It was definitely a surprise and a shock.

這絕對是一個驚喜和震驚。

It signals a terrible thing about the industry.

這預示著該行業的一個可怕的事情。

The collapse of FTX shook crypto to its core. The once $32 billion exchange,

FTX的倒閉震動了加密貨幣的核心。這個曾經價值320億美元的交易所。

established in 2019, filed for bankruptcy in November 2022.

成立於2019年，在2022年11月申請了破產。

I'm in contact at the moment with about 60 different investors who

我目前正在與大約60個不同的投資者聯繫，他們

have come to me seeking legal advice.

來找我尋求法律意見。

Louise Abbott is a partner at U.K. law firm Keystone Law. She specializes

路易斯-艾伯特是英國Keystone法律事務所的合夥人。她的專長是

in recovering crypto assets on behalf of victims of fraud.

在代表欺詐受害者追回加密貨幣資產方面。

It covers people that have invested £2,000 right through to a lady who

它涵蓋了投資2,000英鎊的人，直到一位投資了2,000英鎊的女士。

invested £5 million. It's a very broad range of people who have invested.

投資500萬英鎊。這是一個非常廣泛的投資人群。

FTX had the semblance of a blue-chip crypto company,

FTX有一個藍籌加密公司的影子。

rivaling exchanges like Binance and Coinbase. It even brought on board

媲美Binance和Coinbase等交易所。它甚至還引入了

some of the wealthiest names in Silicon Valley and Wall Street as investors.

硅谷和華爾街的一些最富有的名字作為投資者。

Ultimately though, reality hit home for FTX and its millions of users,

但最終，對於FTX及其數百萬用戶來說，現實是殘酷的。

who saw billions of dollars vanish overnight.

看到數十億美元一夜之間消失的人。

So, what went wrong with FTX, and does it spell trouble for crypto's other trading platforms?

那麼，FTX出了什麼問題，它是否意味著加密貨幣的其他交易平臺的麻煩？

Like a typical stock exchange, FTX was a venue connecting buyers and sellers of an asset –

就像一個典型的證券交易所一樣，FTX是一個連接資產的買方和賣方的場所 --

in this case, digital currencies like bitcoin, plus a type of financial contract known as derivatives.

在這種情況下，像比特幣這樣的數字貨幣，加上一種被稱為衍生品的金融合同。

However, as we've come to learn, FTX did a little more than that. Reports suggest the

然而，正如我們所瞭解到的，FTX所做的事情遠不止這些。報告顯示

company dipped into client accounts to make risky trades through its sister firm Alameda Research.

該公司通過其姐妹公司Alameda Research浸入客戶賬戶進行高風險交易。

Some customers wired their funds directly to Alameda to transfer it to their

一些客戶直接將資金匯給阿拉米達公司，以便將其轉移到他們的

FTX trading account, sparking concerns over a potential muddling of funds by FTX and Alameda.

FTX的交易賬戶，引發了對FTX和Alameda可能混用資金的擔憂。

FTX also had its own token called FTT. It acted a lot like a loyalty scheme,

FTX也有自己的代幣，叫做FTT。它的作用很像一個忠誠度計劃。

granting traders perks such as discounts off their trading fees. Alameda held a lot of FTT,

給予交易員優惠，如交易費的折扣。阿拉米達持有大量的FTT。

according to one report, and even used the token as collateral for loans from other crypto

據一份報告稱，他們甚至用代幣作為抵押，向其他加密貨幣提供貸款。

companies. This sparked fears over FTX's financial health. A tweet on Nov 6 from the CEO of rival

公司。這引發了人們對FTX財務健康的擔憂。11月6日，競爭對手的首席執行官在推特上寫道

firm Binance, that it was selling most of its FTT holdings, sent the token's value spiraling.

公司Binance表示，它正在出售其持有的大部分FTT，使該代幣的價值直線上升。

That in turn caused customers to flee FTX in large numbers. In a surprise twist,

這反過來又導致客戶大量逃離FTX。在一個意外的轉折中。

Binance offered to acquire FTX on November 9, only to back out a day later

Binance於11月9日提出收購FTX，但一天後又退出了

after getting a look inside the company's books. On November 11,

在瞭解了該公司的賬目後。在11月11日。

FTX filed for bankruptcy protection, and its chief Sam Bankman-Fried stepped down.

