加密货币交易平台FTX从神坛跌落的速度很快，超出想象。
The crypto-currency trading platform FTX fell from the altar faster than it could have imagined.
在暴雷之前，FTX的创始人Sam Bankman-Fried一度风光无限，他的加密货币交易所FTX估值320亿美元，个人财富160亿美元。
Before the thunderstorm, the founder of FTX, Sam Bankman-Fried, for a time, was inexhaustible, with his encrypted currency exchange, FTX, valued at $32 billion and personal wealth at $16 billion.
Sam Bankman-Fried
现在，除了一百万暴怒的债权人、数十家摇摇欲坠的加密货币公司和错综复杂的监管和犯罪调查，一切都已灰飞烟灭——据媒体报道，11月11日，FTX交易公司通过社交媒体发布公告称，该公司和FTX集团其他附属公司已经按照美国相关法律启动自愿破产程序。
Today, with the exception of a million angry creditors, dozens of shaky crypto-currency companies and sophisticated regulatory and criminal investigations, everything has been wiped out — according to media reports, on 11 November FTX Trading announced through social media that FTX and other affiliates of the FTX Group have commenced voluntary insolvency proceedings in accordance with United States law.
FTX交易所的高速崩盘，将给加密货币行业带来怎样致命一击？
How deadly would the high-speed crash of the FTX exchange be for the crypto-money industry?
10天破产
10 days of bankruptcy
FTX的暴雷事发突然。
There was a thunderstorm at FTX.
从占据着币圈交易所第二把交易的公司走到破产，才不过短短10天，在这10天不到的时间里，FTX经历了什么？
What happened to FTX in less than 10 days, just 10 days after the second company in the currency exchange went bankrupt?
故事从11月2日Coindesk关于Alameda Research的爆料说起。
The story begins on November 2nd in Coindisk about Alameda Research.
Alameda Research是专注于加密资产做市和初创加密公司的风投基金，其创始人为Sam Bankman-Fried，同时也是FTX交易所首席执行官。
Alameda Research, a wind pitch fund focused on cryptographic asset-making and start-up encryption companies, was founded by Sam Bankman-Fried and was also Chief Executive Officer of the FTX Exchange.
Sam于2019年创办了FTX，一个虚拟加密货币的交易所，提供NFT(非同质化通证)工具，包括比特币、以太坊的交易服务，还发行自己的虚拟货币FTT。交易所的核心角色是中间人，交易所在买卖双方之间撮合交易，从交易中收取佣金。
Sam founded the FTX, a virtual encrypted currency exchange in 2019, which provides NFT tools, including Bitcoin, Etheria trading services, and issues its own virtual currency, FTT. The central role of the exchange is that of an intermediary, where the exchange arranges transactions between buyers and sellers and collects commissions from them.
去年10月，Sam宣布退出Alameda 研究公司的管理，表示将专心关注FTX的发展，希望市场能将FTX和Alameda视作两家独立的企业。
Last October, Sam announced his withdrawal from the management of Alameda Research, indicating that he would focus on the development of FTX and hoped that the market would see FTX and Alameda as two independent enterprises.
若FTX纯粹作为一个交易所，本来不该产生问题。但11月2日，加密市场新闻网站Coindesk报道Alameda研究公司从FTX交易所借走百亿美元，将大部分钱买入FTT，以此来支撑FTT的市值。因为Alameda资产负债表上有高达61.12亿美元FTX发行的FTT代币，多米诺骨牌随即开始倒塌。
But on November 2, the encrypted market news site Coindesk reported that Alameda Research had borrowed $10 billion from the FTX exchange to buy most of the money into the FTT to support the market value of the FTT. Because Alameda had up to $6.12 billion in FTT-issued tokens on its balance sheet, Dominos began to collapse.
对于FTX交易所来说，只要客户不把钱全部提走，FTX交易所就可以用新加入投资人存入的钱支付老投资人的提现需求。但消息一出，圈内立刻对于FTT的流动性感到担忧，鲸鱼玩家（拥有大量加密货币的用户）开始出售FTT，不久后，全球交易量最大的加密货币交易所币安（Binance）的联合创始人何一也表示已卖出20%FTX股权，FTT的币价顺势下滑。
For the FTX exchange, the FTX exchange can use the money deposited by the newcomers to cover the needs of the old investors as long as the customers do not take all the money away. But, as soon as news comes out, the circle is immediately concerned about the liquidity of the FT, with whale players (users with large amounts of encrypted money) starting to sell the FT, and soon after, the co-founder of Binance, the world’s largest trade, also said that 20% of the FTX shares had been sold, and that FTT’s currency prices had declined.
