Binance秘密操纵KAS价格？

加密货币分析Page Page Kaspa报告揭示了他们所说的Kaspa硬币分布模式中的“巨大失真”。

Cryptocurrency analytics page Kaspa Report has uncovered what they describe as “a massive distortion” in Kaspa’s coin distribution patterns. The analysis points to a single entity—likely crypto exchange giant Binance—centralizing control of the KAS token supply.

加密货币分析Page Page Kaspa报告揭示了他们所说的Kaspa硬币分布模式中的“巨大失真”。该分析指出了一个单一实体（Like of Crypto Exchange Giant Binance）将对KAS令牌供应的控制中心化。

Kaspa Report began its investigation in December 2024 by identifying an anomaly in the redistribution of KAS tokens across different wallet categories. They noticed that “humpback” wallets, or very large holders, were making substantial gains in their percentage of circulating supply. This pattern contradicts the normal distribution trends seen in healthy cryptocurrency ecosystems.

Kaspa报告于2024年12月开始调查，确定了不同钱包类别的KAS代币重新分布的异常。他们注意到，“座头包”钱包或非常大的持有人在循环供应百分比方面取得了可观的收益。这种模式与健康的加密货币生态系统中看到的正态分布趋势相矛盾。

“What makes this situation particularly unusual is the fact that accumulating large amounts of KAS should become exponentially more difficult over time,” Kaspa Report explained in their detailed thread.

Kaspa报告在其详细线程中解释说：“使这种情况特别不寻常的事实是，随着时间的流逝，累积大量KA应该变得更加困难。”

As hashrate increases and new supply declines, amassing significant quantities of KAS should be increasingly challenging. Yet despite these natural constraints, their analysis identified one wallet that has been accumulating KAS at an accelerating rate for over a year. This wallet, ending in n4uk5a and presumed to belong to Binance, has been accumulating KAS at an unsustainable, accelerating rate, at one point capturing more than half of all new supply for several consecutive months.

随着哈希酸盐的增加和新的供应下降，积累大量的KA应该越来越具有挑战性。然而，尽管有这些自然限制，但他们的分析确定了一个钱包，该钱包已经以一年多的加速速度积累了KAS。这个钱包以N4uk5a结尾，并假定属于Binance，一直以不可持续的，加速的速度积累Kas，一点点捕获了连续几个月的所有新供应的一半以上。

Kaspa Data Analysis: A Tale of Conflicting Data Points

KASPA数据分析：相互冲突的数据点的故事

Digging deeper into blockchain analytics provided by Kaspalytics, the researchers encountered several conflicting data points that ultimately strengthened their suspicions. They found that while the percentage of circulating supply held by the top 0.01% of wallets had increased over the past year, the minimum amount of KAS needed to be in this elite group had decreased.

研究人员深入研究了Kaspalytics提供的区块链分析，遇到了几个相互矛盾的数据点，最终增强了他们的怀疑。他们发现，虽然在过去一年中，最高0.01％的钱包持有的循环供应百分比增加了，但该精英群中需要的最低KAS数量减少了。

This combination is counterintuitive and suggests that KAS is becoming more concentrated within this small group, but not evenly. After examining all 16 wallets in this cohort with above-average holdings, one stands out dramatically—the same wallet believed to be controlled by Binance.

这种组合是违反直觉的，这表明KAS越来越集中在这一小组中，但均匀均匀。在检查了该队列中所有16个钱包的持有量高于平均水平的钱包之后，一个人急剧脱颖而出 - 被认为是由二耐心控制的同一钱包。

The investigation ruled out the possibility that this wallet’s extraordinary growth came from mining operations. Kaspa Report demonstrated through detailed analysis that for a mining operation to achieve this pattern of accumulation would require “an implausibly limitless external funding source or a cost-free, infinitely scalable mining operation” that defies practical limitations.