FTX申請了破產保護，其負責人Sam Bankman-Fried下臺。

Bankman-Fried was arrested on December 13 by the Bahamas authorities after the

班克曼-弗裡德於12月13日被巴哈馬當局逮捕。

U.S. government filed criminal charges to hold him to account.

美國政府提出刑事指控以追究其責任。

For Oleg Fomenko, co-founder of fitness-focused crypto network

對於專注於健身的加密貨幣網絡的聯合創始人Oleg Fomenko來說

Sweat Economy, FTX's insolvency meant the likely loss of over

汗水經濟，FTX的破產意味著可能會損失超過1000萬美元的資金。

$400,000 worth of cryptocurrencies including USDC, tether and his company's own token, sweat.

價值40萬美元的加密貨幣，包括USDC、tether和他公司自己的代幣，sweat。

Of course, the panic for our liquidity, and how we were affected. We knew that it would

當然，對於我們的流動性的恐慌，以及我們是如何受到影響的。我們知道，這將

be just sort of in low hundreds of 1,000s. It's an amount that makes me swear probably

只是排序在低的幾百個1000個。這是一個讓我發誓的數額，可能是

every day, but it's not an amount that is going to make our project suffer.

每天，但這不是一個會使我們的項目受到影響的數額。

Sweat Economy held these funds on FTX through two of its market makers. Market makers act

Sweat Economy通過其兩個做市商在FTX上持有這些資金。做市商的行為

as the middlemen in trades between buyers and sellers. So, if someone wants to buy or sell a

作為買家和賣家之間交易的中間人。是以，如果有人想購買或出售一個

token for instance, they aren't left waiting for the person on the other side of the trade.

比如說，他們不會被留在交易的另一邊等待對方的到來。

This $400,000 that we had on FTX was liquidity that we had with two

我們在FTX上擁有的這40萬美元是我們在兩個國家擁有的流動資金。

market makers at the time when they cut their withdrawals. We tried to withdraw,  

做市商削減提款時的情況。我們試圖退出。

but there was a sort of long, long, long queue, and then they completely cut them.

但有一種長長的、長長的、長長的隊列，然後他們完全切斷了它們。

2022 exposed a deep interconnectedness in the crypto ecosystem not seen in previous

2022年暴露了加密貨幣生態系統的深度互聯，這在以前是沒有的。

market cycles. Companies engaged in risky lending practices, taking customer funds, and investing

市場週期。從事高風險借貸行為的公司，佔用客戶資金，並投資於

them elsewhere in search of sky-high yields. They posted illiquid, volatile tokens as collateral.

他們在其他地方尋找高額收益。他們把流動性差、波動大的代幣作為抵押品。

The result? Several high-profile collapses and a resulting contagion impacting a vast

其結果是什麼？幾次高調的倒閉，以及由此產生的影響巨大的傳染病。

set of companies with exposure to those failed firms. FTX is the most notable case so far.

對這些失敗公司有風險的一組公司。到目前為止，FTX是最引人注目的案例。

FTX is a falldown from Terra Luna. And there has been contagion from that moment

FTX是Terra Luna的一個縮影。而從那一刻起，就有了傳染病。

onwards. There might be actually exposures that are in more traditional finance.

向上。實際上可能會有更多傳統金融的風險。

Marieke Flament is CEO of the Near Foundation, which is behind a blockchain network called Near.

Marieke Flament是Near基金會的首席執行官，該基金會是一個名為Near的區塊鏈網絡的背後。

Her company was among the firms caught up in the fallout from FTX.

她的公司是被捲入FTX影響的公司之一。

The impact for Near and Near foundation is actually extremely limited.

對 "近 "和 "遠 "的影響實際上是極其有限的。

The amount of money that we raised, which is $500 million between January and April of this year,

我們籌集的資金數額，在今年1月至4月期間為5億美元。

all of that is actually in fiat and held in bank accounts.

