王永菲
Wang Yongfei...br...
人各有心，心各有见，没有哪种加密货币能达成100%的共识。作为链接法币与加密世界市值最大的美元替代品Tether，其锚定美元1:1的代币USDT一直备受争议，增发、溢价、“印钞机”是USDT最常见的标签。
There is a 100% consensus on the type of encrypted currency. As Tether, the largest dollar alternative to the world’s link to French currency and encryption, one-to-one dollar monetarily USDT has been controversial, with an increase in circulation, a premium, and a “bankmarker” being the most popular label for USDT.
近几年，Tether不但有来自加密行业内部USDC、BUSD竞争的以及来自DeFi的冲击，还有来自外部的监管压力。风波不断的Tether问题暴露的愈发明显。2021年2月，刚以1850万美元罚款结束了长达两年来自纽约州总检察长办公室的调查风波，又收到来自不明黑客表示要将其数据外泄的勒索通知单，截至发文，该事件还没有公布进展。作为币圈最大印钞机 Tether近来的经历，给加密世界带来什么样的警示呢？
In recent years, Tether has had shocks not only from the USDC, BUSD, and DeFi inside the encryption industry, but also from outside regulatory pressure. The windwaves have exposed more and more.
“印钞机”Tether背后的风险
The risk behind Teather
锚定美元的稳定币USDT发行方Tether与加密货币交易所Bitfinex的母公司iFinex，在整个加密体系中是不可忽视的。据加密货币行情网站Coinmarketcap显示，目前Tether总市值排名第五，达到362.76亿美元。此前Tether达到350亿美元市值时其官方曾表示，Tether仅用了7年就完成了Paypal 23年的才达成的市值。
The anchoring dollar-based stable currency, Tether, and the firm iFinex, the parent company of the encrypted currency exchange Bitfinex, are not negligible throughout the encryption system. According to the encoded currency portal Coinmarketcap, the total market value of Tether is currently ranked fifth, amounting to $36.276 billion.
不过Tether从未对其美元储备进行过完整的审计，市场并不清楚Tether高市值背后是否隐藏着风险。
However, Tether had never conducted a full audit of its dollar reserves, and the market was not clear whether there was a hidden risk behind the higher market value of Tether.
2月23日，美国纽约总检察长办公室发文声明，纽约总检察长Letitia James要求加密货币交易平台Bitfinex和Tether停止在纽约州的交易活动，以保护投资者免受欺诈性的虚拟或加密货币交易平台的影响。两家公司需要支付1850万美元的罚款，此外还需要每个季度向监管机构报告企业的储备金情况以及Bitfinex和Tether实体之间资产转移的强制性报告。
On 23 February, the United States Attorney General's Office in New York issued a statement that New York Attorney General Letitia James had requested that the encrypted currency trading platform Bitfinex and Tether stop trading in New York State to protect investors from fraudulent virtual or encrypted currency trading platforms. Both companies were required to pay $18.5 million in fines, in addition to quarterly reports to regulators on business reserves and mandatory reports on asset transfers between Bitfinex and Tether entities.
纽约司法部长Letitia James在声明中表示，Bitfinex和Tether不顾一切的向客户和市场隐瞒其巨额亏损的真相。Tether并没有将客户资金安全地储存在银行帐户中，而是定期将客户资金转移到各种风险资产上。
In a statement, the New York Attorney General, Letitia James, stated that Bitfinex and Tether were desperate to conceal the truth from their clients and markets about their huge losses. Instead of safely storing their funds in bank accounts, Tether regularly transferred their funds to various risk-based assets.
纽约州对iFinex的调查可以追溯到2019年4月，纽约州总检察长办公室指控Bitfinex非法使用来自Tether的8.5亿美元贷款来弥补亏损，在此过程中Tether储备金“被迫”减少，因此无法满足其与美元1:1锚定的承诺，因此会对市场带来无法兑付的风险。
The New York State investigation of iFinex dates back to April 2019, when Bitfinex was charged by the New York State Attorney General's Office with illegally using $850 million in loans from Tether to cover the loss, and in the process Tether's reserve was “forced” to decrease, thereby failing to meet its commitment to the dollar of 1:1 anchor, thus posing a risk of unpayable market exposure.
针对调查与质疑，2021年2月10日，Tether官方发文表示在1月份已经偿还了Bitfinex此前未偿还的5.5亿美元的贷款额，并且该笔贷款的所有到期利息已付清，并且取消了信贷额度。
In response to the investigation and challenge, on 10 February 2021, Tether sent an official letter stating that in January it had repaid the $550 million outstanding from Bitfinex and that all interest due on the loan had been paid and the credit line cancelled.
分布科技CEO达鸿飞向华夏时报金融研究院研究员表示，Tether出人意料地与NYAG顺利达成和解协议，很有力地挥去了一直笼罩在Tether的监管疑云，至少短期内市场心理会对于USDT的风险预期有所降低。关于稳定币和法币货币体系的博弈关系，我认为USDT的存在会削弱美元霸权的有效性，引起监管的严格控制也是意料之中的。当然激烈的监管并不是应对稳定币对货币政策和支付系统影响的唯一方式，美国在对于加密货币监管方面的弹性与兼容性其实依然在全球监管框架的建设中起到示范作用。
With respect to the stability of currency and the French currency system, I believe that the existence of the USDT will weaken the effectiveness of the dollar’s hegemonic power, and that the strict control of regulation is unexpected. Of course, intense regulation is not the only way to deal with the impact of a stable currency on monetary policy and payment systems, and the US is still exemplary in the construction of a global regulatory framework in terms of flexibility and compatibility in the regulation of cryptography.