在短短3天时间里，投资者从FTX的交易所撤出了60多亿美元。而Alameda Research和FTX双方均没有及时对外给出令人信服的回应，币圈内关于FTX的质疑声愈发尖锐。到了11月6日，币安CEO赵长鹏公开表示币安交易所将选择清算其投资组合中剩余的FTT。
In just three days, investors withdrew more than $6 billion from the FTX exchange. Neither Alameda Research nor FTX responded convincingly in a timely manner, and questions about FTX in the currency circles became more acute.
币安CEO赵长鹏
Cheong Peng of the CEO
币安这番操作一出，几乎坐实了FTX存在极大风险。以此为拐点，市场上开始出现了大规模抛售FTT的情况，FTT的币价进一步下跌。
As a result of this move, there is a great risk that the FTX will remain. At the cruising point, the market began to see large-scale selling of the FTT, and the FTT’s currency price fell further.
面临如此压力，Sam终于坐不住了，开始发推请求币安能够收购FTX，但币安方面在当天审查FTX的财务状况后，迅速地放弃了收购计划，到此时FTX这颗雷算是彻底被点爆了，9日当天FTT币价暴跌90%，Sam在一夜之间蒸发了146亿美元身家。
In the face of this pressure, Sam finally stopped and began to push for the money to buy FTX, but after reviewing the financial position of FTX on that day, the money security side quickly abandoned the acquisition plan. By then, the FTX mine had been completely blown up, 90 per cent of the FTT price had fallen that day, and Sam had evaporated $14.6 billion overnight.
最终，FTX集团在11月11日迎来终结。加密圈第二大的交易所，就这么轰然倒塌。
Eventually, the FTX group came to an end on November 11th. The second largest exchange in the encryption ring collapsed.
破产危机蔓延
The bankruptcy crisis spreads
作为曾经排名第二的加密货币交易平台，FTX的破产在加密圈再度引发了一次强烈地震。
The bankruptcy of FTX, which was once the second-highest crypto-currency trading platform, once again triggered a strong earthquake in the cryptosphere.
FTX的崩盘引发了行业对中心化交易所的普遍担忧，越来越多的用户涌入各大交易所提取资产，而由FTX破产引发的客户赎回潮正导致其他加密货币平台也陷入困境。
The collapse of FTX has raised widespread concerns among the industry about centralized exchanges, with an increasing number of users pouring into major exchanges to extract assets, while the foreclosure of customers triggered by the bankruptcy of FTX is causing other encrypted money platforms to fall into trouble.
加密货币交易所FTX崩盘引发的币圈危机仍在蔓延，加密借贷平台Genesis可能将成为下一个“倒霉蛋”。
The currency circle crisis caused by the FTX crash of the encrypted currency exchange continues to spread, and the encryption lending platform Genesis is likely to become the next “unlucky man”.
知情人士表示，在FTX本月申请破产后，Genesis面临流动性危机。Genesis在过去几天里一直在寻求至少10亿美元的新资本，但迄今为止，融资尚未实现。11月16日，Genesis宣布将暂停其贷款部门的提款，理由是FTX造成“前所未有的市场动荡”。
In the past few days, Genesis has sought at least $1 billion in new capital, but so far the financing has not materialized. On November 16, Genesis announced that it would suspend withdrawals from its lending sector on the grounds that FTX caused “unprecedented market turmoil.”
在FTX宣布破产后，Genesis已经因此损失了1.75亿美元存款，随后其母公司Digital Currency Group介入，向Genesis注入1.4亿美元的流动性资金。但提款潮的到来让Genesis也撑不住了。
Following the bankruptcy of FTX, Genesis had already lost $175 million in deposits, followed by the intervention of its parent company, Digital Crime Group, which injected $140 million in liquidity into Genesis. But the current of the withdrawal made Genesis unsustainable.
币圈亿万富豪Winklevoss兄弟创立的加密货币交易所Gemini此前表示，其面向散户投资者的高收益产品将暂停赎回。此外，有报道指出，加密货币借贷平台BlockFi在停止用户提取存款并承认对FTX有“重大风险敞口”后，正计划裁员，并考虑申请破产。
Gemini, an encrypted currency exchange created by the billionaire Winklevos brothers, had previously indicated that its high-yield products for bulk investors would be put on hold. Moreover, it was reported that the encrypted money lending platform BlockFi was planning to lay off its staff and consider applying for bankruptcy after it stopped its users from taking deposits and admitted that there was a “significant risk exposure” to FTX.
Winklevoss兄弟
Winklevos brothers.
