欺诈的兴起使ICO的承诺蒙上了困难，但增加的监管一致性可能会为数字筹款的未来建立新的课程。

区块链技术植根于2008年Satoshi Nakamoto的题为“比特币：点对点电子现金系统”的白皮书出版

The rise of fraud has clouded the promise of initial coin offerings (ICOs), but increased regulatory alignment may forge a new course for the future of digital fundraising.

欺诈的兴起使最初的硬币产品（ICO）的承诺蒙上了一定的希望，但监管的增加可能会为数字筹款的未来建立新的课程。

As the saying goes, “the good times must come to an end.” Sadly, in the world of crypto, this saying rings especially true for Initial Coin Offerings (ICOs). Despite their potential for revolutionizing startup funding and spurring technological innovation, ICOs have become a hotbed for fraudulent activities, threatening the very fabric of this promising market.

俗话说：“美好时光必须结束。”可悲的是，在加密货币世界中，这句话对于初始硬币产品（ICO）尤其如此。尽管ICO有可能改变启动资金和刺激技术创新，但ICO已成为欺诈活动的温床，威胁到这个有前途的市场的结构。

The story begins in 2008 with the publication of the white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto, and its first actual implementation in 2009 with the launch of Bitcoin. This development opened new possibilities for innovation and investments, paving the way for the advent of Initial Coin Offerings (ICOs). This process involves selling digital tokens or “coins” in return for cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and many others.

这个故事始于2008年，当时是萨托西·纳卡本（Satoshi Nakamoto）的白皮书题为“比特币：点对点电子现金系统”的出版物，并随着比特币的推出，其首次在2009年进行了实际实施。这一发展为创新和投资开辟了新的可能性，为初始硬币产品（ICO）的出现铺平了道路。此过程涉及出售数字代币或“硬币”，以换取比特币（BTC），以太坊（ETH）等加密货币。

ICOs represent an emerging and effective crowdfunding method, particularly favored by startups as an alternative to Initial Public Offerings (IPOs). However, in recent years, this market has proven risky due to the increase in fraudulent activities that threaten its safety.

ICO代表了一种新兴且有效的众筹方法，特别是初创公司作为首次公开产品（IPO）的替代品。但是，近年来，由于威胁其​​安全性的欺诈活动的增加，该市场已被证明有风险。

This rise of ICOs scams is confirmed by the advisory firm Statis Group, which revealed in 2017 that more than 80 percent of ICOs were found to be fraudulent. To be precise, out of the total amount raised during ICOs that year, which comes to 11,6 billion dollars, the 11 percent that is equal to 1,34 billions of dollar went to scams project, some of the most famous where “Pincoin ($660 million), Arisebank ($600 million), and Savedroid ($50 million), which together equal $1.31 billion.”

ICOS骗局的这种兴起得到了咨询公司STATIS集团的证实，该集团在2017年透露，发现超过80％的ICO被发现是欺诈性的。确切地说，在当年ICO期间筹集的总金额中，这一数字为1,66亿美元，11％的11％等于13.4亿美元，用于骗局项目，其中一些最著名的是“ Pincoin（6.6亿美元），AriseBank（6亿美元），AriseBank（6亿美元），以及Savedroid（5000万美元），总计1.31亿美元。

Parallel to this concerning trend, the European Securities and Markets Authority (ESMA) has released a statement to alert investors intending to participate in ICOs. Published on 13 November 2017, ESMA’s announcement declares that the ICOs mechanism involves speculative investments, hence posing several potential risks for investors.

欧洲证券和市场管理局（ESMA）与这一趋势平行，已发布一份声明，以提醒打算参加ICO的投资者。 ESMA的公告于2017年11月13日发布，宣布ICO机制涉及投机性投资，因此对投资者构成了几种潜在的风险。

Some of the key issues highlighted by ESMA include the need for greater cooperation among national authorities to effectively monitor and regulate ICOs. Moreover, ESMA emphasizes the importance of investors conducting thorough research before making any investment decisions and being fully aware of the risks involved in these ventures.

