虚拟货币交易“水”有多深

3月以来，比特币等虚拟货币出现大跌。比特币从3月12日的近8000美元暴跌至4000美元一线，直到3月20日之后，价格才艰难回到6000美元上方。然而，在虚拟货币背后，暴跌只是其暗藏的众多风险之一。交易量“掺水”、人为制造系统“瘫痪”导致投资者爆仓……虚拟货币交易背后，“水”究竟有多深？

Since March, virtual currencies, such as Bitcoin, have fallen sharply. Bitcoin fell sharply from nearly $8,000 on March 12 to $4,000 on March 20, making it difficult to get back above $6,000.

在经历3月以来的大跌之后，比特币等虚拟货币价格近来才有所回升。然而，暴跌只是其背后的众多风险之一。

Virtual currency prices, such as Bitcoin, have only recently recovered after a major fall since March. However, a sharp fall is only one of the many risks behind it.

虚拟货币交易非法

virtual currency transactions are illegal

前期面对虚拟货币价格的快速上涨，部分不明真相的群众怀揣“一夜暴富”的梦想，在相关虚拟货币交易平台交易。投资者希望能从虚拟货币价格波动中获取收益，而部分平台惦记的却是他们的本金。

Faced with the rapid rise in virtual currency prices, some of the unsure crowds dream of “night-to-night rich” trading in the relevant virtual money trading platforms. Investors want to reap the benefits of virtual currency price volatility, while some of the platforms are interested in their principals.

虚拟货币交易平台的常见套路是，先通过虚假交易骗取客户入场，再通过操纵市场价格和恶意宕机使客户被迫爆仓，某些平台甚至成为犯罪分子洗钱的工具。

The common modus operandi of virtual money trading platforms is to trick clients into entering them through false transactions and to force them to explode through the manipulation of market prices and malicious machines, some of which have even become instruments of money-laundering by criminals.

从2017年起，相关部门已经多次重申虚拟货币交易非法，并加大了打击力度。2017年9月4日，人民银行会同中央网信办等七部委联合发布了《关于防范代币发行融资风险的公告》，明确虚拟货币交易场所和ICO（首次代币发行）是非法金融活动，并开展清理整顿工作。

Since 2017, the authorities have repeatedly reiterated the illegality of virtual currency transactions and intensified their efforts to combat them. On 4 September 2017, the People's Bank, in conjunction with seven ministries, including the Central Network Office, issued a bulletin on the prevention of the risk of financing the issuance of money in exchange, which identifies the virtual currency trading sites and the ICO (the first issue of the currency) as illegal financial activities and carries out clean-up activities.

有数据显示，当年各地搜排出的173家境内虚拟货币交易平台基本实现无风险退出；以人民币交易的比特币从之前全球占比90％以上，下降至不足5％。可以说，对虚拟货币的清理整治有效阻隔了其价格暴涨暴跌对我国的消极影响，避免了一场虚拟货币泡沫。

The data show that 173 domestic virtual money-trading platforms that were located everywhere were largely risk-free; bitcoins traded in renminbi fell from more than 90% globally to less than 5%. The clean-up of virtual currency can be said to have effectively blocked its negative impact on the country’s price boom and collapse, avoiding a virtual currency bubble.

但仍有部分虚拟货币交易“死灰复燃”。有平台为躲避监管，通过将服务器设置在境外、实质面向境内群众提供交易服务的所谓“出海”方式，继续从事相关非法活动。更有相关平台利用区块链这种新兴技术，打着高收益的幌子，以区块链技术创新之名，行在线诈骗之实。

But some virtual money transactions are “relapsing.” There are platforms that, in order to avoid regulation, continue to engage in related illegal activities through so-called “off-seaing” arrangements that place servers outside the country and provide substantial trading services to people in the country. More relevant platforms use the emerging technology of block chains, under the guise of high-yield technology, to engage in online fraud in the name of technological innovation in block chains.

数据显示，人民银行会同中央网信办等部门对此持续监测和打击，共监测和处置“出海”虚拟货币交易平台300余家。

The data show that the People's Bank, in conjunction with the central network, etc., continues to monitor and combat the situation, monitoring and disposing of more than 300 virtual currency trading platforms.

但业内专家提醒，大家应擦亮眼睛，主动增强风险防范意识和自我保护意识，不盲目跟风炒作，以防止上当受骗造成经济损失。如发现有任何机构涉及此类非法金融活动，应及时向有关部门举报，涉及违法犯罪的，应及时向公安机关报案。

However, experts in the field warn you that you should open your eyes and actively promote a sense of risk prevention and self-protection, without blinding yourself, in order to prevent financial loss resulting from fraud. If you find any institution involved in such illegal financial activities, you should report it to the relevant authorities in a timely manner and to the public security organs in a timely manner.

