论文标题
FTX崩溃：庞氏骗局的故事
FTX Collapse: A Ponzi Story
论文作者
论文摘要
FTX曾经是加密货币市场中第三大集中式交易所（CEX），在失败之前管理着超过$ 10B的每日交易量。但是，如此巨大的巨人未能避免躁狂，恐慌和崩溃的命运。在这项工作中，我们通过将其作为庞氏骗局的故事来重新审视FTX的崩溃。关于为什么FTX无法维持这个庞氏骗游戏，我们提取并演示了FTX崩溃的三个促进者，即，\ textit {ftt}，\ textit {loverage}和\ textit {driversion}。触发恐慌时，每个因素的不巧妙性可以迭代地放大损害的影响。 FTX植根于不稳定的地面，最终遭受了破产，并在2022年11月迅速坠毁。FTX的危机不是一个孤立的事件。因此，这导致整个加密货币市场中的一系列关联公司崩溃。回想一下这种痛苦的经历，我们讨论了CEFI和DEFI服务的前进道路。
FTX used to be the third-largest centralised exchange (CEX) in crypto markets, managing over \$10B in daily trading volume before its downfall. Such a giant, however, failed to avoid the fate of mania, panic, and crash. In this work, we revisit the FTX's crash by telling it as a Ponzi story. In regards to why FTX could not sustain this Ponzi game, we extract and demonstrate the three facilitators of the FTX collapse, namely, \textit{FTT}, \textit{leverage}, and \textit{diversion}. The unfunctionality in each factor can iteratively magnify the impact of damages when the panic is triggered. Rooted in the unstable ground, FTX eventually suffered insolvency and rapidly crashed in Nov. 2022. The crisis of FTX is not an isolated event; it consequently results in the collapse of a chain of associated companies in the entire crypto market. Recall this painful experience, we discuss possible paths for a way forward for both CeFi and DeFi services.