所有這些實際上都是法幣，並在銀行賬戶中持有。

Still, she was shocked when she found out about FTX's troubles.

不過，當她發現FTX的麻煩時，她還是感到很震驚。

As an industry, we already had a first shock with Terra Luna, which is, oh my god, you know,

作為一個行業，我們已經有了Terra Luna的第一次衝擊，這就是，哦，我的上帝，你知道。

this is systemic. It felt quite contained. But it was still a first

這是系統性的。它感覺相當有內涵。但這仍然是一個第一次

warning in the industry. And therefore, what are the repercussions of that?

在行業中的警告。是以，這有什麼反響？

Bosses of other exchanges have since sought to reassure investors that

此後，其他交易所的老闆們都試圖向投資者保證

their platforms aren't at risk of facing the same problems as FTX.

他們的平臺沒有面臨與FTX相同問題的風險。

We are very concerned about anyone using the token they create for leverage,

我們非常關注任何人利用他們創建的代幣進行槓桿交易。

as a collateral. At Binance we don't do that.

作為抵押品。在Binance，我們不這樣做。

How should customers think about CRON and your business? This is your own currency.

客戶應該如何看待CRON和你的業務？這是你自己的貨幣。

We've never utilized it in a way that FTX did. We never used this as collateral 

我們從來沒有像FTX那樣利用過它。我們從未將此作為抵押品

for any loans or anything. We run a very simple business.

為任何貸款或任何東西。我們經營的是非常簡單的生意。

Captains of the industry are really  not there to move the industry forward,  

該行業的船長真的不是為了推動該行業的發展。

they're there to nefariously enrich themselves.

他們在那裡是為了非法致富。

After FTX's insolvency, investors were left wondering which domino will fall next.

在FTX破產後，投資者不禁要問，下一張多米諾骨牌會倒下。

One example was crypto lender BlockFi,

其中一個例子是加密貨幣貸款人BlockFi。

which entered bankruptcy after revealing exposure to Bankman-Fried's empire.

該公司在暴露了班克曼-弗裡德的帝國後進入破產。

Now, attention is turning to other trading and  lending firms, including Gemini and Genesis.

現在，人們的注意力正轉向其他交易和貸款公司，包括Gemini和Genesis。

I don't think all the dominoes have fallen  out from the contagion of what's been

我不認為所有的多米諾骨牌都已經從被傳染的東西中倒下了。

happening. The impact that this will have is that a lot of projects actually are not

發生。這將產生的影響是，很多項目實際上沒有

going to have the funds, and therefore the resources for them to continue.

將會有資金，是以有資源讓他們繼續下去。

To counter the risk of contagion, investors began moving their assets away from exchanges.

為了應對傳染的風險，投資者開始將他們的資產從交易所轉移出去。

The number of bitcoins on exchanges fell from its peak of 3.1 million

交易所的比特幣數量從高峰期的310萬枚下降

in 2020 to around 2.2 million at the end of 2022.

2020年增至2022年底的約220萬。

The amount of ether on exchanges sank from 34 million to 18 million in the same period.

同期，交易所的乙醚數量從3400萬下沉到1800萬。

Some investors are seeking safety in “cold” hardware wallets rather than

一些投資者正在尋求 "冷 "硬件錢包的安全，而非

centralized exchanges. This one, from Paris-based company Ledger,

集中式交易所。這個，來自巴黎的公司Ledger。

is designed to make that process more intuitive than it is currently.

是為了使這一過程比目前更直觀。

There is a saying, which is: 'not your keys,

有一句話，就是："不是你的鑰匙。

not your coins.' And the magic of crypto, is that you can hold it in your hand.

而不是你的錢幣。而加密貨幣的神奇之處在於，你可以把它拿在手裡。

For seven years, our company has had the same premise, which is security and self-custody of

七年來，我們公司一直有一個相同的前提，那就是安全和自我保管的問題。

crypto assets. A year ago, when I was telling people that they shouldn't keep their crypto

加密貨幣資產。一年前，當我告訴人們，他們不應該保留他們的加密貨幣時

with centralized exchanges, they would treat me as if I was trying to convert them to veganism.

