去年9月4日，央行等多部门联合发布《关于防范代币发行融资风险的公告》，明确叫停ICO（首次代币发行）非法公开融资炒作。一年过去了，记者近期深入行业内调查发现，众多虚拟货币在过去一年里经历了“过山车”行情：冲上历史新高，如今跌入低谷。而新政之后，又有为数不少的项目打着国外基金会的旗号，不但顺利完成了ICO，而且登陆与国内相关的交易平台，以区块链之名行“割韭菜”之实，整个发行过程更为隐匿。相当数量的投资者经历了两次以上“腰斩”，损失在九成以上。
On 4 September last year, the Central Bank and others jointly issued a bulletin on protection against the risk of financing the issuance of tokens, explicitly calling for an end to the illegal public financing campaign by the ICO (the first issue of the coin). A year later, a recent in-depth survey by journalists found that many virtual currencies had experienced a “carriage” in the past year: they had hit a new height and now fell to the bottom.
明确叫停 主流虚拟货币普遍跌幅超过70％
explicitly calls for a stop to the mainstream virtual currency, which has generally dropped by more than 70%
有专家表示，ICO发币项目大多存在问题，有不少项目发币的初衷就不是为了改变行业痛点，而是炒高之后“割韭菜”赚钱。
Experts indicated that most of the ICO projects were problematic, and that many of the projects were not intended to change the industry's pains, but rather to make money when they were high.
临近9月4日时，比特币与众多ICO代币已经跌入今年以来的谷底。与最高点价格相比，比特币、以太币、莱特币、柚子等主流虚拟货币普遍跌去了超过70％，也就是经历了至少两次“腰斩”，“空气币”贬值速度则更为惊人，跌去90％的比比皆是。
Towards September 4, Bitcoin and many of the ICO’s tokens have fallen to the bottom of the year. By contrast to the highest prices, mainstream virtual currencies such as Bitcoin, Ethercoin, Leitecoin, and Grains have generally fallen by more than 70%, that is, having experienced at least two “blank beheads” and the rate of depreciation of the “air currency” has been even more alarming, falling by 90%.
然而，这还不是利空的全部。8月21日晚，一则突发消息再次给币圈扔下一颗炸弹：金色财经、大炮评级、比特吴、深链财经等多个区块链媒体公众号被腾讯封号。腾讯方面表示，部分公众号涉嫌发布ICO和虚拟货币交易炒作信息，违反《即时通讯工具公众信息服务发展管理暂行规定》，已被责令屏蔽所有内容，账号被永久封停。
However, this is not all. On the night of August 21, a surprise dropped another bomb on the currency circle: the public number of several block chains, such as the Golden Book, the Gun Rating, the Bittwoot, and the Deep Chain Treasury, was put out. The caller said that some members of the public were suspected of publishing information about the ICO and virtual currency transactions, in violation of the Provisional Regulations on the Management of the Development of Public Information Services for Instant Communications Tools, and had been ordered to block everything and the account numbers were permanently blocked.
一则北京市朝阳区有关部门发布的《关于禁止承办虚拟币推介活动的通知》显示，根据全国互联网金融风险专项整治工作领导小组办公室《关于进一步开展比特币等虚拟货币交易场所清理整治的通知》的规定，要求各商场、酒店、宾馆、写字楼等地不得承办任何形式的虚拟货币推介宣讲等活动。
A circular issued by the authorities in the Yang district of Beijing on the prohibition of the hosting of virtual currency promotions indicates that, according to the National Office of the Leading Group for the Specialized Treatment of Financial Risks on the Internet, the circular on the further clean-up and rehabilitation of virtual currency trading sites, such as Bitcoin, requires that businesses, hotels, hotels, penthouses, etc. are not allowed to undertake any form of virtual currency promotions, etc.
ICO的迅速发展引起监管层的关注是很正常的。ICO具有众筹、募集资本的功能，放任发展有较大的潜在风险。大量没有前途的项目甚至项目本身就是欺骗圈套，不仅让投资者承担巨大风险，也让真正区块链创业团队颇多抱怨，实际上造成了劣币驱逐良币的不良后果。2017年9月4日，央行等7部门发布《关于防范代币发行融资风险的公告》，明确叫停ICO。这次整顿主要是发出风险警示和保护投资人利益，对迅速改变ICO乱象，有相当大的意义。
The rapid development of the ICO is a legitimate concern at the regulatory level. The ICO has a public fund-raising function that leaves development at greater potential risk.