交易量“掺水”欺骗投资者

在普通人眼中，虚拟货币交易平台的交易量越大，就证明平台的人气越高、可靠性越强。殊不知，交易量也可以作假。

In the eyes of ordinary people, the greater the volume of transactions in virtual money trading platforms, the more human and reliable the platforms are.

在市场调查中发现，前三大虚拟货币交易平台的平均换手率分别为13.25%、8.33%和6.15%，都大幅高于国外持牌交易所的平均换手率2.37%。这说明交易平台存在采用机器人刷量的嫌疑。

The market survey found that the average exchange rates for the first three virtual currency trading platforms were 13.25 per cent, 8.33 per cent and 6.15 per cent, respectively, significantly higher than the average exchange rate of 2.37 per cent for foreign-owned exchanges. This suggests that the trading platforms are suspected of using robotic brushes.

在市场调查中，随机抽取几家大型虚拟货币交易平台的交易金额样本数据分析发现，其交易特征违反了Benford定律。

In the market survey, a random sample analysis of transaction amounts from several large virtual currency trading platforms found that their trade characteristics were contrary to the laws of Benford.

Benford定律是指自然产生而未经人为修饰的同类数据，其数字出现概率基本服从相同的概率密度分布。

The law of Benford refers to data of the same kind that are naturally generated without artificial modifier and whose probability of occurrence is largely subject to the same probabilistic density distribution.

而市场调查数据显示，样本交易金额中，某个数字的出现频次呈现异常翘尾现象，这表明这些数据经过了人为修饰，并不是自然交易的结果。这进一步证明，交易平台存在虚假交易和数据造假行为。

Market survey data show that the frequency of occurrence of a given number of transactions in the sample is abnormal, indicating that the data are artificially modified and not the result of natural transactions. This is further evidence of fraudulent trading and data fabrication on the trading platform.

虚拟货币交易平台通过虚假交易刷出庞大的交易量，可以在币价网站Coin Market Cap上获取更高排名，让虚拟货币获得更多关注，营造出一种繁荣的市场假象，使客户普遍高估虚拟货币的价值，从而吸引客户入场。

Virtual money trading platforms, which emit large volumes of transactions through false transactions, can obtain higher rankings on the currency website Coin Market Cap, give more attention to virtual currencies, create a prosperous market illusion that allows customers generally to overestimate the value of virtual currencies and thus attract customers.

系统“瘫痪”实为人为操纵

“20倍、50倍，最高可以选择100倍杠杆！随时买入、卖出，7×24小时交易无限制。”继虚拟货币之后，虚拟货币期货市场更为火爆，高达百倍的杠杆“玩法”吸引了众多投资者趋之若鹜。

“Twenty times, 50 times, with a maximum of 100 times leverage! Buying, selling, 7 x 24-hour trading is unlimited.” After virtual currency, the virtual currency futures market is more intense, with a 100-fold leverage “playing” attracting a large number of investors.

自2018年比特币等虚拟货币价格出现大幅下跌后，各大虚拟货币交易所纷纷转而推出虚拟货币期货合约、永续合约等，并提供数十甚至上百倍的高杠杆，吸引在单边下行的现货市场无法套利的投资者。

Since the dramatic fall in virtual currency prices, such as Bitcoins, in 2018, major virtual currency exchanges have turned to virtual currency futures contracts, permanent contracts, etc., and have provided dozens, if not hundreds, of high leverage to attract investors who are unable to arbitrage on a unilateral off-the-shelf spot market.

一般来说，期货具有对冲风险的功能，投资者在现货市场买入某一种产品，当发现有下跌风险时，可以使用期货的反向操作来规避价格变动的风险，不失为一种好的投资工具。但在虚拟货币的期货市场上，却越来越演化为一些虚拟货币交易所的敛财工具，人为操纵痕迹也越来越重。

In general, futures have a hedge risk function, whereby investors buy a product in the spot market, and when they find that there is a downside risk, the reverse operation of futures can be used as a good investment tool to avoid the risk of price movements. But in the virtual currency futures market, it is increasingly becoming a tool of wealth-richness for some virtual currency exchanges, and artificial manipulations are becoming heavier.

在市场调查中发现，某些虚拟货币交易平台相互勾结，图谋客户的财产，人为制造系统“瘫痪”，导致客户被动爆仓。

It was found in the market survey that some virtual money trading platforms colluded in an attempt to acquire the property of their clients and artificially created a system of “paralysis”, which led to the passive explosion of customers.

