揭露加密貨幣市場中的虛假交易和市場操縱

在這次深入分析中，我們將分析 NexFundAI 加密貨幣的鏈上數據，以識別可能擴展到其他加密貨幣的清洗交易模式，並對某些代幣的流動性提出質疑。

Original authors: Dessislava Aubert, Anastasia Melachrinos

原作者：Dessislava Aubert、Anastasia Melachrinos

Original translation: Block unicorn

原文翻譯：方塊獨角獸

On October 9, 2024, three market makers—ZM Quant, CLS Global, and MyTrade—and their employees were accused of engaging in wash trading and collusion on behalf of the cryptocurrency company and its token NexFundAI. According to evidence collected by the FBI, a total of 18 individuals and entities face charges.

2024 年 10 月 9 日，三個做市商——ZM Quant、CLS Global 和 MyTrade——及其員工被指控代表加密貨幣公司及其代幣 NexFundAI 參與清洗交易和串通。根據 FBI 收集的證據，共有 18 名個人和實體面臨指控。

In this in-depth analysis, we will analyze the on-chain data of the NexFundAI cryptocurrency to identify wash trading patterns that may extend to other cryptocurrencies and question the liquidity of certain tokens. Additionally, we will explore other wash trading strategies in DeFi and how to identify illegal activities on centralized platforms.

在這次深入分析中，我們將分析 NexFundAI 加密貨幣的鏈上數據，以識別可能擴展到其他加密貨幣的清洗交易模式，並對某些代幣的流動性提出質疑。此外，我們還將探討 DeFi 中的其他清洗交易策略以及如何識別在中心化平台上的非法活動。

Finally, we will examine price manipulation behaviors in the South Korean market, which blur the lines between market efficiency and manipulation.

最後，我們將研究韓國市場的價格操縱行為，這模糊了市場效率和操縱之間的界線。

FBI Identifies Wash Trading in Token Data

FBI 發現代幣資料存在清洗交易

NexFundAI is a token issued in May 2024 by a company created by the FBI, aimed at exposing market manipulation in the crypto market. The accused companies engaged in algorithmic wash trading and other manipulative tactics on behalf of clients, typically on DeFi exchanges like Uniswap. These actions targeted newly issued or low-market-cap tokens, creating a false impression of an active market to attract real investors, ultimately driving up token prices and increasing their visibility.

NexFundAI 是 FBI 創建的一家公司於 2024 年 5 月發行的代幣，旨在揭露加密貨幣市場的市場操縱行為。被指控的公司代表客戶從事演算法清洗交易和其他操縱策略，通常是在 Uniswap 等 DeFi 交易所。這些行為針對的是新發行的或低市值的代幣，造成市場活躍的假象，以吸引真正的投資者，最終推高代幣價格並提高其知名度。

The FBI's investigation yielded clear confessions, with involved parties detailing their operational steps and intentions. Some even explicitly stated, "This is how we market make on Uniswap." However, this case not only provides verbal evidence but also showcases the true nature of wash trading in DeFi through data, which we will analyze in depth.

聯邦調查局的調查得到了明確的供述，相關各方詳細說明了他們的行動步驟和意圖。有些人甚至明確表示，“這就是我們在 Uniswap 上做市的方式。”然而，這個案例不僅提供了口頭證據，還透過數據展示了 DeFi 洗盤交易的真實本質，我們將對此進行深入分析。

To begin our exploration of the FBI's fraudulent token NexFundAI (Kaiko code: NEXF), we will first examine the token's on-chain transfer data. This data provides a complete path from the token's issuance, including all wallet and smart contract addresses holding these tokens.

為了開始探索 FBI 的詐騙代幣 NexFundAI（Kaiko 代碼：NEXF），我們將首先檢查該代幣的鏈上轉帳資料。該數據提供了從代幣發行開始的完整路徑，包括持有這些代幣的所有錢包和智慧合約地址。

The data shows that the token issuer transferred token funds into a market maker wallet, which then allocated the funds to dozens of other wallets, identified in the chart by deep blue clusters.

數據顯示，代幣發行人將代幣資金轉移到做市商錢包中，然後將資金分配給數十個其他錢包，在圖表中以深藍色簇標識。

Subsequently, these funds were used for wash trading on the only secondary market created by the issuer—Uniswap—located at the center of the chart, which is the intersection point for almost all wallets receiving and/or transferring the token (from May to September 2024).