事实上，在过去一年里，国内持续打击ICO的坚决态度有目共睹。一方面，国内虚拟货币交易平台、发币平台基本被关停、屏蔽，一般上网方式已无法访问；另一方面，人民币与虚拟币直接兑换被叫停，ICO炒作的重要资金来源被切断。此外，参与ICO币投资的人群数量快速上涨局势得到控制。与去年9月4日之前投资者跑步入场“掘金”相比，随着参与的门槛大幅提升，新增投资者数量极为有限，市场风险得到有效防控。
On the one hand, domestic virtual currency trading platforms, currency distribution platforms, have been largely shut down and blocked, and access to the Internet is no longer possible; on the other hand, the renminbi and virtual currency direct exchange have been halted, and important sources of financing for the ICO campaign have been cut off. Moreover, the rapid rise in the number of people involved in ICO investments has been brought under control.
中国社会科学院金融研究所所长助理杨涛曾表示，很多ICO发币项目存在问题，要么是没有任何价值的“空气币”，要么整个生态还有待进一步完善。有不少项目发币的初衷就不是为了改变行业痛点，而是炒高之后“割韭菜”赚钱。
According to Yang Tao, the assistant director of the Institute of Finance of the Chinese Academy of Social Sciences, many ICO projects have problems, either “air coins” of no value, or the whole ecology has yet to be further improved. Many projects were designed not to change the industry’s pains, but to make money when they were high.
在国内对ICO采取强有力措施后，随着ICO风险的不断暴露，各国普遍开始加强监管。中海基金督察长黄乐军称，包括美国在内的越来越多的国家，甚至是一直持支持态度的日本、英国等国也开始加强对虚拟货币、ICO和虚拟货币交易所的监管，逐步开始重视因虚拟货币引发的消费者、投资者保护问题。
Following strong domestic measures against the ICO, countries have generally begun to strengthen their regulation as ICO risks become more visible. According to China’s Chief Inspector Wong Leung, a growing number of countries, including the United States, such as Japan, the United Kingdom and others, have begun to strengthen their regulation of virtual currency, ICO, and virtual currency exchanges, and have gradually begun to focus on consumer and investor protection issues arising from virtual currency.
ICO第三方跟踪机构的数据显示，8月全球ICO融资总额约为1.95亿美元，与今年1月份数据相比减少近87％，成为2018年目前表现最差的月份。来自中国的ICO项目资金缩减，被认为是造成数据大幅下滑的重要原因，侧面印证了政策的强有力。
Data from the ICO third-party tracking agency show that global ICO financing totalled approximately $195 million in August, a decline of almost 87% compared to the figures for January of this year, making it the worst-performing month of 2018. The decline in ICO funding from China is considered to be a major cause of the dramatic decline in data, and the strong side-faced evidence of policy.