如一家平台通过“拔网线”的方法，使得交易平台多次出现闪退、卡顿、仓位无法显示等异常现象，影响客户正常下单、撤单和平仓等交易操作。宕机时间一般持续半小时到2小时不等。同一时间，另一家平台通过机器人买卖操纵价格，在其他平台宕机期间将价格强制拉低或提升。客户在加了10倍甚至20倍高杠杆的情况下，面对价格的巨幅波动，由于系统宕机无法选择止损或补仓，只能被迫爆仓，最终损失惨重。两家平台过一段时间交换角色，故伎重施，改为前者操纵价格，后者宕机以侵占客户财产。

For example, one platform, through the “wiring-up” approach, has caused a number of anomalies in trading platforms such as flashing out, Caden, and the inability of the warehouse to show up, which have affected the normal flow of customers' orders, withdrawals, etc. The duration of the crash usually varies from half an hour to two hours. At the same time, another platform, by buying and selling robots, is manipulating prices, forcing prices to be lowered or increased during other platform runs. Clients, with 10 times or even 20 times of leverage, face price volatility and are forced to burst because the system is unable to choose to stop damage or reload and eventually lose a lot of money.

调查发现，某大型虚拟货币交易平台在一年内共发生系统宕机6次，其中3次为突发故障宕机事件，平台承认发生过两次爆仓事件。目前，已出现多起因虚拟货币平台无法登录而导致合约投资者利益受损的事件。

The survey found that a large virtual currency trading platform had experienced a total of six system crashes in one year, three of which were crashes, and that the platform had admitted that there had been two crashes. There were now multiple incidents where the virtual currency platform could not be accessed, thereby undermining the interests of the contractors’ investors.

成为犯罪洗钱“温床”

Become a hotbed for criminal money laundering

随着比特币等虚拟货币的火爆，其助长非法经济活动洗钱的风险日益上升。由于虚拟货币具有匿名性且能够跨境流通、支付便利，这就为开展洗钱等违法犯罪活动提供了条件。不少虚拟货币通过电子钱包转移到境外，然后在境外变现，具有较强隐蔽性，使得监管难以追踪。

With the explosion of virtual currency, such as Bitcoin, the risk of money-laundering that facilitates illicit economic activity is increasing. The anonymity of virtual currency and its ability to circulate across borders and to make payments facilitate the commission of criminal activities, such as money-laundering.

通过对虚拟货币交易平台的提现数据分析不难发现，比特币交易中存在多次小额累计转入、一次大额转出清零的现象，符合洗钱行为的基本特征。

Analysis of the cash withdrawal data of the Virtual Currency Exchange Platform shows that a number of small, cumulative transfers and large transfers of zero in bitcoin transactions are consistent with the basic characteristics of money-laundering.

此前被取缔的网上黑市“丝绸之路”就是其中一个知名案例。这一网上黑市上贩卖各种违禁品，如毒品、武器等，其支付工具正是比特币。

The previously banned Internet black market, the Silk Road, is a well-known case in point. The Internet black market sells a variety of contraband, such as drugs, weapons, etc., by means of which Bitcoin is the instrument of payment.

比特币等虚拟货币也让勒索病毒更加猖獗。2017年5月，名为“想哭”的勒索软件在全球迅速传播。被攻击电脑中的文件将被上锁，用户只能向黑客支付300美元等价的比特币才能解锁，有逾百个国家和地区数万台电脑遭到攻击。

Virtual currency, such as Bitcoin, has also contributed to the spread of blackmail viruses. In May 2017, extortion software called “Wry to Cry” spread rapidly around the world. Documents in an attack on a computer will be locked, with users paying the equivalent of $300 in bitcoins to hackers to unlock them, and tens of thousands of computers have been attacked in more than 100 countries and territories.

2017年7月，世界上最大的数字资产交易平台之一的BTC-e创始人被捕。自BTC-e成立以来，就为犯罪分子客户群创造了机会。

In July 2017, the founder of BTC-e, one of the world’s largest digital asset trading platforms, was arrested.

该平台不要求用户身份验证，这使得犯罪分子利用这个平台匿名交易并掩盖资金来源。该平台也缺乏任何反洗钱相关流程，为世界各地网络犯罪分子的交易活动提供了便利。平台上有部分比特币来自入侵用户计算机系统所得、诈骗用户所得、盗取用户身份出售所有、公职人员腐败所得、出售毒品所得等，这使得计算机黑客、欺诈、身份盗取、退税欺诈、贪污和毒品贩运等犯罪活动更加猖獗。（经济日报·中国经济网记者 陈果静）

The platform does not require user identification, which makes it possible for criminals to use the platform for anonymous transactions and conceal the source of funds. The platform also lacks any anti-money-laundering-related processes that facilitate the operations of cybercriminals around the world. Some bitcoin is on the platform derived from intrusions into user computer systems, fraud, theft of user identities, corruption of public officials, sale of drug proceeds, etc., which exacerbates criminal activities such as computer hacking, fraud, identity theft, tax fraud, corruption, and drug trafficking.