定义市场制造与市场操纵之间的界限

这些运动提出了一个重要的问题：市场制造与市场操纵之间的界限在哪里？

Recently, we’ve observed irregular and significant losses in the value of certain tokens. These movements raise an important question: where is the line between market making and market manipulation? Dr. Rasit Tavus, the founder and CEO of LegalBlock warns that some activities by market makers cannot be classified as routine operations and should instead be regarded as manipulation.

最近，我们观察到某些令牌的价值不规则且明显的损失。这些运动提出了一个重要的问题：市场制造与市场操纵之间的界限在哪里？ LegalBlock的创始人兼首席执行官Rasit Tavus博士警​​告说，做市商的某些活动不能归类为常规行动，而应被视为操纵。

To begin, it’s essential to understand what market making means in the context of cryptocurrency. Market makers receive a considerable amount of tokens and provide liquidity on specific trading pairs, allowing retail investors to buy and sell more easily. In return, they are typically compensated with tokens or through paid agreements with the token issuer or exchange.

首先，必须了解在加密货币的背景下市场的含义。做市商会收到大量的令牌，并在特定的交易对上提供流动性，从而使零售投资者可以更轻松地买卖。作为回报，它们通常通过令牌或与令牌发行人或汇率的付费协议进行补偿。

The goal is to create a liquid market that enables investors to trade with minimal slippage, while exchanges earn from transaction fees and token issuers benefit from higher demand. Ideally, this creates a win-win situation for all parties involved.

目的是创建一个流动市场，使投资者能够以最小的滑倒交易，而交易所从交易费用和代币发行人获得的交流受益于更高的需求。理想情况下，这为所有有关方面创造了双赢的情况。

However, recent examples suggest some market makers may be manipulating token prices to benefit their own positions.

但是，最近的例子表明，一些做市商可能正在操纵代币价格以使自己的立场受益。

Binance recently raised concerns about a market maker who allegedly made around $38 million in profit from the listing of the Move token, while simultaneously influencing its price.

Binance最近对一个做市商提出了担忧，据称他从上市代币中赚取了约3,800万美元的利润，同时也影响了其价格。

Market makers are expected to enhance liquidity, not distort it. They are contracted to foster a stable trading environment, not to take actions that destabilise it. In this case, the behaviour appeared to prioritise personal gain over the creation of a functioning market.

做市商有望提高流动性，而不会扭曲流动性。他们合同以促进稳定的交易环境，而不是采取使它稳定的行动。在这种情况下，这种行为似乎优先考虑个人利益而不是创建功能市场。

Token issuers and project teams must never engage directly in price-related activities involving their own tokens. A recent incident involving Mantra Network’s $OM token serves as a warning. The token lost around 90% of its value in a single day.

代币发行人和项目团队绝不能直接参与涉及其代币的价格有关的活动。最近涉及Mantra Network的$ OM令牌的事件可作为警告。代币在一天内损失了其价值的90％。

It appears that the team behind the project sold tokens at a lower price in an attempt to create artificial upward pressure. With a major holder unloading aggressively, the market failed to absorb the supply, leading to a devastating collapse. This suggests that the previous upward movement had also been manipulated, rather than reflecting genuine demand.

看来，该项目背后的团队以较低的价格出售令牌，以创造人为的向上压力。随着主要持有人积极卸载，市场未能吸收供应，导致破坏性的崩溃。这表明先前的向上运动也被操纵，而不是反映真正的需求。

When a project issues a token, it is generally accompanied by a whitepaper outlining the token’s intended utility. Direct involvement in price actions undermines that purpose and casts doubt on the token’s legitimacy. There is no rational reason to manipulate the price of a token that serves a genuine function. Such behaviour puts retail investors at risk and invites legal scrutiny.

当一个项目发出令牌时，通常伴随着白皮书，概述了令牌预期的实用程序。直接参与价格行动会破坏目标，并对令牌合法性产生怀疑。没有合理的理由来操纵具有真正功能的代币的价格。这种行为使零售投资者处于危险之中，并受到法律审查。

The US Department of Justice has already announced investigations into suspicious price movements in cryptocurrency markets. The Federal Bureau of Investigation has reportedly created its own token to interact with market makers — an indication of their commitment to monitoring pricing dynamics and their impact on retail investors.

美国司法部已经宣布了对加密货币市场中可疑价格变动的调查。据报道，联邦调查局已经创建了自己的代币来与做市商互动，这表明他们致力于监测定价动态及其对零售投资者的影响。

Despite the decentralised nature of crypto, the United States claims jurisdiction over both DeFi and broader cryptocurrency markets. Unnatural price actions taken by market makers, token issuers, or exchanges could soon result in criminal investigations.

尽管加密的分散性质，但美国声称对DEFI和更广泛的加密货币市场的管辖权。做市商，代币发行人或交易所采取的不自然的价格行动很快就会导致刑事调查。

To remain compliant with US laws and regulations, all market participants should avoid any activity that could be construed as manipulation and that may lead to financial harm for retail investors.

为了遵守美国的法律法规，所有市场参与者都应避免任何可能被解释为操纵的活动，这可能会对零售投资者造成财务损害。