隨後，這些資金被用於發行人創建的唯一二級市場Uniswap 上的清洗交易，該市場位於圖表的中心，幾乎所有接收和/或轉移代幣的錢包的交叉點（從5 月到9 月） 2024）。

These findings further corroborate the information revealed by the FBI through undercover "sting" operations. The accused companies used multiple bots and hundreds of wallets for wash trading, raising no suspicion from investors trying to seize early opportunities.

這些調查結果進一步證實了聯邦調查局透過臥底「誘捕」行動所透露的資訊。被指控的公司使用多個機器人和數百個錢包進行清洗交易，沒有引起試圖抓住早期機會的投資者的懷疑。

To refine our analysis and confirm that certain wallet transfers were fraudulent, particularly those within the clusters, we recorded the date each wallet received its first transfer, observing the entire on-chain data and not just limited to NexFundAI token transfers. The data shows that among the 485 wallets in the sample, 148 wallets (or 28%) received funds in the same block as at least 5 other wallets.

為了完善我們的分析並確認某些錢包轉賬是欺詐性的，特別是集群內的轉賬，我們記錄了每個錢包收到首次轉賬的日期，觀察整個鏈上數據，而不僅僅是NexFundAI 代幣轉賬。數據顯示，在樣本中的 485 個錢包中，有 148 個錢包（即 28%）與至少 5 個其他錢包在同一區塊中收到了資金。

For a token with such low visibility, the occurrence of this trading pattern is almost impossible. Therefore, it is reasonable to speculate that at least these 138 addresses are related to trading algorithms and may be used for wash trading.

對於知名度如此低的代幣來說，這種交易模式的發生幾乎是不可能的。因此，有理由推測，至少這138個地址與交易演算法有關，可能被用於清洗交易。

To further confirm the wash trading involving this token, we analyzed the market data from its only existing secondary market. By aggregating the daily trading volume on the Uniswap market and comparing buy and sell volumes, we found a surprising symmetry between the two. This symmetry indicates that the market maker company hedged the total amount across all wallets participating in wash trading daily.

為了進一步確認涉及該代幣的清洗交易，我們分析了其唯一現有二級市場的市場數據。透過匯總 Uniswap 市場的每日交易量並比較買賣量，我們發現兩者之間存在令人驚訝的對稱性。這種對稱性表明做市商公司對每天參與清洗交易的所有錢包的總金額進行了對沖。

Upon a deeper look at individual transactions and coloring the trades by wallet address, we also found that certain addresses executed identical single transactions (same amount and timestamp) during a month of trading activity, indicating that these addresses employed wash trading strategies, which also suggests that these addresses are interconnected.

透過深入研究單筆交易並按錢包地址對交易進行著色，我們還發現某些地址在一個月的交易活動中執行了相同的單筆交易（相同的金額和時間戳記），這表明這些地址採用了清洗交易策略，這也顯示這些位址是互連的。

Further investigation revealed that by using Kaiko's Wallet Data solution, we discovered that these two addresses, although never directly interacting on-chain, were both funded by the same wallet address providing WETH: 0x4aa6a6231630ad13ef52c06de3d3d3850fafcd70. This wallet itself was funded through a smart contract from Railgun. According to information from Railgun's official site, "RAILGUN is a smart contract designed to provide privacy protection for crypto trading for professional traders and DeFi users." These findings suggest that these wallet addresses may be involved in activities that require concealment, such as market manipulation or even more serious situations.

進一步調查顯示，透過使用 Kaiko 的錢包資料解決方案，我們發現這兩個地址雖然從未直接在鏈上交互，但均由提供 WETH 的同一個錢包地址提供資金：0x4aa6a6231630ad13ef52c06de3d3d3850fafcd70。這個錢包本身是透過 Railgun 的智能合約提供資金的。據Railgun官網資訊顯示，“RAILGUN是一款智能合約，旨在為專業交易者和DeFi用戶提供加密交易隱私保護。”這些發現表明，這些錢包地址可能涉及需要隱藏的活動，例如市場操縱或更嚴重的情況。

DeFi Fraud Extends Beyond NexFundAI

DeFi 詐欺不僅限於 NexFundAI

Manipulative behaviors in DeFi are not limited to the FBI's investigation. Our data shows that among over 200,000 assets on Ethereum decentralized exchanges, many lack real utility and are controlled by a

DeFi 中的操縱行為不僅限於 FBI 的調查。我們的數據顯示，在以太坊去中心化交易所的超過 20 萬種資產中，許多資產缺乏實際效用，並且由