揭露加密货币市场中的虚假交易和市场操纵

在这次深入分析中，我们将分析 NexFundAI 加密货币的链上数据，以识别可能扩展到其他加密货币的清洗交易模式，并对某些代币的流动性提出质疑。

Original authors: Dessislava Aubert, Anastasia Melachrinos

原作者：Dessislava Aubert、Anastasia Melachrinos

Original translation: Block unicorn

原文翻译：方块独角兽

On October 9, 2024, three market makers—ZM Quant, CLS Global, and MyTrade—and their employees were accused of engaging in wash trading and collusion on behalf of the cryptocurrency company and its token NexFundAI. According to evidence collected by the FBI, a total of 18 individuals and entities face charges.

2024 年 10 月 9 日，三个做市商——ZM Quant、CLS Global 和 MyTrade——及其员工被指控代表加密货币公司及其代币 NexFundAI 参与清洗交易和串通。根据 FBI 收集的证据，共有 18 名个人和实体面临指控。

In this in-depth analysis, we will analyze the on-chain data of the NexFundAI cryptocurrency to identify wash trading patterns that may extend to other cryptocurrencies and question the liquidity of certain tokens. Additionally, we will explore other wash trading strategies in DeFi and how to identify illegal activities on centralized platforms.

在这次深入分析中，我们将分析 NexFundAI 加密货币的链上数据，以识别可能扩展到其他加密货币的清洗交易模式，并对某些代币的流动性提出质疑。此外，我们还将探讨 DeFi 中的其他清洗交易策略以及如何识别中心化​​平台上的非法活动。

Finally, we will examine price manipulation behaviors in the South Korean market, which blur the lines between market efficiency and manipulation.

最后，我们将研究韩国市场的价格操纵行为，这模糊了市场效率和操纵之间的界限。

FBI Identifies Wash Trading in Token Data

FBI 发现代币数据存在清洗交易

NexFundAI is a token issued in May 2024 by a company created by the FBI, aimed at exposing market manipulation in the crypto market. The accused companies engaged in algorithmic wash trading and other manipulative tactics on behalf of clients, typically on DeFi exchanges like Uniswap. These actions targeted newly issued or low-market-cap tokens, creating a false impression of an active market to attract real investors, ultimately driving up token prices and increasing their visibility.

NexFundAI 是 FBI 创建的一家公司于 2024 年 5 月发行的代币，旨在揭露加密货币市场的市场操纵行为。被指控的公司代表客户从事算法清洗交易和其他操纵策略，通常是在 Uniswap 等 DeFi 交易所上。这些行为针对的是新发行的或低市值的代币，造成市场活跃的假象，以吸引真正的投资者，最终推高代币价格并提高其知名度。

The FBI's investigation yielded clear confessions, with involved parties detailing their operational steps and intentions. Some even explicitly stated, "This is how we market make on Uniswap." However, this case not only provides verbal evidence but also showcases the true nature of wash trading in DeFi through data, which we will analyze in depth.

联邦调查局的调查得到了明确的供述，相关各方详细说明了他们的行动步骤和意图。有些人甚至明确表示，“这就是我们在 Uniswap 上做市的方式。”然而，这个案例不仅提供了口头证据，还通过数据展示了 DeFi 洗盘交易的真实本质，我们将对此进行深入分析。

To begin our exploration of the FBI's fraudulent token NexFundAI (Kaiko code: NEXF), we will first examine the token's on-chain transfer data. This data provides a complete path from the token's issuance, including all wallet and smart contract addresses holding these tokens.

为了开始探索 FBI 的欺诈性代币 NexFundAI（Kaiko 代码：NEXF），我们将首先检查该代币的链上转账数据。该数据提供了从代币发行开始的完整路径，包括持有这些代币的所有钱包和智能合约地址。

The data shows that the token issuer transferred token funds into a market maker wallet, which then allocated the funds to dozens of other wallets, identified in the chart by deep blue clusters.

数据显示，代币发行人将代币资金转移到做市商钱包中，然后将资金分配给数十个其他钱包，在图表中以深蓝色簇标识。

Subsequently, these funds were used for wash trading on the only secondary market created by the issuer—Uniswap—located at the center of the chart, which is the intersection point for almost all wallets receiving and/or transferring the token (from May to September 2024).

