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尽管加密货币行业的知名人士被监禁,但专家警告不要过度乐观。该行业宽松的监管和大量的漏洞为萨姆·班克曼·弗里德(Sam Bankman-Fried)这样的个人在利润诱惑和低后果风险的驱动下出现提供了肥沃的土壤。批评者援引历史上的崩溃和复苏周期,认为监管机构仍然是被动的而不是主动的,使投资者容易受到掠夺性计划的影响。该行业自称的监管愿望遭到游说团体的抵制,阻碍了保护消费者的努力。由于行业惯例或监管没有发生重大变化,人们仍然担心像班克曼-弗里德这样的个人的传奇故事会重演。
The Illusion of Change in the Cryptocurrency Industry: A Cautionary Tale
加密货币行业变革的幻象:一个警示故事
Amidst the recent turbulence within the cryptocurrency industry, there has been a palpable sense of relief, heralding a purported exorcism of its bad actors and the dawn of a new era of legitimacy. However, this optimism is gravely misplaced, as the fundamentals of the industry remain unchanged, promising a disheartening recurrence of the past.
在加密货币行业最近的动荡中,人们明显感到如释重负,预示着不良行为者的驱魔和合法性新时代的到来。然而,这种乐观情绪是严重错误的,因为该行业的基本面没有改变,令人沮丧的过去可能会再次发生。
The Fall of Crypto's King: A Symphony of Malfeasance
加密之王的没落:渎职交响曲
Sam Bankman-Fried, the once-revered mogul behind FTX and Alameda Research, stood convicted of an array of fraudulent and conspiratorial charges. His trial, coupled with the ongoing bankruptcy proceedings, illuminated the shadowy machinations of an industry that has thrived in the absence of meaningful regulation and oversight.
FTX 和 Alameda Research 背后一度受人尊敬的大亨 Sam Bankman-Fried 被判犯有一系列欺诈和共谋指控。他的审判,加上正在进行的破产程序,揭示了这个在缺乏有意义的监管和监督的情况下蓬勃发展的行业的阴暗阴谋。
FTX and Alameda Research, despite their conflicting roles as exchange, market maker, and asset custodian, operated under the same individuals, blurring boundaries and creating a fertile ground for wrongdoing. Customer funds, entrusted to the exchange's safekeeping, were recklessly commingled with corporate assets and squandered on lavish expenditures, ranging from Bahamian real estate to celebrity endorsements. Personal relationships, including Bankman-Fried's involvement with his girlfriend and key lieutenant Caroline Ellison, further eroded the integrity of the firms.
FTX 和 Alameda Research 尽管作为交易所、做市商和资产托管人的角色相互冲突,但它们在同一个人的领导下运营,模糊了界限,并为不法行为创造了沃土。委托给交易所保管的客户资金被不计后果地与公司资产混合在一起,并被浪费在从巴哈马房地产到名人代言等大量支出上。私人关系,包括班克曼-弗里德与他的女友兼重要副官卡罗琳·埃里森的关系,进一步侵蚀了公司的诚信。
The due diligence process for loans extended to Bankman-Fried's companies was alarmingly deficient, relying heavily on unaudited financial statements due to the industry's aversion to audits. This laxity proved disastrous, leading to the downfall of the lending firm.
向班克曼-弗里德公司提供的贷款的尽职调查程序存在严重缺陷,由于该行业厌恶审计,该程序严重依赖未经审计的财务报表。事实证明,这种松懈是灾难性的,导致贷款公司倒闭。
Absentee Regulators: Laissez-Faire to Disaster
监管机构缺席:自由放任导致灾难
The collapse of Bankman-Fried's empire, and numerous others throughout 2022, was not the result of proactive regulatory intervention but rather the fallout from unsustainable practices and illusory tokens. These implosions shattered the hopes of countless investors who had placed their faith in the promise of digital wealth. Many believed that their cryptocurrency holdings were subject to the same protections and safeguards as traditional banking, only to discover the stark reality of an industry devoid of consumer protections and deposit insurance.
班克曼-弗里德帝国以及 2022 年许多其他帝国的崩溃并不是主动监管干预的结果,而是不可持续做法和虚幻代币的后果。这些内爆粉碎了无数对数字财富前景抱有信心的投资者的希望。许多人认为他们持有的加密货币受到与传统银行业相同的保护和保障,却发现这个行业缺乏消费者保护和存款保险的严酷现实。
Instead of preemptively safeguarding investors from predatory crypto schemes, financial regulators have played a reactive role, attempting to mitigate the damage after the fact. They have lagged behind, belatedly investigating and prosecuting individuals like Bankman-Fried and his industry counterpart, Changpeng Zhao, once their misdeeds had reached colossal proportions.
金融监管机构没有先发制人地保护投资者免受掠夺性加密货币计划的侵害,而是发挥了被动作用,试图在事后减轻损失。他们已经落后了,当班克曼-弗里德和他的行业同行赵长鹏等人的不当行为达到巨大规模时,他们才开始对他们进行迟来的调查和起诉。
Crypto's Cyclical Nature: A Pattern of Promises and Perils
加密货币的周期性:承诺与危险的模式
Despite the assurances of industry leaders touting newfound legitimacy, there is an absence of tangible changes that would prevent history from repeating itself. The cryptocurrency industry has experienced this cycle before. The initial enthusiasm surrounding Bitcoin peaked and then plummeted in 2014 with the collapse of Mt Gox, leaving hundreds of thousands of bitcoins unaccounted for amidst a mix of theft and mismanagement. Decade later, many investors who lost their assets in that debacle are still awaiting reimbursement, illustrating the long and arduous recovery process.