花样翻新 套上国外基金会马甲逃避监管
尽管国内交易平台相继关停，但记者发现，用人民币购买ICO币其实依然不算困难。 Despite successive stoppages in domestic trading platforms, journalists found that buying ICO in renminbi was not really difficult. 目前主流的交易方式是场外交易，也就是所谓的OTC。记者登录OTCBTC、CoinCola等多个平台看到，平台专门设有场外交易专区，通过支付宝、微信或银行转账，可以较为快捷地用人民币购买到比特币、泰达币、以太币等虚拟货币，且由平台提供担保。然后再进入币币交易专区，用比特币、泰达币等可购买任意ICO币。 Journalists have access to platforms such as OTCBT, CoinCola, where they see that the platform has a special off-site trading area, where, by paying for treasures, micro-letters or bank transfers, they can buy virtual currency such as bitcoin, tedarco, etc., more quickly and be guaranteed by the platform. 据知情人士透露，所谓的场外交易类似于淘宝购物，交易平台只是搭了一个通道，撮合买卖双方完成人民币与虚拟币之间的交易。平台上的卖方看似自然人，但背后不排除是一个公司或团队运作。“看上去整个过程平台无责，也不违反相关政策，但场外交易事实上变相给ICO币交易开了一个口子。”该人士认为。 According to sources, the so-called out-of-the-field transaction is similar to the shopping of treasures, and the trading platform is simply a conduit for the seller and buyer to complete the deal between the renminbi and the virtual currency. The seller on the platform looks like a natural person, but does not exclude that a company or team operates. “It seems that the entire platform of the process is not responsible or contrary to the relevant policies, but the out-of-the-office transaction actually makes a speech about the ICO deal.” According to the source. 据国际咨询公司Tabb Group的最新报告显示，比特币的场外交易市场比交易平台市场的规模大两到三倍。场外交易购买来的比特币、泰达币，有很大比例被用于购买ICO币。 According to the latest report of the international consulting firm Tabb Group, Bitcoin’s off-site trading market is two to three times larger than that of the trading platform. Bitcoin and tedar are purchased for off-site transactions, and a large proportion is used to purchase ICO currency. 来自政策的精准打击，是造成ICO在国内衰退的重要原因，这毋庸置疑。业内人士表示，除此之外，与过去一年来上百个新ICO项目涌现，频繁收割散户致场内存量资金不足，以及原有项目迟迟没有进展有密不可分的联系。这带来的直接结果就是，ICO逐渐失去赚钱效应，投资者热情减退。 In addition to the fact that hundreds of new ICO projects have emerged over the past year, that there is insufficient in-house stock for frequent harvests, and that the delay in making progress on the original projects is inextricably linked. As a direct result, the ICO is losing its profitability and investor enthusiasm. 行业研究机构区块律动统计了今年上半年在币安、OKEx等5家国内投资者最常使用的交易平台上的项目发现，这期间，5家交易平台共上币337个，刨除重复共有264个币种。这大致等同于国内外发行的264个ICO可供交易的代币。 In the first six months of this year, industrial research institutes measured projects on the trading platforms most commonly used by five domestic investors, such as MoneyAnn, OKEx. During this period, five trading platforms received 337 copies of the last currency, eliminating 264 coins. This is roughly the same as the domestic and foreign distribution of 264 ICOs that can be traded. 截至8月21日市价计算，这264个上币项目破发率为98.8％，仅有3个项目出现了上涨。其中，跌幅最大的WBTC代币跌幅为99.86％。币价下跌区间基本集中在70％到98％之间，其中绝大多数项目从运行状况看可以归类为“空气币”，即毫无价值。 As at 21 August, the breakdown rate for the 264 upper-currency items was 98.8 per cent, with only three projects rising. Of this, the largest decline in the WBTC currency fell by 99.86 per cent. The decline in currency prices was largely concentrated between 70 per cent and 98 per cent, with the vast majority of the items classified as “air currency” in terms of operational status, or nothing. 跌幅居首的WBTC究竟是什么？通过业内人士提供的资料可见，这是一个由中国团队主导的比特币分叉币，以比特币为基础，但声称技术更优。根据公开的资料及宣传材料显示，核心团队名单中有多位曾在迅雷公司任职的高管，如发起人张玉波为迅雷原高级副总裁，技术成员李金波为迅雷原技术合伙人，顾问邹胜龙为迅雷原董事长兼CEO等。 According to publicly available information and promotional material, there are several top executives in the core team, such as the initiator, Zhang Yubo, Senior Vice-President of Shiraihara, and the technical member Li Kimbo, Technical Partner of Shiraihara, and Adviser Zou Seung-won, Chairman and CEO. ICO币大面积严重破发，使大批投资者血本无归。