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counter\uff09\uff0c\u5373\u4e70\u5356\u53cc\u65b9\u79c1\u4e0b\u76f4\u63a5\u4ea4\u6613\uff0c\u8fc7\u7a0b\uff08\u5305\u62ec\u7528\u865a\u62df\u8d27\u5e01\u5151\u6362\u6cd5\u5b9a\u8d27\u5e01\uff09\u4e5f\u5c31\u6beb\u65e0\u76d1\u7ba1\u3002\u52a0\u5bc6\u8d27\u5e01\u53e6\u4e00\u7279\u8272\u5728\u4e8e\u4ee5\u533f\u540d\u65b9\u5f0f\uff08\u5373\u4e0d\u62ab\u9732\u7528\u6237\u8eab\u4efd\uff09\u8fdb\u884c\u8d44\u4ea7\u4ea4\u6613\u3002\u900f\u8fc7\u533a\u5757\u94fe\u6280\u672f\u3001\u590d\u6742\u7684\u5bc6\u7801\u5b66\u539f\u7406\u6765\u786e\u4fdd\u4ea4\u6613\u5b89\u5168\uff0c\u6bcb\u987b\u7b2c\u4e09\u65b9\u4ecb\u5165\uff0c\u6709\u52a9\u4e8e\u964d\u4f4e\u6210\u672c\uff0c\u4f46\u4ea6\u56e0\u6b64\u9020\u6210\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u96be\u4ee5\u76d1\u7ba1\u3002\u4e00\u822c\u6295\u8d44\u8005\u5bf9\u865a\u62df\u8d27\u5e01\u77e5\u8bc6\u6709\u9650\uff0c\u5bfc\u81f4\u5b83\u5bb9\u6613\u6210\u4e3a\u8bc8\u9a97\u96c6\u56e2\u7684\u5de5\u5177\u3002 2022\u5e7411\u6708\uff0c\u6709\u5a92\u4f53\u6307FTX\u65d7\u4e0b\u5bf9\u51b2\u57fa\u91d1Alameda Research\u7684\u51c0\u8d44\u4ea7\u7edd\u5927\u90e8\u5206\u7531\u516c\u53f8\u540c\u7cfb\u52a0\u5bc6\u8d27\u5e01\u7ec4\u6210\uff0c\u6216\u51fa\u73b0\u6d41\u52a8\u6027\u95ee\u9898\uff1b\u5176\u5bf9\u624b\u5e01\u5b89\uff08Binance\uff09\u4e00\u5ea6\u613f\u610f\u4f5c\u51fa\u6536\u8d2d\uff0c\u4ee5\u5316\u89e3\u5371\u673a\uff0c\u4f46\u5176\u540e\u8868\u793aFTX\u6709\u4e0d\u5f53\u5904\u7406\u5ba2\u6237\u8d44\u91d1\u7684\u95ee\u9898\uff0c\u653e\u5f03\u8ba1\u5212\u3002 FTX\u521b\u529e\u4ebaSam Bankman-Fried\u4e8e\u662f\u4e3aFTX\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\uff0c\u4f46\u4ed6\u672c\u4eba\u5219\u572812\u6708\u5728\u5df4\u54c8\u9a6c\u906d\u62d8\u6355\uff0c\u88ab\u5f15\u6e21\u56de\u7f8e\u56fd\u53d7\u5ba1\uff0c\u73b0\u6b63\u9762\u4e34\u591a\u9879\u4e0e\u6b3a\u8bc8\u76f8\u5173\u7684\u6307\u63a7\u3002\u8bc8\u9a97\u6848\u4ef6\u65e0\u65e5\u65e0\u4e4b\uff0cFTX\u548cJPEX\u4e0d\u662f\u53d1\u751f\u4e8b\u6545\u7684\u7b2c\u4e00\u5bb6\uff0c\u4ea6\u4e0d\u4f1a\u662f\u6700\u540e\u4e00\u5bb6\u3002 \u5272\u97ed\u83dc\u6709\u524d\u79d1 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3.0\uff09\u4e2d\u4e00\u4e2a\u91cd\u8981\u6982\u5ff5\uff1a\u53bb\u4e2d\u5fc3\u5316\u81ea\u6cbb\u7ec4\u7ec7\uff08Decentralized Autonomous