尽管行业领导者保证宣扬新发现的合法性,但缺乏切实的改变来防止历史重演。加密货币行业之前就经历过这样的周期。围绕比特币的最初热情在 2014 年达到顶峰,然后随着 Mt Gox 的倒闭而骤降,导致数十万比特币因盗窃和管理不善而下落不明。十年后,许多在那场灾难中损失资产的投资者仍在等待赔偿,这说明了恢复过程的漫长而艰巨。
Another crypto bubble, driven by the dubious strategy of "initial coin offerings," burst in 2017 as regulators caught on to the scam-ridden nature of these unregulated investment schemes. Enforcement actions against these ICO fraudsters were still underway when the next speculative mania took hold in 2020-2021. Now, as cryptocurrency prices surge once more, regulators find themselves scrambling to catch up, their focus diverted by the fallout from past disasters.
随着监管机构意识到这些不受监管的投资计划充斥着骗局,另一个由可疑的“首次代币发行”策略驱动的加密货币泡沫于 2017 年破裂。当 2020 年至 2021 年下一次投机狂热爆发时,针对这些 ICO 欺诈者的执法行动仍在进行中。现在,随着加密货币价格再次飙升,监管机构发现自己正在努力追赶,他们的注意力被过去灾难的影响所转移。
Despite their proclaimed desire for greater regulation, the cryptocurrency industry has vehemently resisted attempts by regulators to impose more robust investor protections. Crypto lobbying groups, with their considerable resources and influence, have effectively stymied rule changes that could empower agencies to be more proactive in preventing abuses. Legislators, swayed by industry pressure, have failed to pass meaningful legislation, instead opting for measures that codify the current state of lax regulation, replete with loopholes and carve-outs. The industry argues that such laxity fosters innovation, despite the glaring lack of genuine innovation beyond the creation of novel ways to defraud investors.
尽管加密货币行业宣称希望加强监管,但他们强烈抵制监管机构施加更强有力的投资者保护的尝试。加密货币游说团体拥有相当大的资源和影响力,有效地阻碍了规则的改变,而规则的改变可以使各机构更加积极主动地防止滥用行为。迫于行业压力的立法者未能通过有意义的立法,而是选择了将当前监管松懈、充满漏洞和例外的情况编入法典的措施。该行业认为,这种宽松促进了创新,尽管除了创造欺骗投资者的新方法之外,明显缺乏真正的创新。
Echoes of Sam Bankman-Fried: An Endless Cycle of Fraud
萨姆·班克曼·弗里德的回响:无尽的欺诈循环
Sam Bankman-Fried will face a substantial prison sentence for his orchestrating of fraud. However, without fundamental changes to the industry's operating practices and the absence of vigilant watchdogs to curb the rampant abuse and greed that have defined its 15-year history, history is bound to repeat itself. More individuals like Bankman-Fried will emerge, lured by the prospects of easy wealth and minimal consequences.
萨姆·班克曼-弗里德将因策划欺诈而面临重刑。然而,如果该行业的运营方式没有根本性的改变,也没有警惕的监管机构来遏制该行业 15 年历史中猖獗的滥用职权和贪婪行为,历史必然会重演。更多像班克曼-弗里德这样的人将会出现,他们被轻松致富和最小后果的前景所吸引。
How many others have eluded punishment or even scrutiny? Crypto advocates stand to profit from the public's belief that the industry's problems have been resolved with the imprisonment of a few individuals. But when they claim that all bad actors have been eliminated, it is imperative to ask: what has truly changed? What safeguards have been implemented to prevent the same scams from ensnaring new victims?
还有多少人逃脱了惩罚甚至审查?公众相信该行业的问题已经通过监禁少数人而得到解决,加密货币倡导者将从中获利。但当他们声称所有坏人都被消灭时,我们有必要问:真正改变了什么?采取了哪些保障措施来防止同样的骗局陷入新的受害者?
Regulators and lawmakers have failed to take proactive steps to protect the public, allowing crypto firms to lure new customers who are more likely to become victims of yet another collapse than to become crypto-millionaires. How many more people must lose their hard-earned savings before we cease believing the empty promises of an industry that has exploited people's hopes and dreams of financial prosperity, only to shatter them time and again?
监管机构和立法者未能采取积极主动的措施来保护公众,从而使加密货币公司能够吸引新客户,而这些客户更有可能成为另一场崩溃的受害者,而不是成为加密货币百万富翁。在我们不再相信这个利用人们对金融繁荣的希望和梦想的行业的空洞承诺之前,还要有多少人失去来之不易的积蓄?
Bankman-Fried is behind bars, but nothing has truly changed. The cycle of fraud and exploitation continues unabated, threatening countless more investors who dare to venture into the treacherous waters of cryptocurrency.
班克曼-弗里德入狱了,但一切都没有真正改变。欺诈和剥削的循环有增无减,威胁着无数敢于冒险进入加密货币领域的投资者。
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