投资者刘先生控诉说，他从最初在聚币网上投资虚拟币开始，到去年9月4日后转投服务器在海外但主要面向国内的交易平台，最初投入的8万元如今只剩不到2万元。据他所知，有些人甚至贷款、借钱炒币，经历两次“腰斩”算是亏得少的，亏损在九成以上的大有人在。 The ICO’s massive breakdown has left a large number of investors without a trace. The investor, Mr. Liu, complained that he had made less than $20,000 of the initial investment, starting with his initial investment in the dollar online, and moving the server abroad after 4 September last year, but mainly to a domestic trading platform. 尽管市场不景气，但ICO项目仍旧不断涌现，只不过整个过程更为隐匿。今年上半年，记者曾在一处创业孵化基地见到一位ICO项目方负责人。他描绘出了自去年9月4日之后ICO发币的普遍“新生态”：为逃避监管，首先在新加坡设立一家基金会发行ICO，声明不接受来自中国的投资者及个人投资，只接受国外大客户投资。但事实上，项目接受的国外大客户投资资金主要来源仍为散户，采用代投方式，“出了事散户会找大客户，不会直接找基金会。”对外宣传中，白皮书中的外国人面孔通常是花钱雇来“充门面”的。通过层层包装，短短几个月时间里，就能募集到相当于两千多万元人民币的以太币。自始至终，关键人物几乎不会出现在公开宣传材料中。 In the first half of the year, journalists met with a head of the ICO project at an incubation base. He described the “new ecology” that had prevailed since September 4th. To avoid regulation, an ICO fund was first set up in Singapore, which announced that investors and individuals from China would not accept investment from abroad, but only from large clients abroad. 令人质疑 上市公司疑似参与ICO项目 is questionable if listed companies are suspected to be involved in the ICO project . 除了ICO市场依旧火爆外，记者发现，在参与者中疑似有上市公司的身影。 In addition to the continued fire in the ICO market, journalists found that the presence of listed companies was suspected among the participants. 最近一年，炒作区块链概念的上市公司不断涌现。在股市行业网站“同花顺”概念股栏目下，甚至设有专门的区块链板块，涉及83家上市企业。这些企业绝大多数属于主动或被动蹭区块链热点，但也有企业一直在为发币做前期准备，推出相关APP软件，让用户每日领取数量明确的“某某石”“某某钻”等“糖果”，并登记在区块链上。尽管暂时不能交易，一旦政策条件具备，可以用比特币、以太币来进行币币交易，这些“糖果”立刻能转为虚拟货币，有开展ICO前期准备的嫌疑。 During the past year, listed companies that have created the block chain concept have emerged. Under the stock market industry web site, there are even special block chain blocks, covering 83 listed enterprises. The vast majority of these enterprises are active or passive block chain hot spots, but there are also enterprises that have been preparing for currency issuance by introducing related APP software that allows users to receive a specified amount of “a stone” “a diamond” and “a candy” on a block chain every day. 上市公司奥马电器最近也被曝出疑似存在ICO发币，在不少人看来是板上钉钉的事，主要理由是ICO币项目QOS白皮书公布的核心团队中，出现了多个奥马电器高管的名字。这一点在奥马电器的辟谣公告中也得到证实。 A listed company, Omar Electric, has also recently been exposed to the suspicion of having ICO coins, which, according to a number of people, appears to be nailed, mainly on account of the names of several Oma electrical executives in the core team published in the ICO coin project QOS White Paper. This is also confirmed by rumour bulletins about Omar Electric. 奥马电器的公告表示，据QOS项目白皮书介绍，项目核心团队为张哲、汪怡宁等人，其中张哲曾在公司担任副总经理职务、汪怡宁曾在公司全资子公司钱包金服（北京）科技有限公司公司任职，张哲、汪怡宁均于今年7月辞去上述职务，张哲、汪怡宁目前在公司参股子公司数字钱包（北京）科技有限公司任职。公告还称，上述人员参与QOS项目均为其个人行为，公司旗下控股、参股公司均未参与QOS项目。而且，董事长赵国栋担任QOS项目的顾问也是其个人行为，与公司无关。 According to the Oma Electric Bulletin, according to the White Paper on the QOS Project, the core team of the project is Zhang Chul, Wang Yining, among others, who served as deputy general manager of the company, Wang Yi Ning, who worked in the company's fully-owned subsidiary, Golden Clothes (Beijing) and Technology Limited, and Zhang Chul and Wang Yi Ning, who resigned in July this year, are currently employed in the company's subsidiary's Digital Wallet (Beijing) Science and Technology Ltd. The announcement also states that their involvement in the QOS project is personal, and that none of the companies hold or participate in the QOS project. 社会对奥马电器的质疑源自QOS币价暴跌。QOS项目自称是由注册在新加坡的QOS基金会发起的项目。