倫敦大學學院的計算機科學家和金融專家團隊已經開發了一種工具，以跟踪泵送加密硬幣計劃操縱器的協調工作。

他們已經發表了一篇有關Arxiv預印式服務器的論文，其中描述了其工具稱為Perseus，其目的以及其工作原理。

A team of computer scientists and financial specialists at University College London has developed a tool to track the coordination efforts of pump-and-dump crypto coin scheme manipulators. As the researchers, who are affiliated with UCL's Centre for Computational Statistics and Spatial Economics, explain in a paper published on the arXiv preprint server, they have created a system called Perseus to scan messages on the messaging app Telegram, which is often used to coordinate buying and selling activity for crypto coins.

倫敦大學學院的計算機科學家和金融專家團隊已經開發了一種工具，以跟踪泵送加密硬幣計劃操縱器的協調工作。正如隸屬於UCL計算統計和空間經濟學中心的研究人員在ARXIV預印服務器上發表的一篇論文中解釋的那樣，他們創建了一個名為Perseus的系統來在消息應用程序電報上掃描消息，該系統通常用於協調Crypto Coins的購買和銷售活動。

The crypto markets are still in their infancy and are largely unregulated, which means there are few rules regarding how they can and cannot be used. It also means investing in them is still a risky business. But with the promise of quick and easy riches, many have flocked to the markets in recent years, especially after the price of bitcoin rose to record highs in 2021.

加密貨幣市場仍處於起步階段，並且在很大程度上不受監管，這意味著關於它們如何和不能使用的規則很少。這也意味著投資它們仍然是一項冒險的業務。但是，憑藉快速而輕鬆的財富的承諾，近年來，許多人湧向市場，尤其是在比特幣的價格上漲到2021年的高價之後。

However, like any market, the crypto markets are susceptible to manipulation, and in recent years there have been reports of individuals and groups engaging in pump-and-dump schemes to scam investors. In such schemes, manipulators hype up a coin to get people to buy and then sell their own coins when they believe the buying has reached a saturation point, walking away with a substantial profit while leaving those who bought later to hold the bag.

但是，像任何市場一樣，加密貨幣市場也容易受到操縱的影響，近年來，有報導稱個人和團體從事泵送和降低計劃以欺詐投資者。在這樣的計劃中，操縱者炒作硬幣，讓人們購買購買硬幣，然後在他們認為購買已經達到飽和點時出售自己的硬幣，並獲得了可觀的利潤，同時讓那些後來購買的人拿著袋子。

Pumps and dumps are usually coordinated on Telegram, where chats are used to communicate between potential buyers and sellers. To learn more about what is happening in the crypto markets, the research team built a system capable of reading messages sent between buyers and sellers on Telegram and analyzed them. They found that in addition to masterminds, there are also what the team describes as accomplices—the people who spread the messages posted by the masterminds, thereby allowing hype to build.

泵和垃圾場通常在電報上協調，聊天用於在潛在買賣雙方之間進行交流。為了了解有關加密市場中發生的事情的更多信息，研究團隊構建了一個能夠讀取購買者和賣方之間發送消息並分析的系統。他們發現，除了策劃者之外，團隊還描述了同夥 - 傳播策劃者發布的消息的人，從而允許大肆宣傳。

The masterminds create "pump groups" on Telegram, which are used to coordinate buying activity for a specific coin. They also post messages in "dump groups" to announce when they have sold their coins and that it's time for the accomplices to start selling. In doing so, they use a unique vocabulary and writing style that helps the research team distinguish them from other users.

策劃者在電報上創建“泵組”，用於協調特定硬幣的購買活動。他們還在“轉儲組”中發布消息，以宣佈出售硬幣時，現在是時候開始出售同伙了。在這樣做的過程中，他們使用了獨特的詞彙和寫作風格，可以幫助研究團隊與其他用戶區分開。

The research team also developed a method for tracking the movement of masterminds and accomplices between different groups over time. This allows them to identify the masterminds who are coordinating multiple pump-and-dump schemes and the accomplices who are assisting them.

研究團隊還開發了一種方法，以跟踪隨著時間的推移，不同群體之間的策劃者和同伙的運動。這使他們能夠確定正在協調多個泵送計劃的策劃者以及正在協助他們的同夥。

With Perseus, the research team detected 438 masterminds, who are together responsible for about $3.2 trillion in artificial crypto coin trading, and are collectively raking in approximately $250 million a year.

研究小組與Perseus一起發現了438個策劃者，他們共同負責大約3.2萬億美元的人工加密硬幣交易，並且每年約有2.5億美元的股票。

In reading some of the messages sent between users on Telegram, the researchers noted that the ease with which the masterminds were able to carry out their schemes should be of concern to those attempting to make money off crypto coin investing. They also suggest that at some point, some form of regulation is going to be needed to keep the system running, because eventually, those being scammed will catch on and the whole system will collapse.

研究人員指出，在閱讀用戶之間發送的一些消息時，指出，策劃者能夠執行其計劃的便捷性應該關注那些試圖從加密貨幣投資中賺錢的人。他們還建議，在某個時候，將需要某種形式的監管來保持系統運行，因為最終，被騙子的人會趕上，整個系統將崩潰。

Honglin Fu et al, Perseus: Tracing the Masterminds Behind Cryptocurrency Pump-and-Dump Schemes, arXiv (2025). DOI: 10.48550/arxiv.2503.01686

Honglin Fu等人，Perseus：追踪加密貨幣泵和降低方案背後的策劃者，Arxiv（2025）。 doi：10.48550/arxiv.2503.01686