulating prices. He urged investors to demand greater transparency from projects engaging with MMs.

沃里克（Warwick）對這些策略表示不屑，強調合法的做市商應該專注於為流動性提供緊張的出價差價，而不是操縱價格。他敦促投資者要求與MMS互動的項目提高透明度。

He also revealed that Synthetix was among the first projects to be exploited by DWF Labs.

他還透露，Synthetix是DWF Labs開發的第一個項目之一。

Warwick stated that DWF Labs purportedly purchased treasury tokens from Synthetix, engaged in activities to pump the price in a low-liquidity environment, and then dumped their holdings for profit, leaving Synthetix and its community to deal with the consequences.

沃里克（Warwick）表示，DWF實驗室據稱是從Synthetix購買了國庫令牌，從事活動以在低流動性環境中泵送價格的活動，然後將其持有的股份丟棄以獲利，使Synthetix及其社區處理後果。