在集中交流的情況下，他們會把我當作試圖讓他們皈依素食主義。

Nothing's too big to fail. And that's actually the point of crypto, right?

沒有什麼是大到不能失敗的。而這實際上就是加密貨幣的意義所在，對嗎？

If not self-custody, why crypto?

如果不是自我監護，為什麼要用加密貨幣？

For their part, exchanges are taking steps to increase transparency through “proof of reserves,”

就其本身而言，交易所正在採取措施，通過 "儲備證明 "提高透明度。

mechanisms that show they have enough assets available to backstop customer withdrawals.

顯示他們有足夠的資產來支持客戶提款的機制。

This involves taking a cryptographic snapshot of the coins and tokens held by a crypto exchange.

這涉及對加密貨幣交易所持有的硬幣和代幣進行加密快照。

But proof of reserves only offers a snapshot of an exchange's assets at a single point

但儲備證明只提供了一個交易所在某一時刻的資產快照。

in time. Critics say this provides an incomplete picture of these businesses' financial health.

在時間上。批評者說，這提供了這些企業財務健康的不完整情況。

There's also a lot of talk around being audited, and then it comes as like,

圍繞著被審計的問題也有很多議論，然後就像這樣了。

what's the right timeframe and timing to actually do these things?

實際做這些事情的正確時間框架和時機是什麼？

On most crypto exchanges - even Coinbase, the only publicly traded crypto exchange - customers

在大多數加密貨幣交易所--甚至是唯一公開交易的加密貨幣交易所Coinbase--客戶

are treated as “unsecured creditors,” a categorization that puts them in the same

他們被視為 "無擔保債權人"，這一分類將他們置於相同的地位。

bucket as business suppliers and contractors. If an exchange fails, customers aren't entitled to

桶作為企業的供應商和承包商。如果交換失敗，客戶無權要求

any government-guaranteed compensation, unlike with regulated brokers or banks.

任何政府擔保的補償，與受監管的經紀人或銀行不同。

But that could be about to change. Governments in the U.S.,

但這種情況可能即將改變。美國的政府。

European Union and the U.K. are introducing frameworks to clean up these markets.

歐盟和英國正在引入框架來清理這些市場。

The demise of FTX - and other cryptoplatforms - has added urgency to those efforts.

FTX--以及其他加密平臺的消亡，為這些努力增添了緊迫性。

I think we are already seeing a lack of confidence. People need

我認為我們已經看到了信心的缺乏。人們需要

to see that there's steps being taken to regulate it. If we are

要看到正在採取步驟來規範它。如果我們是

able to offer some regulation, we will build confidence.

能夠提供一些監管，我們將建立信心。

So, is it curtains for crypto exchanges? Most experts believe they'll continue

那麼，加密貨幣交易所是不是要謝幕了？大多數專家認為他們會繼續

to play a role — but their survival will be determined by how seriously

發揮作用--但他們的生存將由以下方面決定

they take risk management, governance and regulation.

他們採取風險管理、治理和監管。

I think crypto is here to stay. Crypto is still going to be popular eventually.

我認為加密貨幣會一直存在。加密貨幣最終還是會流行起來的。

It is part of our future. And it can be a good thing.

它是我們未來的一部分。而且它可以是一件好事。

Long term, it's good for the industry, because  it exposes bad actors, fraud, and, you know,  

長期來看，這對行業有好處，因為它暴露了不良行為者、欺詐和，你知道。

this kind of fake value proposition of get rich quick with centralised value propositions.

這種以集中的價值主張快速致富的虛假價值主張。

2023 may be the year that crypto winter ends - however,

2023年可能是加密貨幣冬天結束的一年--然而。

there's no crystal ball to tell when the ice will finally thaw.

沒有水晶球可以告訴我們冰層何時會最終解凍。

I feel that we probably have six to nine months before things will start kind of going on the up.

我覺得我們可能有六到九個月的時間，事情才會開始往上走。

We believe that every business needs to be ready for this market to continue up to 24 months.

我們相信，每個企業都需要為這個市場持續24個月做好準備。