华夏时报（www.chinatimes.net.cn）记者 赵奕 胡金华 上海报道
Reporter of the Summer Times (www.chinatimes.net.cn)
FTX崩溃的影响仍在持续。11月10日，数据显示，比特币失守1.6万美元关口，最低下探至1.56万美元左右，创2020年11月以来的最低点。截至发稿，比特币最新价格为16671.2美元，日内跌幅6.95%，周内跌幅17.67%，年内已跌幅扩大至74.92%。其他加密货币也几乎全军覆没。交易所FTX的代币FTT最新价格为2.72美元，日内跌幅42.84%，周内跌幅88.82%。
The impact of the FTX collapse continued. On 10 November, data showed that Bitcoin had lost $16,000, down to about $15.6 million, the lowest since November 2020. As of the date of issuance, Bitcoin’s latest price was $16671.2, falling by 6.95 per cent per day, falling by 17.67 per cent per week, and falling by 74.92 per cent during the year. Other encrypted currencies had also been virtually wiped out. The exchange’s latest currency, FTT, was $2.72, falling by 42.84 per cent per day and by 88.82 per cent per week.
据币Coinglass数据统计，全网近24小时共有36.4万人爆仓，近7亿美元资金一夜蒸发。
According to the currency Coinglass data, 364,000 people have exploded in nearly 24 hours and nearly $700 million have been evaporated overnight.
11月10日，币安(Binance)发布公告称，基于尽职调查的结果，以及有关对客户资金不当处理、美国监管部门调查等新闻报道，该公司决定放弃对FTX的潜在收购。而就在一天前，币安创始人兼CEO赵长鹏才在社交平台宣布，由于竞争对手FTX陷入流动性危机，币安将对FTX进行收购。
On 10 November, Binance announced that, based on the results of due diligence and news reports about the mishandling of clients’ funds, United States regulatory investigations, the company had decided to abandon its potential acquisition of FTX. Just one day earlier, the founder of the FTX and CEO Chang Peng had announced on social platforms that it would buy FTX because of the liquidity crisis of its competitor FTX.
“收购未能成功，FTX或将出现无法兑现用户资产的情况，那么这一事件不亚于Mt.Gox交易所破产和以太坊早期项目The DAO被黑客攻击等事件对行业产生的冲击和破坏，这对于整个加密市场后续长期发展及投资机构的信心都是重要考验，在后续还会产生更多连锁反应。”中国通信工业协会区块链专委会共同主席于佳宁向《华夏时报》记者表示。
“The failure of the acquisition, the failure of the FTX to cash the user's assets, was no less than the impact and disruption of the industry caused by the bankruptcy of the Mt.Gox exchange and by the hacking of the early Etherno project The DAO, which is an important test of the long-term development of the entire cryptographic market and of the confidence of investment institutions, and will result in more chain reactions.” The Co-Chair of the District Chain Committee of the China Communications Industry Association in Chia Ning stated to the Washington Times.
FTX墙倒众人推
{\bord0\shad0\alphaH3D}The FTX Walls are pushed to the ground.
11月10日，据彭博社援引知情人士透露，FTX首席执行官SamBankman-Fried（SBF）与FTX的投资者沟通时称，FTX面临高达80亿美元的资金缺口，如果没有筹集到新的资金，将需要申请破产保护。该人士透露表示，FTX正试图以债务、股权或两者结合的形式筹集救援资金。
On 10 November, according to sources quoted by Bloomberg, when FTX CEO Sambankman-Fried (SBF) communicated with investors in FTX, FTX faced a funding gap of up to $8 billion and would need to apply for bankruptcy protection if new funds were not raised. The source revealed that FTX was trying to raise rescue funds in the form of debt, equity or a combination of both.
记者了解到，目前，FTX网站显示，已关闭开户服务，冻结了取款服务，同时强烈建议现有用户不要再存款。但FTX所面临的“余震”仍在不断袭来。
Journalists have learned that the FTX website currently shows that the opening service has been closed, the withdrawal service has been frozen, and the existing users are strongly advised not to deposit any more. But the “backlash” that FTX faces continues to strike.
11月10日，据外媒报道，证券交易委员会 (SEC）与美国商品期货交易委员会(CFTC)正在调查FTX是否妥善处理了用户资金，以及其与 FTX.US 和 Alameda Research 的关系。知情人士称，SEC 的调查始于几个月前，旨在调查 FTX.US 及其加密货币借贷活动。
On 10 November, the foreign media reported that the Securities and Exchange Commission (SEC) and the United States Commodity Futures Trading Commission (CFTC) were investigating FTX's proper handling of user funds and its relationship with FTX.US and Alameda Research. According to sources, the SEC investigation started a few months ago to investigate FTX.US and its encrypted money lending activities.