Organization\uff1b\u7b80\u79f0DAO\uff09\u3002\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\u5f00\u53d1\u7684DAO\u8fd1\u5e74\u9887\u53d7\u6b22\u8fce\uff0c\u4f18\u70b9\u4e4b\u4e00\u662f\u6295\u8d44\u8005\u5f80\u5f80\u6709\u5171\u540c\u76ee\u6807\uff0c\u56e0\u6b64\u613f\u610f\u4e3a\u6b64\u7b79\u96c6\u8d44\u91d1\uff0c\u800c\u540c\u65f6\u4fdd\u6301\u533f\u540d\u3002 JPEX\u5411\u5ba2\u6237\u63d0\u8bae\uff0c\u53ef\u628a\u624b\u4e0a\u8d44\u4ea7\u5151\u6362\u4e3aDAO\u4ee3\u5e01\uff0c\u5e76\u58f0\u79f0\u5c06\u4e8e\u4e24\u5e74\u5185\u5411\u6295\u8d44\u8005\u8d4e\u56de\u6b64\u7b49\u4ee3\u5e01\uff0c\u4ece\u800c\u628a\u8d44\u4ea7\u5168\u6570\u5f52\u8fd8\u4e88\u7528\u6237\u3002 \u6709\u5f85\u4ea1\u7f8a\u8865\u7262 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3.0\u751f\u6001\u7cfb\u7edf\u7a33\u6b65\u53d1\u5c55\u4e4b\u4f59\uff0c\u7406\u5e94\u81f4\u529b\u4e8e\u4fdd\u969c\u5e02\u573a\u53c2\u4e0e\u8005\u548c\u6295\u8d44\u8005\u7684\u5229\u76ca\u3002\u82e5\u8981\u5835\u585e\u76ee\u524d\u6f0f\u6d1e\uff0c\u8bc1\u76d1\u4f1a\u5b9c\u51bb\u7ed3\u53d1\u724c\u5236\u5ea6\u4e2d\u4e3a\u671f\u4e00\u5e74\u7684\u4e0d\u8fdd\u53cd\u671f\uff0c\u7136\u540e\u518d\u5168\u9762\u68c0\u8ba8\u5e94\u5426\u5f00\u653e\u865a\u62df\u8d44\u4ea7\u4e88\u4e00\u822c\u6563\u6237\u53c2\u4e0e\u3002\u4ee5\u65b0\u52a0\u5761\u4e3a\u4f8b\uff0c\u5373\u4f7f\u662f\u83b7\u5f97\u8bb8\u53ef\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\uff0c\u4e5f\u7981\u6b62\u5411\u96f6\u552e\u6295\u8d44\u8005\u4f5c\u63a8\u9500\u3002\u4e3a\u5bf9\u75c7\u4e0b\u836f\uff0c\u7279\u533a\u653f\u5e9c\u4e0d\u59a8\u53c2\u7167\u675c\u62dc\u65b0\u6210\u7acb\u7684\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u5c40\uff08Virtual Assets Regulatory Authority\uff09\uff0c\u53e6\u8bbe\u4e13\u8d23\u76d1\u7ba1\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u7684\u673a\u6784\u3002 \u5f3a\u5316\u98ce\u9669\u610f\u8bc6 \u5982\u4f55\u907f\u514d\u6210\u4e3a\u6536\u5272\u97ed\u83dc\u53d7\u5bb3\u8005\uff1f\u6295\u8d44\u8005\u5e94\u53ea\u4f7f\u7528\u53ef\u9760\u3001\u5177\u89c4\u6a21\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u94b1\u5305\u3002 \u4e3a\u9632\u6709\u8bc8\uff0c\u5207\u52ff\u7ed5\u8fc7\u5b98\u65b9App 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3.0\uff09\u4e2d\u4e00\u4e2a\u91cd\u8981\u6982\u5ff5\uff1a\u53bb\u4e2d\u5fc3\u5316\u81ea\u6cbb\u7ec4\u7ec7\uff08Decentralized Autonomous