达鸿飞认为，此次和解协议实际上关于其不足额储备和兑付风险仍然没有形成一个完整回应。美元稳定币发展到现在已经是一个总市值370亿美元的相对发育成熟的市场，USDT存量增长的同时市场份额实际上在下降，在Tether产品和经营都逆监管行之而积累足够风险时，其替代品也会做好承接流出市场份额的准备。加密领域是一个开放、开源、完全竞争和基本充分信息的高速自进化市场，相信Tether的单点问题会给行业带来的影响是越来越小的。可以看到，近一年内USDT发行量从30亿美金飙升到200亿美金，而市场份额却从72%下降到目前的54%。
The dollar’s stable currency has grown to a relatively mature market with a total market value of $37 billion, and the USDT stock has actually grown while market shares have actually declined, and alternatives to Tether’s products and operations have been prepared to absorb market shares when they have accumulated sufficient risk against regulatory practices. The encryption field is a high-speed, self-evolved market of open, open, fully competitive, and largely adequate information, and it is believed that the industry’s impact on the single-point issue of Tether will be less and less.
“印钞机”增发背后的风险也很清晰，QIAN.finance、Chemix创始人雷宇认为，USDT的增发数额可能并没有和其美元储备额1:1对应，不足额储备金会有偿付风险。
The risks behind the increase in the “note-printer” are also clear, and QIAN.finance, founder of Chemix, Ray Woo, believes that the USDT increase may not correspond to its dollar reserve of 1:1 and there is a risk of repayment of the shortfall reserve.
区块链大数据公司OKLink首席分析员王海峰向本报金融研究院研究员也表示，此前Tether一直被诟病存在超发和财务不透明的情况，USDT的增发也往往会引起行业内的关注。但在这次Bitfinex以及Tether与NYAG达成和解并缴纳罚款后，业内的主流观点还是偏向乐观和积极的。或者说至少Tether的雷被排除了一部分。而另一部分的雷可能是老生常谈的Tether是否超发USDT，其实只要Tether可以保证USDT和美元的通兑，并且不出现挤兑的情况，USDT的运作就可以持续下去。
Once Bitfinex and Tether have reconciled with NYAG and paid fines, the dominant view within the industry is still optimistic and positive. Or at least Tether’s mines have been removed.
而且随着整个稳定币生态的不断发展，其他稳定币已经开始蚕食USDT的市场。包括USDC在内的合规稳定币今年以来的增长率其实已经超过了USDT的增长速度。所以市场上其实已经有成熟的且合规的USDT替代品，这也降低了Tether这颗雷的风险。
And, as the entire stable currency ecologic progresses, other stable currencies have begun to encroach on the USDT market. Compliance stabilizers, including the USDC, have actually outpaced the USDT growth rate since this year.
勒索500 BTC或为一场闹剧
刚结束调查风波的Tether又收到了勒索邮件。3月1日，Tether官方Twitter连续发文，“PSA：网上流传的伪造文件，声称是@tether_to人员与Deltec银行和信托公司代表等人之间的文件。这些文件都是假的。”“今天我们收到了向下列地址 On March 1, Tether, who had just completed the investigation, received extortion mail. On March 1, Tether's official Twitter post, “PSA: online forged documents claimed to be between @teth_to and Deltec Bank and trust representatives, among others. These documents are false.” bc1qa9f60pved3w3w0p7snpxlnh5t4uj95vxn797a7发送500 BTC的要求。发件人表示，除非他们在明天之前收到BTC，否则他们将向公众泄露文件，从而达到‘损害比特币生态系统’的目的。但我们是不会付钱的。”“我们已经向执法部门报告了伪造的通信和相关的赎金要求。” bc1qa9f60pved 3w3w0p7snpxllnh5t4uj95vxn797a7 sends 500 BTC requests. The sender states that unless they receive BTC by tomorrow, they will disclose documents to the public for the purpose of `harming the Bitcoin ecosystem'. 截至Tether被勒索支付500 BTC赎金的最后期限已经过去了，但是并没有关于Tether的敏感文件在网络上进一步流出，这场勒索或为一场闹剧。 The deadline of 500 BTC ransom payments for Tether has passed, but there are no sensitive documents on Tether that have been released further online, either as extortion or as a farce. 王海峰表示，Tether官方3月1日在推特表示不会支付赎金，网上流传的相关文件是伪造的，且已经向执法部门报告了这一事件，同时也公开了勒索地址：bc1qa9f60pved3w3w0p7snpxlnh5t4uj95vxn797a7，我们可以通过OKLink区块浏览器看到该地址的所有交易记录。目前来看，该地址只发生过一笔交易，且交易金额只有0.00001488 BTC，交易时间为2021年3月1日 20:57:42，实际上并没有收到其要求的500枚比特币。 Wang Haifung indicated that Tether’s official tweet of 1 March indicated that no ransom would be paid, that the relevant documents circulated online were false and that the incident had been reported to the law enforcement authorities, and that the extortion address was made public: bc1qa9f60pved 3w3w0p7snpxllnh5t4uj95vxn797a7, which we can see through the OKLink block browser. （作者为华夏时报金融研究院研究员） He's a researcher at the Warsaw Times Financial Research Institute. 责任编辑：孟俊莲 主编：冉学东 Responsible Editor: Mon Jun-Lian, Editor-in-Chief: Peng Xiaodong 查看更多华夏时报文章，参与华夏时报微信互动（微信搜索「华夏时报」或「chinatimes」） Read more of the summer Times articles and participate in the summer Times micro-interactions ("/span" or "chinatimes
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