在FCoin交易第一天涨停，但之后连续两天跌停，到第4天币价已经暴跌85％，投资者损失惨重。一些投资者随后在社交媒体维权表示，之所以投资QOS主要看中的正是项目方上市公司背景。 QOS projects claim to be a project initiated by the QOS Foundation, registered in Singapore. The first day of Fcoin’s trade stopped, but then two days in a row, when prices fell by 85% on the fourth day, and investors lost a huge amount of money. 尽管奥马电器一再撇清关系，但有投资者抛出新的质疑。QOS项目的核心团队来自奥马电器，而且这一项目把赵国栋旗下的钱包金服、停车钱包等作为重要场景落地业务，似乎使得QOS与奥马电器之间有着难以言传的关系。 Despite the fact that Oma appliances have repeatedly left out relationships, there have been new questions from investors. The QOS project’s core team comes from Oma appliances, and the project’s use of the wallets under Zhao’s flag, the wallets, the parking wallets, etc., as an important scene business seems to make the relationship between QOS and Omar’s appliance indisputable. 防范“爆雷” 须形成国际监管合力 尽管一年来国内及时叫停ICO起到了显著成果，但从现实状况看，继续严厉打击ICO，防范金融风险，避免盲目的投资者血本无归依然任重道远。 Despite the remarkable results of the timely suspension of the ICO in the country over the past year, there is still a long way to go in terms of the real situation, which continues to strike the ICO severely, to guard against financial risks and to prevent blind investors from losing their lives. 随着ICO币破发愈演愈烈，项目存在“爆雷”可能性。近期，已有艺术链、英雄链、太空链等多个ICO项目曝出风波，投资者大都集中在国内。 With the collapse of the ICO currency, there is the possibility of a “blasting” of the project. In recent times, a number of ICO projects, such as art chains, hero chains, space chains, etc., have been exposed, with investors concentrated in the country. 专家认为，对经调查确定涉嫌诈骗、非法集资等违法行为的，应尽快采取措施，不应姑息。 The experts are of the view that measures should be taken as soon as possible and should not be condoned in cases where it has been established that there is a suspicion of fraud, illegal collection of funds, etc. 最近，区块链自媒体大量出现，不少扮演着“韭菜收割机”的角色。除了承接项目方的广告业务，许多自媒体还承接软文撰写、项目专访、线下沙龙等，对ICO起到了推波助澜的作用。有的自媒体阅读量不到200的软文张口开价10万元或者多个比特币，有的视频专访1分钟1000元。 More recently, block chains have emerged from the media, and many play the role of a “cook harvester”. In addition to the advertising business of the project, many media outlets have taken on soft-language writing, project interviews, underline salons, etc., contributing to the ICO. Some have access to less than 200 soft-language openings for $100,000 or several bitcoins, and some have videos for 1,000 dollars per minute. 中国人民大学国际货币所研究员李虹含表示，一些自媒体大号存在虚假宣传问题，误导投资者投资虚拟货币，部分区块链媒体甚至与发币方联手，利用股市操作手法“坐庄”，对虚拟货币采取暴涨暴跌操作“割韭菜”。北京金融局相关负责人认为，对这些参与ICO炒作的自媒体，要继续坚决采取关停等措施，彻底斩断利益链条。 Li Yong-hwan, researcher at the International Monetary Institute of the People's University of China, said that some media outlets had false propaganda problems, misled investors to invest in virtual currency, and that some of the segmental chain media had even joined hands with the issuer, using stock market modus operandi to “sit” and “scribing” the virtual currency. The relevant officials of the Beijing Finance Bureau believed that the media involved in the ICO campaign should continue to take determined measures to cut the chain of interest altogether. 对ICO的监管，宜探索国际合作形式。在国内政策趋严后，一些项目方跑到了日本、韩国、新加坡继续发币，有的交易平台将注册地及服务器搬到了马耳他等地，但吸引的仍旧主要是国内投资者。从中也可看出，ICO监管要想起到更大效果，必须坚持国际合作。只有形成国际监管合力，才能对ICO行为做到有效防控，及时遏制“割韭菜”的“空气币”在国内继续滥发，保护投资者利益。 As a result of the tightening of domestic policies, some project players have gone to Japan, South Korea, Singapore, and some trading platforms have moved their places of registration and servers to Malta, but still attract mainly domestic investors. It is also clear from this that international cooperation is essential if ICO regulation is to be more effective. ?
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