与此同时，多家加密货币相关机构发布声明或公告，与FTX撇清关系。11月9日，在澳大利亚证券交易所旗下DCC Exchange上市的加密货币基金DigitalX已决定清算其持有的FTX (FTT)代币，目前已经抛售了价值约100万美元的FTT。DigitalX负责人Lisa Wade表示，清算的FTT大约占到该基金所有加密货币持有量的2%。
At the same time, a number of encrypted money-related institutions have issued declarations or announcements that have no connection with FTX. On November 9, DigitalX, an encrypted monetary fund listed on the Australian Stock Exchange under the banner of DCC Exchange, decided to liquidate its holdings of FTX (FTT) tokens, and has now sold about $1 million worth of FTTs. Lisa Wade, Director of DigitalX, said that FTTs in liquidation accounted for about 2% of all encrypted currency holdings in the fund.
11月10日，加密金融服务公司FalconX联合创始人兼CEO Raghu Yarlagadda发推表示，FalconX作为加密市场最大的参与者之一，与包括Alameda和FTX在内的大多数主要流动性提供者合作，但对Alameda无风险敞口，对FTX风险敞口较小。同日，NEAR基金会在推特上发布公告，称其对与FTX和Alameda相关的当下市场发展的风险敞口极小，并且没有在FTX上持有任何资金。
On 10 November, the co-founder and CEO Raghu Yarlagadda of the cryptographic financial services company FalconX issued a tweet stating that FalconX, as one of the largest participants in the encryption market, worked with most of the major mobile providers, including Alameda and FTX, but had no exposure to Alameda and less risk to FTX. On the same day, the NEAR Foundation issued a tweet stating that it had little exposure to current market developments related to FTX and Alameda, and did not hold any funds on FTX.
对此，于佳宁表示，当前市场环境较差，投资者信心不足，许多投资者都选择集中抛盘或者提现的情况，这就导致平台内部流动性紧张甚至出现流动性危机。未来如果市场继续出现大幅波动，有可能还会出现更多加密平台或机构暴雷的案例。
In response, Gianning said that the current market environment was poor, investor confidence was weak, and many investors chose to concentrate or cash, leading to a liquidity strain or even a liquidity crisis within the platform. If the market continued to fluctuate significantly, there could be more cases of encryption platforms or institutional thunderstorms in the future.
“一旦出现流动性危机，就会引发连锁的恐慌，如果没有外力的干预，短期依靠平台自身可以解决的概率较小。以往的案例中，能够解决问题的平台一般都是通过外部机构进行资金援助、合作机构放宽条件以及平台兜售股权等，来缓解短期流动性压力。而解决不了的平台则是被收购或宣告破产。”于佳宁如是说。
“In the event of a liquidity crisis, there is a chain of panic, and it is less likely that the platform itself will be able to solve in the short term without outside intervention. In previous cases, the platforms that could solve the problem were typically to ease short-term liquidity pressures through external financial assistance, the relaxation of conditions by cooperating agencies, and the sale of shares in the platform.
公开资料显示，FTX交易平台成立于2019年，其代币FTT市值曾超过千亿美元，在海外受到几十万人追捧。
According to public sources, the FTX trading platform, which was established in 2019, had a market value of more than $100 billion in tokens, and had been won by hundreds of thousands of people overseas.
北京计算机学会数字经济专委会秘书长王娟王娟向《华夏时报》记者表示，FTX是一家成长迅速的新兴头部交易所，得益于其创始人深谙传统金融交易体系和法律规则，且对币圈营销文化掌握的游刃有余，FTX团队在币圈堪称明星，交易所成长速度惊人。与传统的币安等交易所不同，“去中心化”并不是FTX的核心，交易速度、交易量和规模才是。FTX通过不断加码持有、连续抵押和炒作经营自己交易所的币，迅速实现规模膨胀和营收扩张。
According to Wang Xuan, Secretary-General of the Beijing Computer Institute's Digital Economy Commission, to a Washington Times journalist, FTX is a rapidly growing and emerging head exchange, benefiting from its founders' knowledge of the traditional financial transactions system and legal rules, as well as from their mastery of currency marketing culture, the FTX team is a star in currency circles and exchanges grow at an alarming rate. Unlike traditional exchange exchanges such as currency security, “decentralization” is not at the heart of FTX, and the speed, volume, and scale of transactions are the ones. FTX rapidly expands and expands by holding, continuously mortgages, and snooping money to run its own exchange.