Organization\uff1b\u7b80\u79f0DAO\uff09\u3002\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\u5f00\u53d1\u7684DAO\u8fd1\u5e74\u9887\u53d7\u6b22\u8fce\uff0c\u4f18\u70b9\u4e4b\u4e00\u662f\u6295\u8d44\u8005\u5f80\u5f80\u6709\u5171\u540c\u76ee\u6807\uff0c\u56e0\u6b64\u613f\u610f\u4e3a\u6b64\u7b79\u96c6\u8d44\u91d1\uff0c\u800c\u540c\u65f6\u4fdd\u6301\u533f\u540d\u3002 JPEX\u5411\u5ba2\u6237\u63d0\u8bae\uff0c\u53ef\u628a\u624b\u4e0a\u8d44\u4ea7\u5151\u6362\u4e3aDAO\u4ee3\u5e01\uff0c\u5e76\u58f0\u79f0\u5c06\u4e8e\u4e24\u5e74\u5185\u5411\u6295\u8d44\u8005\u8d4e\u56de\u6b64\u7b49\u4ee3\u5e01\uff0c\u4ece\u800c\u628a\u8d44\u4ea7\u5168\u6570\u5f52\u8fd8\u4e88\u7528\u6237\u3002 \u6709\u5f85\u4ea1\u7f8a\u8865\u7262 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3.0\u751f\u6001\u7cfb\u7edf\u7a33\u6b65\u53d1\u5c55\u4e4b\u4f59\uff0c\u7406\u5e94\u81f4\u529b\u4e8e\u4fdd\u969c\u5e02\u573a\u53c2\u4e0e\u8005\u548c\u6295\u8d44\u8005\u7684\u5229\u76ca\u3002\u82e5\u8981\u5835\u585e\u76ee\u524d\u6f0f\u6d1e\uff0c\u8bc1\u76d1\u4f1a\u5b9c\u51bb\u7ed3\u53d1\u724c\u5236\u5ea6\u4e2d\u4e3a\u671f\u4e00\u5e74\u7684\u4e0d\u8fdd\u53cd\u671f\uff0c\u7136\u540e\u518d\u5168\u9762\u68c0\u8ba8\u5e94\u5426\u5f00\u653e\u865a\u62df\u8d44\u4ea7\u4e88\u4e00\u822c\u6563\u6237\u53c2\u4e0e\u3002\u4ee5\u65b0\u52a0\u5761\u4e3a\u4f8b\uff0c\u5373\u4f7f\u662f\u83b7\u5f97\u8bb8\u53ef\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\uff0c\u4e5f\u7981\u6b62\u5411\u96f6\u552e\u6295\u8d44\u8005\u4f5c\u63a8\u9500\u3002\u4e3a\u5bf9\u75c7\u4e0b\u836f\uff0c\u7279\u533a\u653f\u5e9c\u4e0d\u59a8\u53c2\u7167\u675c\u62dc\u65b0\u6210\u7acb\u7684\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u5c40\uff08Virtual Assets Regulatory Authority\uff09\uff0c\u53e6\u8bbe\u4e13\u8d23\u76d1\u7ba1\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u7684\u673a\u6784\u3002 \u5f3a\u5316\u98ce\u9669\u610f\u8bc6 \u5982\u4f55\u907f\u514d\u6210\u4e3a\u6536\u5272\u97ed\u83dc\u53d7\u5bb3\u8005\uff1f\u6295\u8d44\u8005\u5e94\u53ea\u4f7f\u7528\u53ef\u9760\u3001\u5177\u89c4\u6a21\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u94b1\u5305\u3002 \u4e3a\u9632\u6709\u8bc8\uff0c\u5207\u52ff\u7ed5\u8fc7\u5b98\u65b9App