暴利的数字货币交易平台：年收入超50亿，监守自盗风险难控
Digital money trading platform with windfall profits: over $5 billion a year and the risk of self-inflicted theft difficult to control
王君晖/证券时报
Wang Junjian/Secret Times
目前在区块链世界中活跃的，并非传统互联网公司或金融机构，而是诸多创业公司，资本市场的种种乱象也正在这里盛行。
Currently active in the block chain world, not in traditional Internet companies or financial institutions, but in many start-up companies, where turmoil in capital markets is prevalent.
当我们谈论区块链的时候，我们都在谈论什么？是一种去中心化、防篡改的点对点分布式账本，还是比特币的底层技术？是凭一个白皮书就能圈钱10亿美金的ICO，还是让人眼花缭乱的种种代币？一个不容忽视的事实是，一些曾埋头技术的项目也开始通过首次代币发行（ICO）的形式发行自己的代币。曾经泾渭分明的“链圈”和“币圈”，其分野正日益模糊。
When we talk about block chains, what are we talking about? Is it a decentralized, tamper-proof, bottom-of-the-line book, or a bitcoin technology? Is it a white paper that can hold 1 billion dollars in ICO, or is it a mind-blowing monet? A fact that cannot be ignored is that some of the technology that was buried began to issue its own coins in the form of the first ICO. The divisions between the once-several “chain” and “currency” are becoming increasingly blurred.
目前在区块链世界中活跃的，并非传统互联网公司或金融机构，而是诸多创业公司。这些公司通过ICO的形式募集资金维持生存，所发行的代币在交易平台上线后，又衍生出了庞大复杂的数字货币二级市场。项目方、投资基金、交易平台、投资者等构成了完整的利益生态链条，资本市场的种种规则在这里一应俱全，曾经的乱象也正在这里盛行。证券时报记者多方了解后，试图通过一些细节和各方观点，展示这个世界的一角。
Now active in the block chain world, and non-traditional Internet companies or financial institutions, are many start-up companies. These companies collect money through the ICO, and the money they issue is online on the trading platform, generating a large and complex secondary market for digital money. Project parties, investment funds, trading platforms, investors, etc. constitute a complete ecological chain of interests, where the rules of the capital market are complete, and where the chaos once prevailed.
交易平台年入超50亿
The trading platform is over 5 billion dollars a year.
交易平台是数字货币利益链条上最重要的一环。它连接着区块链投资的一二级市场，也连接着项目方和普通投资者。2017年9月国内交易平台被清理整顿后，数字货币交易一度低迷。此后，为了继续开展交易业务，各平台采用出海、开展场外交易等方式，与监管玩着猫鼠游戏。
The trading platform is the most important link in the digital monetary interest chain. It connects a secondary market for block-chain investment, as well as project parties and ordinary investors. After the clean-up of the domestic trading platform in September 2017, the digital currency transactions became low.
“我们不上纳斯达克，我们和纳斯达克是竞争关系。”一位接近火币的人士在一次关于区块链的聚会中这样转述了火币某位高管的话。
“We're not going to NASDAQ, we're in a competitive relationship with NASDAQ.” A man who was close to the gun coin, in a party about the chain of blocks, said something like that about a gunship executive.
这或许并不是天方夜谭。2017年，经过了监管打压的国内数字货币交易平台，通过“出海”等方式，极大加快了发展速度。用户数量、交易规模、上币费用及速度，均提高了不止一个台阶。同时，因为国内政策的收紧，这些交易平台在与监管的博弈中探寻出更多样的发展路径，以种种“打擦边球”的方式，继续着在这个以“去中心化”为口号的世界中的中心化交易所功能。
The number of users, the scale of the transactions, the cost of the upper currency, and the speed at which they are made have increased more than one step. At the same time, because of the tightening of domestic policies, these trading platforms have explored additional development paths in the context of regulated games, continuing with the centralization of the exchange function in a world called “decent” in terms of “wiping the edges” in a variety of ways.
非“币圈”人士很难想象其中的利润空间。
It's hard for people who are not in the “currency circle” to imagine the profit space in it.
手续费是交易平台利润的主要来源，大部分交易平台手续费率为0.1%左右，远高于券商在二级市场交易中的手续费率，所获利润更是让人震惊。
Fees are the main source of profit for the trading platform, with most trading platform processing rates of around 0.1 per cent, far higher than those for coupons in secondary market transactions, and are all the more alarming.
