Arthur Cheong警告说，加密货币价格操纵不断增长，将这种趋势描述为对投资者信托的严重危险

Ardiance Capital的创始人Arthur Cheong警告说，加密货币价格操纵不断增长，将这种趋势描述为对投资者信托的严重危险

Arthur Cheong, the founder of DeFiance Capital, has warned of growing cryptocurrency price manipulation, describing the trend as a serious danger to investor trust amid Mantra and Story Protocol token crashes.

Defiance Capital的创始人Arthur Cheong警告说，加密货币价格的操纵不断增长，将这种趋势描述为对咒语和故事协议代币崩溃的严重危险。

In an Apr. 14 post on X, Cheong warned that projects and market makers are increasingly working together behind the scenes to artificially sustain token prices, creating a market where “you don’t know whether the price is a result of organic demand and supply” or coordinated manipulation.

Cheong在4月14日的X上发表的帖子中警告说，项目和做市商越来越多地在幕后合作，以人为地维持代币价格，从而创造了一个市场，“您不知道价格是有机需求和供应的结果”还是协调的操纵。

Centralized exchanges, he added, are ignoring the issue, creating what he referred to as a “lemon’s market,” in which insiders profit while investors bear the risk. Cheong also noted that majority of recent token generation events have performed poorly, with prices falling 70-90% after listing.

他补充说，集中式交流忽略了这个问题，创造了他所谓的“柠檬市场”，其中内部人士在投资者承担风险的同时获利。 Cheong还指出，最近的大多数代币一代活动的表现较差，列表后的价格下降了70-90％。

"The biggest problem plaguing the liquid crypto market now is the complete blackbox of how projects and market makers can work together to create an artificial price that can sustain for a very long period.You don't know whether the price is a result of organic demand & supply…

“现在困扰液体加密市场的最大问题是项目和做市商如何共同创造可以长期维持的人造价格的完整黑框。您不知道价格是否是有机需求和供应的结果…

Due to widespread price manipulation, Cheong came to the conclusion that a large portion of the cryptocurrency market will remain “uninvestable” unless the industry fixes these structural flaws.

由于价格的普遍操纵，Cheong得出的结论是，除非该行业解决这些结构性缺陷，否则加密货币市场的很大一部分将保持“不退货”。

Cheong’s post comes after the Mantra (OM) token lost 90% of its value in under 24 hours, wiping out over $5 billion in market cap. Independent crypto analysts pointed out that Mantra had moved millions of OM tokens to OKX just ahead of the price crash, though Mantra has denied these claims.

Cheong的帖子是在Mantra（OM）代币在24小时内损失了90％的价值的帖子，从而消除了超过50亿美元的市值。独立加密分析师指出，尽管咒语否认了这些主张，但咒语已将数百万OM令牌转移到了OKX，尽管咒语已否认了这些命令。

With 90% of the token supply controlled by the team, many believe this was a case of insider selling disguised as a market event. Mantra’s CEO denied any wrongdoing, blaming the crash on CEX liquidations.

由于团队控制了90％的令牌供应，许多人认为这是内幕销售伪装为市场活动的情况。 Mantra的首席执行官否认了任何不当行为，将坠机事故归咎于CEX清算。

The concerns didn’t stop with Mantra. As the Mantra drama unfolded, Story Protocol’s (IP) token dropped 25% within an hour, falling from $4.24 to $3.02 before partially recovering. Once more, Binance and OKX, the same exchanges connected to the OM crash, accounted for the majority of the trading volume.

咒语并没有停止。随着咒语戏剧的展开，故事协议的（IP）代币在一个小时内下降了25％，从4.24美元下降到3.02美元，然后部分恢复。 Benance和OKX再次是连接到OM崩溃的相同交换，占交易量的大部分。

Binance suggested the crash was caused by forced liquidations, while OKX pointed to tokenomics changes and suspicious exchange deposits. The conflicting statements added to speculation over manipulation.

Binance建议坠机是由强迫清算造成的，而OKX则指向令牌学的变化和可疑的交换矿床。相互矛盾的陈述增加了对操纵的投机。

Meanwhile, manipulation has spread to decentralized markets. Last month, a trader on Hyperliquid opened a $5 million short on the JELLY token, then self-liquidated the position by pumping the token’s price on-chain, leading Hyperliquid’s vault to absorb the loss.

同时，操纵已扩散到分散的市场。上个月，一位超级流动性的交易员在果冻代币上打开了500万美元的缩写，然后通过将代币的价格插入链上，自我列出了该职位，导致超级流利的保管库吸收了损失。

In an analysis shared with crypto.news, Oak Security’s Dr. Jan Philipp Fritsche described it as “a textbook case of unpriced vega risk,” showing how vulnerabilities in DeFi design can still be exploited even without technical bugs.

在与Crypto.news共享的分析中，Oak Security的Jan Philipp Fritsche博士将其描述为“无定价Vega风险的教科书案例”，表明即使没有技术错误，Defi设计中的脆弱性仍然可以被利用。