欺詐的興起使ICO的承諾蒙上了困難，但增加的監管一致性可能會為數字籌款的未來建立新的課程。

區塊鏈技術植根於2008年Satoshi Nakamoto的題為“比特幣：點對點電子現金系統”的白皮書出版

The rise of fraud has clouded the promise of initial coin offerings (ICOs), but increased regulatory alignment may forge a new course for the future of digital fundraising.

欺詐的興起使最初的硬幣產品（ICO）的承諾蒙上了一定的希望，但監管的增加可能會為數字籌款的未來建立新的課程。

As the saying goes, “the good times must come to an end.” Sadly, in the world of crypto, this saying rings especially true for Initial Coin Offerings (ICOs). Despite their potential for revolutionizing startup funding and spurring technological innovation, ICOs have become a hotbed for fraudulent activities, threatening the very fabric of this promising market.

俗話說：“美好時光必須結束。”可悲的是，在加密貨幣世界中，這句話對於初始硬幣產品（ICO）尤其如此。儘管ICO有可能改變啟動資金和刺激技術創新，但ICO已成為欺詐活動的溫床，威脅到這個有前途的市場的結構。

The story begins in 2008 with the publication of the white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto, and its first actual implementation in 2009 with the launch of Bitcoin. This development opened new possibilities for innovation and investments, paving the way for the advent of Initial Coin Offerings (ICOs). This process involves selling digital tokens or “coins” in return for cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and many others.

這個故事始於2008年，當時是薩托西·納卡本（Satoshi Nakamoto）的白皮書題為“比特幣：點對點電子現金系統”的出版物，並隨著比特幣的推出，其首次在2009年進行了實際實施。這一發展為創新和投資開闢了新的可能性，為初始硬幣產品（ICO）的出現鋪平了道路。此過程涉及出售數字代幣或“硬幣”，以換取比特幣（BTC），以太坊（ETH）等加密貨幣。

ICOs represent an emerging and effective crowdfunding method, particularly favored by startups as an alternative to Initial Public Offerings (IPOs). However, in recent years, this market has proven risky due to the increase in fraudulent activities that threaten its safety.

ICO代表了一種新興且有效的眾籌方法，特別是初創公司作為首次公開產品（IPO）的替代品。但是，近年來，由於威脅其​​安全性的欺詐活動的增加，該市場已被證明有風險。

This rise of ICOs scams is confirmed by the advisory firm Statis Group, which revealed in 2017 that more than 80 percent of ICOs were found to be fraudulent. To be precise, out of the total amount raised during ICOs that year, which comes to 11,6 billion dollars, the 11 percent that is equal to 1,34 billions of dollar went to scams project, some of the most famous where “Pincoin ($660 million), Arisebank ($600 million), and Savedroid ($50 million), which together equal $1.31 billion.”

ICOS騙局的這種興起得到了諮詢公司STATIS集團的證實，該集團在2017年透露，發現超過80％的ICO被發現是欺詐性的。確切地說，在當年ICO期間籌集的總金額中，這一數字為1,66億美元，11％的11％等於13.4億美元，用於騙局項目，其中一些最著名的是“ Pincoin（6.6億美元），AriseBank（6億美元），AriseBank（6億美元），以及Savedroid（5000萬美元），總計1.31億美元。

Parallel to this concerning trend, the European Securities and Markets Authority (ESMA) has released a statement to alert investors intending to participate in ICOs. Published on 13 November 2017, ESMA’s announcement declares that the ICOs mechanism involves speculative investments, hence posing several potential risks for investors.

歐洲證券和市場管理局（ESMA）與這一趨勢平行，已發布一份聲明，以提醒打算參加ICO的投資者。 ESMA的公告於2017年11月13日發布，宣布ICO機制涉及投機性投資，因此對投資者構成了幾種潛在的風險。

Some of the key issues highlighted by ESMA include the need for greater cooperation among national authorities to effectively monitor and regulate ICOs. Moreover, ESMA emphasizes the importance of investors conducting thorough research before making any investment decisions and being fully aware of the risks involved in these ventures.