据数字货币大数据平台非小号数据，1月21日，币安成交金额全球排名第三，24小时总成交额为176.7亿元，按其公布的0.1%的手续费计算，每日仅交易佣金即可收入1760万元。如果保持这个水平，仅手续费年收入将超过64亿元。当日排名第四的OKEX 24小时总成交额为112.5亿元，火币pro排名第六，成交额为62.7亿元。
According to data from the Digital Large Currency Data Platform, on 21 January, the currency was ranked third in the world, with a total of 17,670 million yuan in 24-hour transactions and 17.6 million yuan per day on the basis of the fee of 0.1 per cent announced. If this level were maintained, the annual revenue of the fee alone would exceed $6.4 billion. The fourth-ranked, 24-hour, total, 11,250 million yuan, and the sixth, 6.27 billion, respectively, of the tender pro.
而实际情况是，这些平台的盈利将远超预期。以币安为例，目前币安的用户已突破600万，并仍在高速增长。用户数激增甚至造成了网站运营压力，1月5日，币安发公告暂停新用户注册，1月8日不定时开启限量注册。据海外媒体报道，币安每日新增用户达25万，Coinbase每天有10万用户注册，Kraken每天有5万名新用户注册。如果按照日新增用户5万来保守估计，交易所的月新用户注册量至少达150万。
In the case of currency security, for example, the current number of users has reached 6 million and is still growing at a high rate. The number of users has surged and even created pressure on website operations. On January 5, a currency security announcement suspended the registration of new users and opened a limit on an indefinite basis on January 8. According to overseas media reports, the number of new users in currency security is 250,000 per day, in Coinbase 100,000 per day, and in Kraken 50,000 per day. If the number of new users in the exchange is conservatively estimated to be at least 1.5 million per month.
更令人难以想象和置信的是，如今交易量稳居全球前三，盈利如此丰厚的币安，成立仅半年之久。
Even more inconceivable and incredible is the fact that today the volume of transactions is the third largest in the world, with such a lucrative currency that it has been in place for only six months.
其次，项目要在平台上线需要一定费用，这部分费用弹性空间较大。一位资深投资者告诉证券时报记者，特別火爆的项目，各平台会抢着上，基本不收费；一般性项目，收100万~500万不等，或者代币总量的1%~5%；如果是自家一个生态圈的就象征性收一些。
Second, the project costs a certain amount of money to be connected to the platform, which is more cost-resilient. A senior investor told the securities reporter that the platforms would be robbed of a particularly hot project, with little charge; general projects, ranging from 1 million to 5 million dollars, or 1 to 5 per cent of the total amount of money; and symbolically, if they were one of their own circulators.
此外，也有业内人士告诉证券时报记者，上币费高的需要100个比特币；记者在采访某项目创始人时被告知，目前项目的代币在某平台上线要1000万人民币。而上述投资者认为，收1000万的项目绝对要进行抵制。
In addition, there are insiders who tell the securities Times journalists that 100 bits of money are needed for the high cost of the upper currency; in an interview with the founder of a project, they are told that the current project’s tokens are worth 10 million yuan on a platform. The above-mentioned investors believe that the 10 million project is to be boycotted.
项目代币上线交易平台，相当于新股公开发行。但由于目前的区块链项目缺乏监管，上交易平台与否的决定权完全由平台掌握，而如果项目上线知名交易所，可获得潜在背书，并提高成交量。其中的操作空间可想而知。
Because of the lack of regulation of the current block chain project, the decision on whether to go to the transaction platform is entirely in the hands of the platform, and if a well-known exchange on the project line can obtain a potential endorsement and increase the volume of transactions. The operating space is as if any of these were to be known.
尽管各个平台在公开声明中均表示上线项目都经过了严格审核，一个显而易见的事实是，众多口碑极差的项目如波场等也登陆了包括币安、火币在内的知名交易平台，且交易平台的上币速度在大大加快。
Although various platforms have stated in public statements that online projects have been subject to rigorous scrutiny, it is clear that a large number of low-profile projects, such as wave sites, have also landed on well-known trading platforms, including currency security, and currency coins, and that the pace of the upper currency of the trading platforms has increased considerably.