Store\u7684\u8fde\u7ed3\u4e0b\u8f7d\u4efb\u4f55\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\u3002\u6700\u597d\u53ea\u6295\u8d44\u77e5\u540d\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u4e0d\u5e94\u8f7b\u4fe1\u7f51\u4e0a\u8d44\u6599\u6709\u9650\u6216\u53d1\u884c\u516c\u53f8\u6765\u5386\u4e0d\u660e\u7684\u52a0\u5bc6\u8d27\u5e01\u3002\u7f51\u7edc\u4fdd\u5b89\u516c\u53f8\u6162\u96fe\u79d1\u6280\uff08Slowmist\uff09\u5408\u4f19\u4ebaKeywolf\u4ea6\u6307\u51fa\uff0c\u6295\u8d44\u8005\u987b\u7559\u610f\u4ea4\u6613\u6240\u662f\u5426\u6709\u516c\u5f00\u50a8\u5907\u91d1\u7684\u8d44\u6599\uff0c\u800c\u50a8\u5907\u91d1\u6c34\u5e73\u662f\u5426\u5145\u8db3\u3002 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3.0\u67a2\u7ebd\u3002\u865a\u62df\u8d44\u4ea7\u662f\u65b0\u5174\u4e8b\u7269\uff0c\u5728\u91d1\u878d\u5e02\u573a\u4e2d\u65e5\u76ca\u91cd\u8981\uff0c\u7136\u800c\u5c1a\u5f85\u53d1\u5c55\u6210\u719f\u3002\u5180\u671b\u4eca\u6b21JPEX\u4e8b\u4ef6\u4ec5\u662f\u4e00\u6bb5\u5c0f\u63d2\u66f2\uff0c\u4e0d\u4f1a\u5f71\u54cd\u7279\u533a\u63a8\u52a8\u91d1\u878d\u521b\u65b0\u7684\u51b3\u5fc3\uff0c\u4f46\u65e0\u8bba\u5f53\u5c40\u6291\u6216\u4e00\u822c\u6295\u8d44\u8005\uff0c\u52a1\u987b\u5f15\u4ee5\u4e3a\u9274\uff0c\u4ece\u800c\u66f4\u52a0\u6df1\u5165\u4e86\u89e3\u865a\u62df\u91d1\u878d\u7684\u98ce\u9669\u548c\u6311\u6218\u3002 \u8c22\u56fd\u751f\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u9996\u5e2d\u8bb2\u5e08 \u4f55\u654f\u6dd9\u5148\u751f \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e09\u5e74\u5341\u6708\u5341\u4e00\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/opinions-and-speeches\/%e4%bb%8e%e8%99%9a%e6%8b%9f%e4%b9%8b%e9%99%a9%e8%a7%81%e7%9b%91%e7%ae%a1%e4%b9%8b%e9%9c%80\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2023-10-12T02:05:19+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2023-11-03T03:41:55+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4ece\u865a\u62df\u4e4b\u9669\u89c1\u76d1\u7ba1\u4e4b\u9700 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u9999\u6e2f\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u8bc1\u76d1\u4f1a\uff09\u4e0a\u6708\u5c31\u865a\u62df\u8d44\u4ea7\u4ea4\u6613\u5e73\u53f0\u7eff\u77f3\u4ea4\u6613\u6240\uff08JPEX\uff09\u65e0\u724c\u7ecf\u8425\u53d1\u8868\u58f0\u660e\u4e4b\u540e\uff0cJPEX\u7acb\u523b\u9650\u5236\u5ba2\u6237\u6bcf\u6b21\u53ea\u53ef\u63d0\u53d61000\u6cf0\u8fbe\u5e01\uff08USDT\uff09\uff0c\u5e76\u4e00\u5ea6\u628a\u63d0\u5e01\u624b\u7eed\u8d39\u8c03\u9ad8\u81f3999\u6cf0\u8fbe\u5e01\uff0c\u6362\u8a00\u4e4b\u6bcf\u6b21\u53ea\u53d6\u56de\u4e00\u4e2a\u6cf0\u8fbe\u5e01\uff0c\u6295\u8d44\u9a97\u5c40\u7684\u672c\u8d28\u770b\u6765\u547c\u4e4b\u6