做市商如何操纵加密货币价格

分散衍生品平台Synthetix的联合创始人Kain Warwick阐明了他所描述的欺骗性策略

Kain Warwick, the co-founder of decentralized derivatives platform Synthetix, has shed light on what he describes as the deceptive tactics employed by market makers (MMs) to manipulate cryptocurrency prices.

分散衍生品平台Synthetix的联合创始人Kain Warwick阐明了他所描述的做市商（MMS）采用的欺骗性策略（MMS）来操纵加密货币价格。

In a detailed post on X, Warwick recounted the evolution of these entities, from their initial role in facilitating exchange listings to orchestrating intricate price schemes that often leave retail investors holding devalued assets as exit liquidity.

在X上的详细帖子中，沃里克讲述了这些实体在促进交流列表中的最初作用到精心策划复杂的价格计划的演变，这些计划经常使散户投资者持有股本贬值的资产作为出口流动性。

During the initial coin offering (ICO) boom, Warwick noted that projects were typically required to pay market makers substantial fees, ranging from $50,000 to $300,000 per month, to secure listings on cryptocurrency exchanges and attract significant investors. He pointed out that without these often costly deals, it was nearly impossible for emerging projects to secure the necessary capital and exchange listings.

在最初的硬币发行（ICO）繁荣期间，沃里克指出，通常要求项目向市销商支付大量费用，从每月50,000美元到300,000美元不等，以确保在加密货币交易所上市并吸引大量投资者。他指出，如果没有这些经常昂贵的交易，新兴项目几乎不可能获得必要的资本和交换清单。

However, Warwick highlighted that as early as 2017, some market makers began to shift their focus towards more manipulative tactics.

但是，沃里克强调，早在2017年，一些做市商就开始将注意力转向更具操纵性的策略。

Instead of prioritizing genuine liquidity provision, these MMs allegedly started artificially inflating trading volumes on smaller, lesser-known exchanges while strategically avoiding scrutiny on major platforms like Binance and Kraken.

据称，这些MMS并没有优先考虑真正的流动性提供，而是开始在较小的，鲜为人知的交易所上人为地膨胀交易量，同时从战略上避免在Binance和Kraken等主要平台上进行审查。

Warwick explained how market makers began using call option structures to profit from price manipulation.

沃里克（Warwick）解释了做市商如何开始使用呼叫选项结构来从价格操纵中获利。

Rather than providing genuine liquidity to the market, these MMs would allegedly engage in tactics to artificially pump up the prices of tokens. Once the price reached a certain level, they would exercise their call options and then quickly dump their holdings onto the market for profit.

据称，这些MMS不会为市场提供真正的流动性，而是会制定战术以人为地提高令牌价格。一旦价格达到一定水平，他们将行使呼叫选择权，然后将其持股迅速转移到市场上以获利。

The low float strategy, which involves launching a token with a limited number of coins initially available for trading, and which gained popularity through figures like Sam Bankman-Fried, further amplified the value and effectiveness of these manipulative call option schemes.

低浮标策略涉及推出一个代币，其最初可用于交易的硬币数量有限，并且通过诸如Sam Bankman Fried之类的数字获得了知名度，进一步扩大了这些操纵呼叫选项方案的价值和有效性。

With fewer tokens in circulation at the time of launch, market makers could exert more control over the price action.

在发布时流通的传递量较少，做市商可以对价格行动产生更多控制权。

They would allegedly sell into market bids to create artificial buying pressure, short the token to further drive down the price, and then buy back their positions at lower prices, ensuring maximum profits from these orchestrated price swings.

据称，他们将出售市场出价，以造成人造购买压力，简短的代币以进一步降低价格，然后以较低的价格回购其头寸，从而确保这些精心策划的价格波动中的最大利润。

According to Warwick, projects now sell discounted tokens to liquidity funds before their Token Generation Event (TGE).

根据沃里克（Warwick）的说法，在其代币生成活动（TGE）之前，项目现在将折扣令牌出售给流动性基金。

These funds then agree to bid strategically on the market, creating a false impression of strong demand for the token.

然后，这些资金同意战略性地竞标市场，从而对代币的强烈需求产生了错误的印象。

Simultaneously, a large portion of tokens is sent to exit-strategy MMs, who then proceed to dump these tokens into the artificially inflated market.

同时，很大一部分令牌被送往出口策略的MMS，然后他们继续将这些令牌倒入人为膨胀的市场。

This cycle enables MMs and early investors to exit with profits while leaving retail buyers holding devalued tokens. Warwick cautioned that large token transfers to market makers should be viewed as a red flag, potentially indicating such manipulative schemes are underway.

该周期使MMS和早期投资者能够以利润退出，同时使零售买家持有贬值代币。沃里克（Warwick）警告说，向做市商的大型代币转移应被视为危险信号，有可能表明正在进行此类操纵方案。

Warwick expressed his disdain for these tactics, emphasizing that a legitimate market maker should focus on providing liquidity with tight bid-ask spreads rather than manipulating prices. He urged investors to demand greater transparency from projects engaging with MMs.

沃里克（Warwick）对这些策略表示不屑，强调合法的做市商应该专注于为流动性提供紧张的出价差价，而不是操纵价格。他敦促投资者要求与MMS互动的项目提高透明度。

He also revealed that Synthetix was among the first projects to be exploited by DWF Labs.

他还透露，Synthetix是DWF Labs开发的第一个项目之一。

Warwick stated that DWF Labs purportedly purchased treasury tokens from Synthetix, engaged in activities to pump the price in a low-liquidity environment, and then dumped their holdings for profit, leaving Synthetix and its community to deal with the consequences.

沃里克（Warwick）表示，DWF实验室据称是从Synthetix购买了国库令牌，从事活动以在低流动性环境中泵送价格的活动，然后将其持有的股份丢弃以获利，使Synthetix及其社区处理后果。