早前已经破产的加密货币借贷平台Voyager Digital也直接受到FTX破产影响。据11月16日报道，Voyager正试图签署一项协议，将公司出售给在拍卖中落选的竞购方之一(该竞购原本被FTX赢下)。Voyager表示，正在与包括币安在内的几家其他竞标者积极讨论，并将随时公布重组工作的最新进展。
It was reported on November 16 that Voyager was trying to sign an agreement to sell the company to one of the competing buyers that had been defeated in the auction (which had been won by FTX). Voyager indicated that it was actively discussing with several other bidders, including currency security, and would keep up to date with the latest developments in the reorganization.
FTX危机对于脆弱的熊市造成的影响几乎是破坏性的。事件迅速发酵后，比特币、以太坊等加密货币价格纷纷跳水，其中比特币价格最低价格更是跌穿了1.5万美元，触及2020年10月以来的最低点。并且这还没到头，FTX宣布寻求破产的当天，共有30万人爆仓，整个加密市场的总市值也跌至8000万美元，距离两年来最高市值缩水60%。根据摩根大通策略师分析，比特币的价格还将继续下跌至1.3万美元。
The impact of the FTX crisis on the fragile bear city was almost devastating. After the events quickly fermented, the price of encrypted currency such as Bitcoin and Etheria jumped, with the lowest price falling by $15,000, reaching its lowest point since October 2020.
挖矿机构也受到冲击，FTX破产导致的加密货币下跌给他们的盈利带来了更多压力。行业人士称，加密货币行业将面临更多公司破产。
Mining institutions have also been hit, and the fall in encrypted currency as a result of the bankruptcy of FTX has put more pressure on their profitability. Industry sources claim that the cryptographic money industry will face more corporate bankruptcy.
币圈影响深远
虽然FTX的崩溃只是一次短期流动性事件，但再次显示出虚拟货币市场最为缺乏的透明性隐含风险以及信任危险。
While the collapse of FTX was only a short-term liquidity event, it again revealed the risks inherent in transparency and the risk of trust most lacking in the virtual currency market.
虚拟币产生于2009年，彼时次贷危机阴霾尚未散去，欧美多个国家通过印钞来挽救经济，而美元信誉也在彼时进入低谷。虚拟币借着美元衰弱打出一个旗号：虚拟币将替代信用贬值的美元成为新的世界货币。
The virtual currency originated in 2009, and the shadow of the subprime mortgage crisis has yet to dissipate, with several countries in Europe and the United States saving their economies by printing money, while the dollar’s credibility has reached a low point. With the dollar’s weakness, the virtual currency has been branded as the new world currency: a dollar that replaces the devalued credit.
如今FTX的破产，让币圈的故事再一次“跌落神坛”，也将虚拟币交易平台是否值得信任这个问题再次抛在了公众眼前。
Now that the bankruptcy of FTX has left the story of the currency ring once again “down the altar”, the question of whether virtual currency trading platforms can be trusted has once again been put before the public.
如果FTX都存在挪用客户资金的情况，那么其他交易所是否存在同样的风险？实际上，还有一些明目张胆搞庞氏骗局的虚拟币交易所。由于建立交易所网站的门槛很低，有人直接在网上下载交易所模板，略加改造就能上线交易，这种缺乏制约的私人交易所风险很大。
In fact, there are other virtual currency exchanges that are brazen about ponzi fraud. Because of the low threshold of establishing the exchange’s website, some people download the exchange template directly online, making it possible to go online with minor modifications, a private exchange that is not regulated is at great risk.
虚拟币从比特币开始，一直就有颠覆金融体系的想法，但信仰者却屡遭“现实暴击”。从之前的Luna币，到现在FTX的破产，再到比特币的暴跌，可以说，当下投资人对于虚拟币的“信仰”已经脆弱到不堪一击。
Virtual coins have always had the idea of destabilizing the financial system, starting with bitcoin, but believers have been “realistically attacked.” From the earlier Lunacoins, until the bankruptcy of the FTX and its collapse, it can be said that the current investor's “belief” of virtual coins has become vulnerable.
任何“庞氏骗局”都有终章。LUNA一夜崩盘的余震还未散去，FTX的流动性危机让熊市当中的加密行业雪上加霜。
Any Ponzi scheme has its final chapter. The aftershocks of the LUNA overnight crash have not dissipated, and the FTX liquidity crisis has exacerbated the encryption industry in Bear City.
币圈“信仰”看起来已经开始崩塌，但还远没有终结。
对于整个加密圈而言，FTX破产造成的信任危机，恐怕还会鬼影一般继续盘旋在圈子上空，在未来，加密圈要么面临被市场纳入监管的命运，要么被疑心渐起的玩家抛弃，而那个前卫的“去中心化”故事，恐怕是讲不了多久了。
For the whole cryptography circle, the crisis of trust created by the bankruptcy of FTX will probably continue to haunt the circle, which in the future will either face the fate of being regulated by the market or be abandoned by suspected players, whose “decentization” story may not be much longer.
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