ESMA强调的一些关键问题包括需要在国家当局之间进行更大的合作来有效监控和规范ICO。此外，ESMA强调了在做出任何投资决策之前进行彻底研究的投资者的重要性，并完全了解这些企业所涉及的风险。

These findings are further supported by empirical studies, which suggest that cyber-attack has a strong and negative impact on the number of and the amount raised in ICOs.

这些发现得到了经验研究的进一步支持，这些研究表明网络攻击对ICOS的数量和升高的数量和升高的数量有很大和负面影响。

The mismanagement of this issue could have huge consequences. Firstly, investors might decide to withdraw from the market, resulting in a decrease in funding for startup activities and creating an obstacle to the advancement of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs).

对这个问题的管理不善可能会带来巨大的后果。首先，投资者可能会决定退出市场，从而减少了启动活动的资金，并造成了分散融资（DEFI）和不可杀伤的代币（NFTS）的障碍。

As the technology evolves and the use cases expand, so does the interest in initial coin offerings (ICOs). Despite their recent introduction and the limited number of laws related to cryptocurrencies today, there is a strong and persistent demand for participation in this market.

随着技术的发展和用例的发展，对初始硬币产品（ICO）的兴趣也随之而来。尽管他们最近引入了与当今加密货币有关的法律数量有限，但对参与该市场的需求有很大且持续的需求。

However, governmental bodies are also taking crucial steps to support crypto adoption. In 2021, El Salvador became the first country in the world to declare the adoption of Bitcoin cryptocurrency as legal tender in its economy, an initiative later followed in 2022 by the Central African Republic.

但是，政府机构也正在采取至关重要的步骤来支持加密采用。 2021年，埃尔·萨尔瓦多（El Salvador）成为世界上第一个宣布在其经济中采用比特币加密货币为法定招标的国家，后来是中非共和国于2022年的一项倡议。

Recently, another event brought the cryptocurrency market into the spotlight. Trump signed an order to originate a strategic reserve of U.S. Bitcoins, with the aim of holding them as a store of value, without selling them. This move marks a significant step for the development of cryptocurrencies in the U.S. financial system, as several analysts believe that this reserve could encourage institutional investment and Bitcoin adoption on a global scale.

最近，另一个活动将加密货币市场引起了人们的关注。特朗普签署了一项命令，以发起美国比特币的战略储备，目的是将其作为价值存储而不出售。这一举动标志着美国金融体系中加密货币开发的重要一步，因为几位分析师认为，该储备金可以鼓励在全球范围内采用机构投资和比特币采用。

This development is part of a broader trend in the U.S. to regulate cryptocurrencies more heavily. The Securities and Exchange Commission (SEC) has been particularly active in this domain, with Chairman Gary Gensler expressing his support for a comprehensive regulatory framework.

这种发展是美国更严重调节加密货币的更广泛趋势的一部分。美国证券交易委员会（SEC）在该领域中特别活跃，主席加里·加斯勒（Gary Gensler）表示支持全面的监管框架。

In the same vein, Japan’s Financial Services Agency (FSA) has been taking steps to regulate cryptocurrencies and create a more favorable environment for institutional investment in the asset class.

同样，日本金融服务局（FSA）一直在采取措施规范加密货币，并为资产类别的机构投资创造更有利的环境。

These actions by authorities and the technical capabilities of blockchain technology could lower vulnerabilities and increase security against the threat of fraud.

当局采取的这些行动以及区块链技术的技术能力可以降低脆弱性，并提高安全性，以应对欺诈的威胁。

With less fraud and greater reliability, retail investors will be more likely to participate in crowdfunding, while startups could secure the necessary funding to develop new innovative services and increase the adoption of blockchain at scale.

由于欺诈和更大的可靠性，散户投资者将更有可能参与众筹，而初创企业可以确保必要的资金来开发新的创新服务并增加大规模采用区块链。

These developments present a best-case scenario where stricter regulations and investor protection tools are used to overcome the risk of scams and create a safer and more stable environment for the future of ICOs.

这些事态发展呈现出最佳的情况，其中使用更严格的法规和投资者保护工具来克服骗局的风险，并为ICO的未来创造一个更安全，更稳定的环境。