伦敦大学学院的计算机科学家和金融专家团队已经开发了一种工具，以跟踪泵送加密硬币计划操纵器的协调工作。

他们已经发表了一篇有关Arxiv预印式服务器的论文，其中描述了其工具称为Perseus，其目的以及其工作原理。

A team of computer scientists and financial specialists at University College London has developed a tool to track the coordination efforts of pump-and-dump crypto coin scheme manipulators. As the researchers, who are affiliated with UCL's Centre for Computational Statistics and Spatial Economics, explain in a paper published on the arXiv preprint server, they have created a system called Perseus to scan messages on the messaging app Telegram, which is often used to coordinate buying and selling activity for crypto coins.

伦敦大学学院的计算机科学家和金融专家团队已经开发了一种工具，以跟踪泵送加密硬币计划操纵器的协调工作。正如隶属于UCL计算统计和空间经济学中心的研究人员在ARXIV预印服务器上发表的一篇论文中解释的那样，他们创建了一个名为Perseus的系统来在消息应用程序电报上扫描消息，该系统通常用于协调Crypto Coins的购买和销售活动。

The crypto markets are still in their infancy and are largely unregulated, which means there are few rules regarding how they can and cannot be used. It also means investing in them is still a risky business. But with the promise of quick and easy riches, many have flocked to the markets in recent years, especially after the price of bitcoin rose to record highs in 2021.

加密货币市场仍处于起步阶段，并且在很大程度上不受监管，这意味着关于它们如何和不能使用的规则很少。这也意味着投资它们仍然是一项冒险的业务。但是，凭借快速而轻松的财富的承诺，近年来，许多人涌向市场，尤其是在比特币的价格上涨到2021年的高价之后。

However, like any market, the crypto markets are susceptible to manipulation, and in recent years there have been reports of individuals and groups engaging in pump-and-dump schemes to scam investors. In such schemes, manipulators hype up a coin to get people to buy and then sell their own coins when they believe the buying has reached a saturation point, walking away with a substantial profit while leaving those who bought later to hold the bag.

但是，像任何市场一样，加密货币市场也容易受到操纵的影响，近年来，有报道称个人和团体从事泵送和降低计划以欺诈投资者。在这样的计划中，操纵者炒作硬币，让人们购买购买硬币，然后在他们认为购买已经达到饱和点时出售自己的硬币，并以可观的利润走开，同时让那些后来购买的人拿着袋子。

Pumps and dumps are usually coordinated on Telegram, where chats are used to communicate between potential buyers and sellers. To learn more about what is happening in the crypto markets, the research team built a system capable of reading messages sent between buyers and sellers on Telegram and analyzed them. They found that in addition to masterminds, there are also what the team describes as accomplices—the people who spread the messages posted by the masterminds, thereby allowing hype to build.

泵和垃圾场通常在电报上协调，聊天用于在潜在买卖双方之间进行交流。为了了解有关加密市场中发生的事情的更多信息，研究团队构建了一个能够读取购买者和卖方之间发送消息并分析的系统。他们发现，除了策划者外，团队还描述了同伙 - 传播策划者发布的消息的人，从而允许炒作建立。

The masterminds create "pump groups" on Telegram, which are used to coordinate buying activity for a specific coin. They also post messages in "dump groups" to announce when they have sold their coins and that it's time for the accomplices to start selling. In doing so, they use a unique vocabulary and writing style that helps the research team distinguish them from other users.

策划者在电报上创建“泵组”，用于协调特定硬币的购买活动。他们还在“转储组”中发布消息，以宣布出售硬币时，现在是时候开始出售同伙了。在这样做的过程中，他们使用了独特的词汇和写作风格，可以帮助研究团队与其他用户区分开。

The research team also developed a method for tracking the movement of masterminds and accomplices between different groups over time. This allows them to identify the masterminds who are coordinating multiple pump-and-dump schemes and the accomplices who are assisting them.

研究团队还开发了一种方法，以跟踪随着时间的推移，不同群体之间的策划者和同伙的运动。这使他们能够确定正在协调多个泵送计划的策划者以及正在协助他们的同伙。

With Perseus, the research team detected 438 masterminds, who are together responsible for about $3.2 trillion in artificial crypto coin trading, and are collectively raking in approximately $250 million a year.

研究小组与Perseus一起发现了438个策划者，他们共同负责大约3.2万亿美元的人工加密硬币交易，并且每年约有2.5亿美元的股票。

In reading some of the messages sent between users on Telegram, the researchers noted that the ease with which the masterminds were able to carry out their schemes should be of concern to those attempting to make money off crypto coin investing. They also suggest that at some point, some form of regulation is going to be needed to keep the system running, because eventually, those being scammed will catch on and the whole system will collapse.

研究人员指出，在阅读用户之间发送的一些消息时，指出，策划者能够执行其计划的便捷性应该关注那些试图从加密货币投资中赚钱的人。他们还建议，在某个时候，将需要某种形式的监管来保持系统运行，因为最终，被骗子的人会赶上，整个系统将崩溃。

Honglin Fu et al, Perseus: Tracing the Masterminds Behind Cryptocurrency Pump-and-Dump Schemes, arXiv (2025). DOI: 10.48550/arxiv.2503.01686

Honglin Fu等人，Perseus：追踪加密货币泵和降低方案背后的策划者，Arxiv（2025）。 doi：10.48550/arxiv.2503.01686