b32\u51fa\u3002\u8b66\u65b9\u968f\u540e\u91c7\u53d6\u884c\u52a8\uff0c\u81f3\u4eca\u5df2\u62d8\u6355\u7ea630\u540d\u6000\u7591\u8bc8\u9a97\u96c6\u56e2\u6210\u5458\uff1b\u6848\u4ef6\u6d89\u53ca\u4f17\u591a\u6295\u8d44\u8005\u548c\u5e9e\u5927\u8d44\u4ea7\uff0c\u53d7\u5bb3\u4eba\u5408\u51712500\u591a\u540d\uff0c\u6d89\u53ca\u91d1\u989d\u8d85\u8fc715\u4ebf\u6e2f\u5143\u3002 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Power\uff0c5\u6708\u8d77\u5728\u6e2f\u63a8\u51fa\u865a\u62df\u8d44\u4ea7\u4ea4\u6613\u5e73\u53f0\uff0c\u5e76\u8ba1\u5212\u5411\u8bc1\u76d1\u4f1a\u7533\u9886\u724c\u7167\uff0c\u4f46\u4e8b\u5b9e\u4e0a\u53cc\u65b9\u4ece\u672a\u5f00\u59cb\u5408\u4f5c\u3002 \u89c4\u7ba1\u5148\u5929\u4e0d\u8db3 \u5177\u6709\u53bb\u4e2d\u5fc3\u5316\u7279\u8272\u7684\u865a\u62df\u8d27\u5e01\uff0c\u6b20\u7f3a\u5b98\u65b9\u4ea4\u6613\u6240\uff0c\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u900f\u8fc7\u7535\u8111\u5b8c\u6210\u573a\u5916\u4ea4\u6613\uff08over the counter\uff09\uff0c\u5373\u4e70\u5356\u53cc\u65b9\u79c1\u4e0b\u76f4\u63a5\u4ea4\u6613\uff0c\u8fc7\u7a0b\uff08\u5305\u62ec\u7528\u865a\u62df\u8d27\u5e01\u5151\u6362\u6cd5\u5b9a\u8d27\u5e01\uff09\u4e5f\u5c31\u6beb\u65e0\u76d1\u7ba1\u3002\u52a0\u5bc6\u8d27\u5e01\u53e6\u4e00\u7279\u8272\u5728\u4e8e\u4ee5\u533f\u540d\u65b9\u5f0f\uff08\u5373\u4e0d\u62ab\u9732\u7528\u6237\u8eab\u4efd\uff09\u8fdb\u884c\u8d44\u4ea7\u4ea4\u6613\u3002\u900f\u8fc7\u533a\u5757\u94fe\u6280\u672f\u3001\u590d\u6742\u7684\u5bc6\u7801\u5b66\u539f\u7406\u6765\u786e\u4fdd\u4ea4\u6613\u5b89\u5168\uff0c\u6bcb\u987b\u7b2c\u4e09\u65b9\u4ecb\u5165\uff0c\u6709\u52a9\u4e8e\u964d\u4f4e\u6210\u672c\uff0c\u4f46\u4ea6\u56e0\u6b64\u9020\u6210\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u96be\u4ee5\u76d1\u7ba1\u3002\u4e00\u822c\u6295\u8d44\u8005\u5bf9\u865a\u62df\u8d27\u5e01\u77e5\u8bc6\u6709\u9650\uff0c\u5bfc\u81f4\u5b83\u5bb9\u6613\u6210\u4e3a\u8bc8\u9a97\u96c6\u56e2\u7684\u5de5\u5177\u3002 2022\u5e7411\u6708\uff0c\u6709\u5a92\u4f53\u6307FTX\u65d7\u4e0b\u5bf9\u51b2\u57fa\u91d1Alameda Research\u7684\u51c0\u8d44\u4ea7\u7edd\u5927\u90e8\u5206\u7531\u516c\u53f8\u540c\u7cfb\u52a0\u5bc6\u8d27\u5e01\u7ec4\u6210\uff0c\u6216\u51fa\u73b0\u6d41\u52a8\u6027\u95ee\u9898\uff1b\u5176\u5bf9\u624b\u5e01\u5b89\uff08Binance\uff09\u4e00\u5ea6\u613f\u610f\u4f5c\u51fa\u6536\u8d2d\uff0c\u4ee5\u5316\u89e3\u5371\u673a\uff0c\u4f46\u5176\u540e\u8868\u793aFTX\u6709\u4e0d\u5f53\u5904\u7406\u5ba2\u6237\u8d44\u91d1\u7684\u95ee\u9898\uff0c\u653e\u5f03\u8ba1\u5212\u3002 