ESMA強調的一些關鍵問題包括需要在國家當局之間進行更大的合作來有效監控和規範ICO。此外，ESMA強調了在做出任何投資決策之前進行徹底研究的投資者的重要性，並完全了解這些企業所涉及的風險。

These findings are further supported by empirical studies, which suggest that cyber-attack has a strong and negative impact on the number of and the amount raised in ICOs.

這些發現得到了經驗研究的進一步支持，這些研究表明網絡攻擊對ICOS的數量和升高的數量和升高的數量有很大和負面影響。

The mismanagement of this issue could have huge consequences. Firstly, investors might decide to withdraw from the market, resulting in a decrease in funding for startup activities and creating an obstacle to the advancement of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs).

對這個問題的管理不善可能會帶來巨大的後果。首先，投資者可能會決定退出市場，從而減少了啟動活動的資金，並造成了分散融資（DEFI）和不可殺傷的代幣（NFTS）的障礙。

As the technology evolves and the use cases expand, so does the interest in initial coin offerings (ICOs). Despite their recent introduction and the limited number of laws related to cryptocurrencies today, there is a strong and persistent demand for participation in this market.

隨著技術的發展和用例的發展，對初始硬幣產品（ICO）的興趣也隨之而來。儘管他們最近引入了與當今加密貨幣有關的法律數量有限，但對參與該市場的需求有很大且持續的需求。

However, governmental bodies are also taking crucial steps to support crypto adoption. In 2021, El Salvador became the first country in the world to declare the adoption of Bitcoin cryptocurrency as legal tender in its economy, an initiative later followed in 2022 by the Central African Republic.

但是，政府機構也正在採取至關重要的步驟來支持加密採用。 2021年，埃爾·薩爾瓦多（El Salvador）成為世界上第一個宣佈在其經濟中採用比特幣加密貨幣為法定招標的國家，後來是中非共和國於2022年的一項倡議。

Recently, another event brought the cryptocurrency market into the spotlight. Trump signed an order to originate a strategic reserve of U.S. Bitcoins, with the aim of holding them as a store of value, without selling them. This move marks a significant step for the development of cryptocurrencies in the U.S. financial system, as several analysts believe that this reserve could encourage institutional investment and Bitcoin adoption on a global scale.

最近，另一個活動將加密貨幣市場引起了人們的關注。特朗普簽署了一項命令，以發起美國比特幣的戰略儲備，目的是將其作為價值存儲而不出售。這一舉動標誌著美國金融體系中加密貨幣開發的重要一步，因為幾位分析師認為，該儲備金可以鼓勵在全球範圍內採用機構投資和比特幣採用。

This development is part of a broader trend in the U.S. to regulate cryptocurrencies more heavily. The Securities and Exchange Commission (SEC) has been particularly active in this domain, with Chairman Gary Gensler expressing his support for a comprehensive regulatory framework.

這種發展是美國更嚴重調節加密貨幣的更廣泛趨勢的一部分。美國證券交易委員會（SEC）在該領域中特別活躍，主席加里·加斯勒（Gary Gensler）表示支持全面的監管框架。

In the same vein, Japan’s Financial Services Agency (FSA) has been taking steps to regulate cryptocurrencies and create a more favorable environment for institutional investment in the asset class.

同樣，日本金融服務局（FSA）一直在採取措施規範加密貨幣，並為資產類別的機構投資創造更有利的環境。

These actions by authorities and the technical capabilities of blockchain technology could lower vulnerabilities and increase security against the threat of fraud.

當局採取的這些行動以及區塊鏈技術的技術能力可以降低脆弱性，並提高安全性，以應對欺詐的威脅。

With less fraud and greater reliability, retail investors will be more likely to participate in crowdfunding, while startups could secure the necessary funding to develop new innovative services and increase the adoption of blockchain at scale.

由於欺詐和更大的可靠性，散戶投資者將更有可能參與眾籌，而初創企業可以確保必要的資金來開發新的創新服務並增加大規模採用區塊鏈。

These developments present a best-case scenario where stricter regulations and investor protection tools are used to overcome the risk of scams and create a safer and more stable environment for the future of ICOs.

這些事態發展呈現出最佳的情況，其中使用更嚴格的法規和投資者保護工具來克服騙局的風險，並為ICO的未來創造一個更安全，更穩定的環境。