随后，这些资金被用于发行人创建的唯一二级市场 Uniswap 上的清洗交易，该市场位于图表的中心，这是几乎所有接收和/或转移代币的钱包的交叉点（从 5 月到 9 月） 2024）。

These findings further corroborate the information revealed by the FBI through undercover "sting" operations. The accused companies used multiple bots and hundreds of wallets for wash trading, raising no suspicion from investors trying to seize early opportunities.

这些调查结果进一步证实了联邦调查局通过卧底“诱捕”行动透露的信息。被指控的公司使用多个机器人和数百个钱包进行清洗交易，没有引起试图抓住早期机会的投资者的怀疑。

To refine our analysis and confirm that certain wallet transfers were fraudulent, particularly those within the clusters, we recorded the date each wallet received its first transfer, observing the entire on-chain data and not just limited to NexFundAI token transfers. The data shows that among the 485 wallets in the sample, 148 wallets (or 28%) received funds in the same block as at least 5 other wallets.

为了完善我们的分析并确认某些钱包转账是欺诈性的，特别是集群内的转账，我们记录了每个钱包收到首次转账的日期，观察整个链上数据，而不仅仅是 NexFundAI 代币转账。数据显示，在样本中的 485 个钱包中，有 148 个钱包（即 28%）与至少 5 个其他钱包在同一区块中收到了资金。

For a token with such low visibility, the occurrence of this trading pattern is almost impossible. Therefore, it is reasonable to speculate that at least these 138 addresses are related to trading algorithms and may be used for wash trading.

对于知名度如此之低的代币来说，这种交易模式的发生几乎是不可能的。因此，有理由推测，至少这138个地址与交易算法有关，可能被用于清洗交易。

To further confirm the wash trading involving this token, we analyzed the market data from its only existing secondary market. By aggregating the daily trading volume on the Uniswap market and comparing buy and sell volumes, we found a surprising symmetry between the two. This symmetry indicates that the market maker company hedged the total amount across all wallets participating in wash trading daily.

为了进一步确认涉及该代币的清洗交易，我们分析了其唯一现有二级市场的市场数据。通过汇总 Uniswap 市场的每日交易量并比较买卖量，我们发现两者之间存在令人惊讶的对称性。这种对称性表明做市商公司对每天参与清洗交易的所有钱包的总金额进行了对冲。

Upon a deeper look at individual transactions and coloring the trades by wallet address, we also found that certain addresses executed identical single transactions (same amount and timestamp) during a month of trading activity, indicating that these addresses employed wash trading strategies, which also suggests that these addresses are interconnected.

通过深入研究单笔交易并按钱包地址对交易进行着色，我们还发现某些地址在一个月的交易活动中执行了相同的单笔交易（相同的金额和时间戳），这表明这些地址采用了清洗交易策略，这也表明这些地址是互连的。

Further investigation revealed that by using Kaiko's Wallet Data solution, we discovered that these two addresses, although never directly interacting on-chain, were both funded by the same wallet address providing WETH: 0x4aa6a6231630ad13ef52c06de3d3d3850fafcd70. This wallet itself was funded through a smart contract from Railgun. According to information from Railgun's official site, "RAILGUN is a smart contract designed to provide privacy protection for crypto trading for professional traders and DeFi users." These findings suggest that these wallet addresses may be involved in activities that require concealment, such as market manipulation or even more serious situations.

进一步调查显示，通过使用 Kaiko 的钱包数据解决方案，我们发现这两个地址虽然从未直接在链上交互，但均由提供 WETH 的同一个钱包地址提供资金：0x4aa6a6231630ad13ef52c06de3d3d3850fafcd70。这个钱包本身是通过 Railgun 的智能合约提供资金的。据Railgun官网信息显示，“RAILGUN是一款智能合约，旨在为专业交易者和DeFi用户提供加密交易隐私保护。”这些发现表明，这些钱包地址可能涉及需要隐藏的活动，例如市场操纵或更严重的情况。

DeFi Fraud Extends Beyond NexFundAI

DeFi 欺诈不仅限于 NexFundAI

Manipulative behaviors in DeFi are not limited to the FBI's investigation. Our data shows that among over 200,000 assets on Ethereum decentralized exchanges, many lack real utility and are controlled by a

DeFi 中的操纵行为不仅限于 FBI 的调查。我们的数据显示，在以太坊去中心化交易所的超过 20 万种资产中，许多资产缺乏实际效用，并且由