吴幽比特币合约爆仓致千万元捐款泡汤，或因币价上涨期间建了空仓

本报（chinatimes.net.cn）记者卢梦雪 冉学东 北京报道

I'm a journalist in this newspaper.net.cn. Lumong Shei from Beijing reporting on `br'.

“未履行千万元捐款承诺而被母校告上法庭”事件热度持续攀升，把中国矿业大学和校友吴幽都推进了舆论漩涡。

The “unsatisfactory commitment of tens of millions of yuan to court by the parent school” incident continued to rise, pushing the Chinese Mining University and its alumni, Wu Hsun, into a vortex of public opinion.

3月15日，中国矿业大学校长宋学锋向媒体表示，此事仍在商议中，通过正当渠道解决问题，如果能调解成功也可以。

On 15 March, the President of China Mining University, Song Xiaofeng, stated to the media that the matter was still under discussion and that it could be resolved through legitimate channels, if successful.

“我会坚定不移地履行我的责任，想尽办法把1100万元的捐赠款落实到位。”中国矿业大学“90后”校友吴幽3月14日晚间在社交媒体回应关注称。

“I will carry out my responsibilities with determination and will do everything I can to secure a donation of $11 million.” On the evening of March 14, alumni of China's Mining University, “Bearing 90”, Wu Sho responded to concerns in the social media.

吴幽表示，当初捐赠未履行是因为签捐赠合约后不久，比特币合约爆仓，数字资产几乎归零，之后名下基金所投项目出现流动性危机无法退出，最终导致无钱履约。

Wu Hsun stated that the non-performance of the donation was due to the collapse of the Bitcoin contract shortly after the signing of the donation contract, with virtually zero digital assets, and the subsequent liquidity crisis in the Fund's projects that could not be withdrawn, which ultimately led to a lack of funds to fulfil the contract.

根据吴幽阐述的时间线，加密货币领域资深交易员陈鑫（化名）向《华夏时报》记者分析称，2019年比特币尚处于熊市，4月吴幽签订捐赠协议前比特币价格长期低迷，但币价在4月到7月间出现了大幅攀升，上涨幅度超过了180%，因此吴幽大概率在此期间做空了比特币，导致合约爆仓。

According to Wu's stated time line, Chen Xuan, a senior trader in the area of encrypted currency, analysed it to the Washington Times reporter that Bitcoin was still in the bear market in 2019 and that the price of Bitcoin had been chronically depressed before the donation agreement was signed in April, but that currency prices had risen significantly between April and July, rising by more than 180 per cent, and that, as a result, Wu had left bitcoin vacant during that period, leading to a contract crash.

或因做空比特币导致爆仓

or empty bitcoin causing explosion

2019年4月10日，吴幽与校方签署协议，决定捐赠1100万元人民币，支持中国矿业大学教育事业发展。

On 10 April 2019, Wu and the school signed an agreement to donate 11 million yuan yuan to support the development of education at the Chinese University of Mines.

“但在决定捐款后很短时间内，我的比特币合约爆仓，数字资产几乎归零。同时，我名下基金所投资的项目出现了严重的流动性危机，很难退出，我个人也陷入了巨大的困难中。”吴幽称。

“But within a very short period of time after the decision to make a donation, my bitcoin contract crashed, with virtually zero digital assets. At the same time, there was a serious liquidity crisis that made it difficult for me to exit the project that I had invested in under my name.

《华夏时报》记者根据吴幽讲述的时间线梳理发现，2019年4月前，比特币价格长期较为低迷，2018年12月至2019年3月31日之间价格基本稳定在4000美元。

On the basis of the chronology of Wu's story, the Washington Times journalist found that by April 2019 the prices of Bitcoin had been relatively low for a long time and that they had remained largely stable at $4,000 between December 2018 and 31 March 2019.

而2019年4月到7月间，比特币价格出现了大幅攀升，根据行情软件CoinMarketCap数据，比特币价格在6月27日达到了高点13447.29美元，在4月2日4678.56美元的基础上上涨了187.42%。

By contrast, between April and July 2019, the price of Bitcoin rose significantly, reaching a high of $13,447.29 on 27 June, based on data from CoinMarketCap, an increase of 187.42 per cent over $4678.56 on 2 April.