“相应的，流动性出现问题的时候，就会没有有效风险分散和对冲的能力，底层资产价格跌，抵押品资不抵债被抛售，价格进一步下跌，如此循环，整个FTX帝国迅速成为一个风险黑洞。因此，投资者会发现FTX崩得更快，即使币安出具收购意向书，做背调后仍发现无法补上这么大的窟窿。”王娟表示。
“Consequently, when liquidity problems arise, there is no effective risk spread and hedge capacity, lower asset prices fall, mortgage capital is sold and prices fall further, so that the entire FTX empire quickly becomes a risk black hole. Thus, investors will find that the FTX collapses faster, and even if the currency offers an offer of intent to buy, it will not be able to fill this large hole.” Wang Jun states.
“内卷”的牺牲品
The victim of 《华夏时报》记者通过梳理了解到，FTX流动性问题的风险蔓延之后，在过去的24小时内，已有七家交易平台宣布将发布“Merkle tree”储备金证明以提高透明度。七家交易平台分别是Binance、Gate.io、KuCoin、Poloniex、Bitget、火币和OKX。 In the past 24 hours, seven trading platforms have announced that they will issue “Merkele Tree” certificates to increase transparency after the risk of the FTX liquidity problem has spread. Seven trading platforms are Binance, Gate.io, KuCoin, Polonix, Bitget, and OKX. 记者了解到，Merkle tree是一种用于计算机科学应用程序的数据结构，在比特币和其他加密货币中，Merkle tree用于更有效、更安全地对区块链数据进行编码。使用Merkle tree将允许交易所将每个用户账户的资产哈希值存储在Merkle tree的“leaf nodes（叶节点）”中，其可对这些资产进行审计，并由第三方验证所有用户的持有量，从而提高透明度。 Journalists have learned that Merkle Tree is a data structure for computer science applications that, in bitcoin and other encrypted currencies, Merkle Tree is used to encode block chain data more efficiently and securely. Using Merkle Tree, the exchange is allowed to store the Hashi value of each user account in the “leaf nodes” of Merkle Tree, which can audit those assets and verify all users' holdings by third parties, thereby enhancing transparency. “FTX暴露的风险会引发监管对加密货币市场的更多担忧，事实上多国在投资者和消费者保护视角下，已经对加密货币交易所开始了审查机制。”王娟表示，对加密市场整体来说，合规是各家交易所和投资人都心知肚明的问题，在未来的一段时间，还会有作为合规代价的事件、调查和处罚，也会带来监管体系的完善和市场规则的成熟。 “The risks exposed by FTX may give rise to more regulatory concerns about the cryptographic currency market, and indeed many countries have already initiated a review mechanism for the cryptographic currency exchange from an investor's and consumer-protection perspective.” Wang Jun states that compliance is a matter that is well known to all exchanges and investors in the cryptographic market as a whole, and that there will be incidents, investigations and penalties at the cost of compliance in the coming period, as well as improvements in the regulatory system and the maturity of market rules. 在王娟看来，相对于外界对此事件的整体担忧，币圈内部有不少关于“中心化”交易所被干掉的窃喜，被分去的流量和用户的回归、监管火力的暂时转移，显示了加密交易所之间的博弈。 In Wang Jing's view, there are a lot of pilfers within the currency circle about the “centralized” exchange being killed, the traffic being diverted and the return of users, and the temporary transfer of control fire, in contrast to the general concern about the incident, which shows the game between the cryptographic exchange. 国际独立策略研究员陈佳向《华夏时报》记者表示，美国加密资产交易所本次危机中暴露出来的一系例问题中，有关金融市场恶性并购、极端套利与消费者权益保护方面的难题在美股市场上是具有普遍性的。尤其是本次事件主角几乎全都是美国公开合法金融资产平台，其金融微观操作与SEC监管的三大主流证券交易所本质上并没有区别。这也反映出美国资本市场中，当一个资产大类快速下行，行业内就会出现严重“内卷”，不惜拉低整个行业发展预期也要蚕食竞争对手的残酷模式。 Chen Jia, an international independent strategy researcher, told the Washington Times that the problems of malign mergers and acquisitions in financial markets, extreme arbitrage, and the protection of consumer rights are pervasive in the US stock market as a matter of fact. In particular, the event was dominated almost entirely by America’s public and legitimate financial asset platform, whose financial micro-operation is not inherently different from that of the three major mainstream stock exchanges regulated by the SEC. 责任编辑：徐芸茜 主编：公培佳 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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