调查裁定了这个钱包的非凡增长来自采矿业务的可能性。 KASPA报告通过详细分析证明，要实现这种积累模式的采矿操作将需要“无限的外部资金来源或无需成本的无限可扩展的采矿操作”，这违反了实际限制。

KAS Price Suppression Theory Takes Center Stage

KAS价格抑制理论是中心舞台

Kaspa Report’s most provocative claim is that this wallet’s accumulation pattern is only possible through active price suppression in the KAS market. “We suspect that the wallet’s ability to accumulate Kaspa so rapidly stems from the owner’s ability to suppress the price,” they stated.

Kaspa报告最具挑衅性的说法是，只有通过在KAS市场中的积极抑制价格，该钱包的积累方式才有可能。他们说：“我们怀疑钱包积累了卡巴的能力如此迅速源于所有者镇压价格的能力。”

According to their analysis, the disruption to Kaspa’s natural redistribution patterns represents a calculated attempt to centralize control of the Kaspa market. If the wallet does indeed belong to Binance as suspected, it would suggest the world’s largest cryptocurrency exchange is undertaking extraordinary efforts to dominate the KAS market.

根据他们的分析，卡巴斯自然重新分配模式的破坏代表了集中对卡巴市场控制的试图试图。如果钱包确实确实属于唯一的义务，这将表明世界上最大的加密货币交易所正在采取非凡的努力来统治KAS市场。

The report suggests that the exchange might be intentionally keeping KAS prices artificially low to facilitate their acquisition strategy, potentially ahead of a future spot listing that would expand access to the Kaspa ecosystem.

该报告表明，该交易所可能有意将KAS价格人为地降低，以促进其收购策略，这可能是在未来的现货清单之前扩大对Kaspa生态系统的访问。

Kaspa Market Response Shows Resilience Against Centralization

Kaspa市场反应表明反对集中化的弹性

Despite these apparent centralization efforts, Kaspa Report remains optimistic about the network’s long-term decentralization. Their analysis shows that KAS continues to be accumulated by an increasing number of holders who collectively act as resistance against market centralization attempts.

尽管有这些明显的集中化工作，但Kaspa报告仍然对网络的长期权力下放保持乐观。他们的分析表明，越来越多的持有人共同充当抵抗市场集中化尝试的持有人，KAS仍在积累。

“The more Kaspa’s price is suppressed, the faster holders accumulate, frustrating those trying to usurp KAS,” the report explained. “Each market manipulation attempt to induce forced selling is met with increased buying by those who have adopted the Kaspa standard.”

报告解释说：“抑制了卡巴的价格越多，持有人积累了越来越快，使那些试图篡夺KAS的人感到沮丧。” “每种市场操纵试图诱发强迫销售的尝试都被那些采用Kaspa标准的人增加了。”

Kaspa Report concluded their investigation with a surprisingly balanced perspective, noting that while they highlight potential market manipulation by Binance, their goal is not to condemn the exchange. They acknowledge that Binance’s actions represent those of a powerful self-interested market participant, and that such behavior is common in traditional financial markets.

卡巴（Kaspa）的报告以惊人的平衡观点结束了他们的调查，并指出，尽管他们通过二进制强调了潜在的市场操纵，但他们的目标不是谴责交流。他们承认，Binance的行动代表了强大的自私市场参与者的行为，并且这种行为在传统的金融市场中很普遍。

They even suggest that long-term Kaspa investors might benefit from this situation, as Binance is effectively “subsidizing” the acquisition of KAS for patient accumulators. Additionally, they note that Binance’s ultimate aim is likely to list Kaspa for spot trading, which would significantly expand access to the Kaspa ecosystem.

他们甚至建议长期的Kaspa投资者可能会从这种情况中受益，因为Binance实际上“补贴”了为患者累积者收购KAS。此外，他们指出，Binance的最终目标可能会列出Kaspa进行现货交易，这将大大扩展对Kaspa生态系统的访问。

“Ultimately, this may prove to be one of the biggest attempts to control the Kaspa market,” they concluded. “Yet no amount of fiat currency or price manipulation can break Kaspa’s decentralization.”

他们总结说：“最终，这可能被证明是控制卡巴市场的最大尝试之一。” “但是，没有数量的法定货币或价格操纵可以打破卡巴的权力下放。”