FTX\u521b\u529e\u4ebaSam Bankman-Fried\u4e8e\u662f\u4e3aFTX\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\uff0c\u4f46\u4ed6\u672c\u4eba\u5219\u572812\u6708\u5728\u5df4\u54c8\u9a6c\u906d\u62d8\u6355\uff0c\u88ab\u5f15\u6e21\u56de\u7f8e\u56fd\u53d7\u5ba1\uff0c\u73b0\u6b63\u9762\u4e34\u591a\u9879\u4e0e\u6b3a\u8bc8\u76f8\u5173\u7684\u6307\u63a7\u3002\u8bc8\u9a97\u6848\u4ef6\u65e0\u65e5\u65e0\u4e4b\uff0cFTX\u548cJPEX\u4e0d\u662f\u53d1\u751f\u4e8b\u6545\u7684\u7b2c\u4e00\u5bb6\uff0c\u4ea6\u4e0d\u4f1a\u662f\u6700\u540e\u4e00\u5bb6\u3002 \u5272\u97ed\u83dc\u6709\u524d\u79d1 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counter\uff09\uff0c\u5373\u4e70\u5356\u53cc\u65b9\u79c1\u4e0b\u76f4\u63a5\u4ea4\u6613\uff0c\u8fc7\u7a0b\uff08\u5305\u62ec\u7528\u865a\u62df\u8d27\u5e01\u5151\u6362\u6cd5\u5b9a\u8d27\u5e01\uff09\u4e5f\u5c31\u6beb\u65e0\u76d1\u7ba1\u3002\u52a0\u5bc6\u8d27\u5e01\u53e6\u4e00\u7279\u8272\u5728\u4e8e\u4ee5\u533f\u540d\u65b9\u5f0f\uff08\u5373\u4e0d\u62ab\u9732\u7528\u6237\u8eab\u4efd\uff09\u8fdb\u884c\u8d44\u4ea7\u4ea4\u6613\u3002\u900f\u8fc7\u533a\u5757\u94fe\u6280\u672f\u3001\u590d\u6742\u7684\u5bc6\u7801\u5b66\u539f\u7406\u6765\u786e\u4fdd\u4ea4\u6613\u5b89\u5168\uff0c\u6bcb\u987b\u7b2c\u4e09\u65b9\u4ecb\u5165\uff0c\u6709\u52a9\u4e8e\u964d\u4f4e\u6210\u672c\uff0c\u4f46\u4ea6\u56e0\u6b64\u9020\u6210\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u96be\u4ee5\u76d1\u7ba1\u3002\u4e00\u822c\u6295\u8d44\u8005\u5bf9\u865a\u62df\u8d27\u5e01\u77e5\u8bc6\u6709\u9650\uff0c\u5bfc\u81f4\u5b83\u5bb9\u6613\u6210\u4e3a\u8bc8\u9a97\u96c6\u56e2\u7684\u5de5\u5177\u3002 2022\u5e7411\u6708\uff0c\u6709\u5a92\u4f53\u6307FTX\u65d7\u4e0b\u5bf9\u51b2\u57fa\u91d1Alameda Research\u7684\u51c0\u8d44\u4ea7\u7edd\u5927\u90e8\u5206\u7531\u516c\u53f8\u540c\u7cfb\u52a0\u5bc6\u8d27\u5e01\u7ec4\u6210\uff0c\u6216\u51fa\u73b0\u6d41\u52a8\u6027\u95ee\u9898\uff1b\u5176\u5bf9\u624b\u5e01\u5b89\uff08Binance\uff09\u4e00\u5ea6\u613f\u610f\u4f5c\u51fa\u6536\u8d2d\uff0c\u4ee5\u5316\u89e3\u5371\u673a\uff0c\u4f46\u5176\u540e\u8868\u793aFTX\u6709\u4e0d\u5f53\u5904\u7406\u5ba2\u6237\u8d44\u91d1\u7684\u95ee\u9898\uff0c\u653e\u5f03\u8ba1\u5212\u3002 FTX\u521b\u529e\u4ebaSam