2019年4月2日-6月30日比特币价格走势

“如果真如他所说比特币合约很快爆仓了，那他大概率在这个阶段开了比特币的空单，而且是至少2倍的空单。”陈鑫向《华夏时报》记者指出。

“If, as he had said, the Bitcoin contract was going to explode soon, he would probably have left a list of bitcoin empty at this stage and at least twice as empty.” Chen Xing pointed out to the reporter of the Summer Times.

陈鑫介绍道，大多数大额资金的比特币合约单会将杠杆倍数控制在2倍—3倍之间，“如果投资者3倍做空，那么涨33%基本上就爆仓了；如果2倍做空，那么涨50%也会爆仓；如果是1.1倍做空，那么币价涨90%才会爆仓。”

Chen Xiang explained that most of the large-valued bitcoin contracts would limit the leverage multipliers to two to three times: “If investors do three times empty, the 33 per cent increase will basically blow the warehouse; if two times empty, the 50 per cent increase will blow the warehouse; if 1.1 times empty, the price increase is 90 per cent.”

“大资金做比特币合约一般不会超过3倍，因为虚拟货币市场的价格整体波动较大。以当前比特币价格价格为例，前几天币价在20000美元左右，最近比特币价格最高达到了26000美元，上涨幅度超过了30%，这时候如果开了比特币3倍的空单，肯定就爆仓了。”陈鑫指出，1倍的杠杆相当于直接在市场上卖掉币，所以如果投资者想要赚钱，都会开高于1倍的敞口。

“Big money does not normally exceed three times the amount of a bitcoin contract, because the prices of the virtual money market as a whole fluctuate more than three times. For example, the price of the current bitcoin price was about US$ 20,000, and the price of the last few days was up to US$ 26,000, an increase of more than 30%.

“投资者就怕这种熊市高强度的波动，做空本来盈利很多，一旦上涨超过一定幅度，就陆续开始有人止损了，不止损得后续就会被连续爆仓。”他指出，虽当时币价后续逐渐稳定至6000美元左右，但吴幽的仓位大概率没挺过上涨的这个时期，发生了爆仓。

“Inspectors are afraid of this high-intensity volatility in the bear market, which would have been profitable. Once the rise has exceeded a certain range, people begin to stop damage, and not only will it be followed by a consecutive explosion.” He pointed out that, while the currency price had gradually stabilized to around $6,000 at the time, Wu's position was probably not overtaken by a period of upturn, when it had exploded.

千万元捐款未兑现成被告

million dollars in contributions not paid to the accused

天眼查信息显示，吴幽是镜湖资本的创始合伙人，同时是富国富民股权投资基金管理有限公司总裁, 主导并成功运作了多起基于上市公司转型升级的孵化、兼并购项目。

According to Skywatch, Wu was a founding partner in the capital of mirror lake and the president of the rich countries' rich equity investment fund management company, leading and successfully running many incubation, mergers and acquisitions based on the upgrading of listed companies.

根据中国矿业大学官网发布的信息，吴幽的1100万元捐赠将“用于在母校基金会设立高端人才计划基金、家庭经济困难本科生海外实习基金、名人名师讲座基金和创新创业基金”。

According to the information published by the Network of Officials of the University of Mines of China, the sum of 11 million yuan donation from Wu Hsiu will be used to establish a high-end talent programme fund at the Mother School Foundation, an overseas internship fund for undergraduate students with financial difficulties in their families, a celebrity lecture fund and an innovative entrepreneurship fund.

吴幽表示，在自身经济情况发生变化后，他曾在2021年向学校提出将他在“镜湖基金”管理人占有的46%收益权捐赠给学校，但遭到校方拒绝，“我们双方的沟通于是陷入了困境”。

Wu Hsiao indicated that, following a change in his own economic situation, he had offered to the school in 2021 to donate 46 per cent of his earnings to the manager of the Mirror Lake Fund to the school, which had been rejected by the school, “we were in a difficult position to communicate with each other”.

随后，由于未“按照约定将捐赠款项转入原告指定的账户”，2022年7月，中国矿业大学教育发展基金会（下称“矿业大学基金会”）将吴幽告上了法庭。

Subsequently, in July 2022, the Education Development Foundation of the Chinese University of Mines (hereinafter referred to as the “University of Mines Foundation”) brought Go to court because of the failure to “transfer the donation into the plaintiff's designated account as agreed”.