除了交易手续费和代币上线费的常规盈利方式，“平台币”这一新玩法也是当前的热点，尽管平台“创新”出种种名义，但无法摆脱“变相ICO”的质疑。
In addition to the transaction fees and the conventional profit-making methods of billing, the new game of “platform coins” is also the current hotspot and, despite the name of the platform's “innovation”, cannot escape the challenge of “disguised ICO”.
“火币全球通用积分”（简称HT）是火币推出的基于区块链发行和管理的积分系统，可在多场景下使用并流通，总量5亿枚，承诺永不增发，只送不卖，每季度火币Pro将拿出20%的利润用于回购。
The “Global Common Score” (HT) is a value system based on block chain issuance and management introduced by the tender, which can be used and circulated in multiple scenarios, amounting to 500 million, promises never to be increased, only to be sold, and 20 per cent of the profits will be spent on buy-back every quarter by Pro.
火币在官方公告和宣传中均将HT定义为“不私募，不是ICO，只送不卖”的积分，但“只送不卖”不是对用户的无偿赠送，而是要通过购买手续费预存点卡套餐获赠。此外，平台将开放HT/USDT、HT/BTC和HT/ETH的交易，这意味着，HT与其他数字货币一样，可以在交易平台上交易和流通。
In both official announcements and propaganda, the gun money defines HT as “no private collection, not ICO, only non-sale”, but “no-sale” is not a free gift to the user, but rather a gift through the purchase of a pre-positioned card set. In addition, the platform will open up transactions between HT/USDT, HT/BTC and HT/ETH, which means that HT, like other digital currencies, can be traded and circulated on trading platforms.
发行类似平台币的，火币并不是第一家。
The tender is not the first to issue a pyrotechnic like it.
去年7月14日，数字资产交易平台币安上线。上线前，币安发布了白皮书进行ICO募币。据白皮书介绍，币安平台推行的代币为BNB，总量2亿枚，通过ICO发行数量为1亿枚，兑换规则为1ETH兑换2700BNB，1BTC兑换20000BNB，7月15日上线交易。
On 14 July last year, the digital asset trading platform was set on the line. Before going online, the currency board issued a white paper to collect the ICO. According to the white paper, the currency platform promoted 200 million copies of BNB, 100 million copies of which were distributed through ICO, 1 ETH for 2700 BNB, 1 BTC for 20,000 BNB, and on July 15 for online transactions.
BNB的ICO于6月24日启动，按当时ETH和BTC的价格计算，目前，BNB的价格已是ICO价格的100多倍。
BNB's ICO was launched on 24 June and is now more than 100 times the price of the ICO, at the prices of ETH and BTC at that time.
也有业内分析人士认为，平台推出自己的代币或积分，主要目的并非赚钱，而是吸引和留住用户，构建平台自己的社区和生态。
There are also in-house analysts who argue that the Platform's primary objective of introducing its own tokens or credits is not to make money, but to attract and retain users and build its own community and ecology.
与监管打擦边球
Swipe ball with the supervisor.
在区块链“去中心化”的世界中，交易平台却扮演着一个“中心化”的角色，曾发生过的交易平台被盗事件，不仅使用户遭受严重损失，还会引发数字货币价格暴跌，此外，交易平台因为业务极不透明，往往会参与内幕交易，联合坐庄等操纵市场行为，其中的风险不容忽视。
In a “decentralized” world of block chains, trading platforms play a “centralized” role, and the risks associated with the theft of trading platforms that not only cause serious losses to users but also trigger a sharp fall in digital currency prices cannot be ignored. Moreover, trading platforms, because of their highly opaque operations, tend to be involved in insider trading and the manipulation of markets, such as joint ventures.
1月28日，日本数字货币交易平台Coincheck上5亿枚NEM（价值约5.33 亿美元）遭黑客窃取，涉及用户26万人，是继2014年Mt.Gox事件后，史上规模最大的虚拟货币被窃案之一，随后Coincheck暂停平台上除比特币之外的加密货币取款，币市普跌。
On 28 January, 500 million NEMs (with a value of approximately $533 million) from Coincheck, the Japanese digital currency trading platform, were hacked, involving 260,000 users, one of the largest virtual currencies ever stolen following the events at Mt. Gox in 2014, and then Coincheck suspended the platform for encrypted currency withdrawals other than Bitcoin, resulting in a fall in the currency market.