Bankman-Fried\u4e8e\u662f\u4e3aFTX\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\uff0c\u4f46\u4ed6\u672c\u4eba\u5219\u572812\u6708\u5728\u5df4\u54c8\u9a6c\u906d\u62d8\u6355\uff0c\u88ab\u5f15\u6e21\u56de\u7f8e\u56fd\u53d7\u5ba1\uff0c\u73b0\u6b63\u9762\u4e34\u591a\u9879\u4e0e\u6b3a\u8bc8\u76f8\u5173\u7684\u6307\u63a7\u3002\u8bc8\u9a97\u6848\u4ef6\u65e0\u65e5\u65e0\u4e4b\uff0cFTX\u548cJPEX\u4e0d\u662f\u53d1\u751f\u4e8b\u6545\u7684\u7b2c\u4e00\u5bb6\uff0c\u4ea6\u4e0d\u4f1a\u662f\u6700\u540e\u4e00\u5bb6\u3002 \u5272\u97ed\u83dc\u6709\u524d\u79d1 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3.0\uff09\u4e2d\u4e00\u4e2a\u91cd\u8981\u6982\u5ff5\uff1a\u53bb\u4e2d\u5fc3\u5316\u81ea\u6cbb\u7ec4\u7ec7\uff08Decentralized Autonomous Organization\uff1b\u7b80\u79f0DAO\uff09\u3002\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\u5f00\u53d1\u7684DAO\u8fd1\u5e74\u9887\u53d7\u6b22\u8fce\uff0c\u4f18\u70b9\u4e4b\u4e00\u662f\u6295\u8d44\u8005\u5f80\u5f80\u6709\u5171\u540c\u76ee\u6807\uff0c\u56e0\u6b64\u613f\u610f\u4e3a\u6b64\u7b79\u96c6\u8d44\u91d1\uff0c\u800c\u540c\u65f6\u4fdd\u6301\u533f\u540d\u3002 JPEX\u5411\u5ba2\u6237\u63d0\u8bae\uff0c\u53ef\u628a\u624b\u4e0a\u8d44\u4ea7\u5151\u6362\u4e3aDAO\u4ee3\u5e01\uff0c\u5e76\u58f0\u79f0\u5c06\u4e8e\u4e24\u5e74\u5185\u5411\u6295\u8d44\u8005\u8d4e\u56de\u6b64\u7b49\u4ee3\u5e01\uff0c\u4ece\u800c\u628a\u8d44\u4ea7\u5168\u6570\u5f52\u8fd8\u4e88\u7528\u6237\u3002 \u6709\u5f85\u4ea1\u7f8a\u8865\u7262 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3.0\u751f\u6001\u7cfb\u7edf\u7a33\u6b65\u53d1\u5c55\u4e4b\u4f59\uff0c\u7406\u5e94\u81f4\u529b\u4e8e\u4fdd\u969c\u5e02\u573a\u53c2\u4e0e\u8005\u548c\u6295\u8d44\u8005\u7684\u5229\u76ca\u3002\u82e5\u8981\u5835\u585e\u76ee\u524d\u6f0f\u6d1e\uff0c\u8bc1\u76d1\u4f1a\u5b9c\u51bb\u7ed3\u53d1\u724c\u5236\u5ea6\u4e2d\u4e3a\u671f\u4e00\u5e74\u7684\u4e0d\u8fdd\u53cd\u671f\uff0c\u7136\u540e\u518d\u5168\u9762\u68c0\u8ba8\u5e94\u5426\u5f00\u653e\u865a\u62df\u8d44\u4ea7\u4e88\u4e00\u822c\u6563\u6237\u53c2\u4e0e\u3002\u4ee5\u65b0\u52a0\u5761\u4e3a\u4f8b\uff0c\u5373\u4f7f\u662f\u83b7\u5f97\u8bb8\u53ef\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\uff0c\u4e5f\u7981\u6b62\u5411\u96f6\u552e\u6295\u8d44\u8005\u4f5c\u63a8\u9500\u3002\u4e3a\u5bf9\u75c7\u4e0b\u836f\uff0c\u7279\u533a\u653f\u5e9c\u4e0d\u59a8\u53c2\u7167\u675c\u62dc\u65b0\u6210\u7acb\u7684\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u5c40\uff08Virtual Assets Regulatory 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