北京德恒律师事务所合伙人刘扬向《华夏时报》记者分析指出，《民法典》第六百五十八条规定，赠与人在赠与财产的权利转移之前可以撤销赠与；经过公证的赠与合同或者依法不得撤销的具有救灾、扶贫、助残等公益、道德义务性质的赠与合同，不适用前款规定。吴幽捐赠的资产具有公益性质，因此无法撤销。

Liu Yang, a partner in Deok-heung's law firm in Beijing, analysed it to Reporters of the Summer Times, stating that article 658 of the Civil Code provides that a grantee may withdraw a gift before the transfer of the right to grant property; a notarized gift contract or a contract of a public good, pro-poor, disability and moral obligation that cannot be revoked by law does not apply to the preceding paragraph.

在庭审中，矿业大学基金会的律师指出，吴幽在协议约定的期限到来之后，在履行过程中不积极，多次沟通采取回避态度，且其虽然遇到一定经济困难，“但事实上具备履约能力”。因此，希望吴幽能够言而有信积极履约，防止以捐赠名义在获得公众好评后，反而消费了公众的信任，而破坏了社会风气。

During the trial, the lawyer of the University of Mines Foundation stated that, after the agreed deadline had arrived, he was not active in the performance of the agreement, had repeatedly communicated with him in a spirit of evasiveness and, despite certain economic difficulties, had “de facto been able to perform”. It was therefore to be hoped that he would be able to speak up and act positively and prevent the public from enjoying public trust in the name of donations, thereby undermining the social climate.

而吴幽则解释称：“自己手上有这些货（持有的项目、基金等），不代表自己有现金。”希望校方给自己时间慢慢“出货”，或是接受自己多次提出的基金收益转赠方案。

Go explained that “he has these goods (projects, funds, etc.) in his possession and does not mean he has cash.” He hoped that the school would give him time to “go out slowly” or accept his many proposals for a transfer of the proceeds of the fund.

最终，根据当时庭审披露信息显示，吴幽需要在2022年10月20日前给付矿业大学基金会200万元，余款900万元于2022年12月31日前付清。

Ultimately, according to the information disclosed at the trial at the time, Wu Sho would have had to pay $2 million to the University of Mines Foundation by 20 October 2022 and the remaining $9 million would have been paid by 31 December 2022.

刘扬指出，调解结案，意味着中国矿业大学在起诉吴幽后，原被告在法院的主持下达成调解协议。

Liu Yang stated that the conclusion of the mediation meant that the former defendant had reached a mediation agreement under the auspices of the Court after the Chinese University of Mines had indicted Wu Sheng.

但他同时指出，在达成调解协议之前，吴幽是有救济路径的。

At the same time, however, he pointed out that there was a path to relief until a mediation agreement was reached.

“《中华人民共和国慈善法》第四十一条规定，捐赠人公开承诺捐赠或者签订书面捐赠协议后经济状况显著恶化，严重影响其生产经营或者家庭生活的，经向公开承诺捐赠地或者书面捐赠协议签订地的民政部门报告并向社会公开说明情况后，可以不再履行捐赠义务。”刘扬表示，但无法得知吴幽是否向当地民政部门申请。

“Article 41 of the Charitable Law of the People's Republic of China provides that if the financial situation deteriorates significantly after a donor has publicly promised to donate or signed a written donation agreement, which seriously affects his production and operation or family life, he may cease to fulfil his obligation to do so after reporting to the civil administration of the place where the donation is publicly promised or a written donation agreement has been concluded, and after making a public statement to the community.” Liu Yang stated, however, that it was not possible to know whether Wu had applied to the local civil administration.

最终，由于未按约定时间支付，吴幽成为失信被执行人，执行标的1100万元。

Eventually, because of the failure to pay at the agreed time, Wu Hsiu became the disbelieving implementer, carrying out the target of $11 million.

吴幽在3月14日回应称，“我会坚定不移地履行我的责任，想尽办法把1100万的捐赠款落实到位。”

On 14 March, Wu responded that “I will carry out my responsibilities with determination and will do everything in my power to secure the sum of $11 million”.

3月15日，《华夏时报》记者向吴幽社交平台发送私信询问案件相关细节，截至发稿尚未收到回复。

On 15 March, a reporter from the summer newspaper sent a private letter to U Hyo Social Platform asking for details of the case, and no response had been received as of the date of the submission.

责任编辑：孟俊莲 主编：张志伟

Editor-in-chief: Zhang Zhiwei