多位业内人士向证券时报记者表示，某知名交易平台监守自盗众所周知，一方面通过在二级市场操纵价格获利，另一方面通过操纵杠杆交易获利，该平台可提供高达10倍的杠杆，而数字货币本身波动极大，20%以上的涨跌幅很常见，在币价波动时，该平台振幅明显大大高于其他平台，如此一来，用户极易爆仓，平台则可在杠杆交易中获得丰厚的回报。关于这一说法，记者在多方求证中均获得肯定回复，且矛头均指向同一家交易平台。
A number of insiders have told the Securities Times that it is well known that a well-known trading platform can provide up to 10 times the leverage by manipulating prices in secondary markets on the one hand and leverage transactions on the other, and that the digital currency itself is highly volatile, with more than 20 per cent of the increase or decline being common, and that in the case of currency fluctuations, the platform has a significantly higher amplitude than the other platforms, so that users are extremely vulnerable and the platform can be well rewarded by leveraging. In this case, journalists have received a positive response from multiple sources and have pointed to the same trading platform.
根据2017年9月的相关监管政策，国内的交易平台被禁止提供法币与数字货币的充提服务，数字货币交易遭遇短暂的萧条期。为继续相关业务，各平台在海外布局及规避监管方面做出了很多设计，一方面，通过场外交易、币币交易等更曲折和隐蔽的方式提供数字货币交易服务；另一方面，将注册地移至海外，规避国内政策风险。
Under the relevant regulatory policy of September 2017, domestic trading platforms are prohibited from providing a collection of French and digital currency, and digital currency transactions encounter short periods of depression. In order to continue related operations, platforms have developed a number of designs for overseas placement and for circumvention of regulation, on the one hand, by providing digital currency trading services through off-site transactions, currency transactions, etc., in a more tangled and covert manner; and, on the other hand, by moving their registrations abroad to avoid domestic policy risks.
在解决法币与各个数字货币的兑换交易方面，各个平台通过USDT代币连接场外交易和币币交易。即先通过场外交易将法币兑换为USDT，再通过USDT与各种数字货币兑换。
In order to resolve the exchange of French currency with various digital currencies, the platforms link foreign and currency transactions through USDT tokens.
仅这一过程便隐藏着不少风险。首先，在场外交易中，交易双方通常是通过支付宝、微信、银行卡转账等方式直接进行资金往来，安全性无法保证。
First, in off-site transactions, the parties to the transaction usually carry out direct transactions through payment of treasures, micro-mails, bank card transfers, etc., without security guarantees.
其次，关于USDT，有业内人士对证券时报记者表示，可能是一颗定时炸弹，一旦引爆，会引发数字货币市场的系统性风险。
Secondly, with regard to the USDT, practitioners have indicated to the security Times journalists that it could be a time bomb that, once detonated, could create a systemic risk in the digital currency market.
USDT由Tether公司发行，宣称将严格遵守1∶1的美元准备金保证。同时，在公司明确的风险中包括，公司作为中心化的质押方存储所有资产，可能破产或卷款落跑，公司开设账户的银行可能破产或冻结资金，重新中心化的风险可能让整个系统瘫痪。
The USDT, issued by Tether, claims that it will strictly adhere to the $1:1 dollar reserve guarantee. At the same time, among the company’s identified risks are that it will store all its assets as a central pledge, that it may fail or roll out, that the company’s bank opening its accounts may fail or freeze funds, and that the risk of centralization may paralyse the system as a whole.
此外，据证券时报记者了解，除上述公开风险外，USDT的隐藏风险有以下方面。一是用户没有合法途径查询到Tether银行账户的兑付金是否充足；二是Tether并未承诺保证兑付，在其免责条款中，也提到免除在任何条件下（包括公司倒闭清算时）兑付法币的责任；三是USDT发行量的控制因素并未公开，其销毁机制是否真正运行也无法查证。（原题为《数字货币交易平台：监守自盗风险难控》）
In addition, according to the Securities Times journalists, in addition to the above-mentioned exposure risks, there are the following hidden risks for the USDT. First, users do not have legal access to the sufficiency of payments made in Tether's bank account; second, Tether does not undertake to guarantee payment and, in its exemption clause, also refers to exemption from the duty to pay French currency under any conditions, including when the company closes the liquidation; third, the control factor in the USDT distribution is not disclosed and its destruction mechanism is not genuinely operational and cannot be verified. (formerly called Digital Currency Trading Platform: Self-rust Risk Control)
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