Meme Coin 工厂：揭示 pump.fun 上的大规模操纵行为
Meme Coin Factories: Uncovering Large-Scale Manipulations on pump.fun
- École Polytechnique Fédérale de Lausanne（洛桑联邦理工学院）
- ETH Zürich（苏黎世联邦理工学院）
- Carnegie Mellon University（卡内基梅隆大学）
机构由 AI 辅助整理，请以论文原文为准。
AI总结：
本研究大规模分析 pump.fun 上 1500 万个代币，识别五类操纵策略并揭示市场操纵即服务，为交易者、平台和监管机构提出缓解建议。
AI中文摘要：
曾经，创建和部署一种新的加密货币需要复杂的过程，如今已变得轻而易举。代币发行平台现在允许用户仅需几次点击、以极低的成本就能生成一种新代币。随着“meme coin”的兴起，发行平台的受欢迎程度也随之增长，这些代币通常不具备任何新颖的技术特性，纯粹是为了娱乐而创建。最著名的代币发行平台 this http URL 已获得显著关注，每日交易量超过 1 亿美元。然而，代币发行平台的大规模普及也使得策略性行为者能够轻易操纵交易信号，而缺乏经验的交易者对此毫不知情，他们购买某些代币，从而使这些策略性行为者能够从快速且不可持续的价格上涨（“拉盘”）中获利。为了大规模识别此类操纵行为，我们对 this http URL 进行了一项大规模研究，收集了过去两年内推出的所有 1500 万个代币的信息，并对大量随机交易数据样本进行了分析。我们识别出五类操纵策略：1）洗售交易，2）创建者地址混淆，3）协同抛售，4）山寨代币，以及 5）社交媒体操纵。我们发现，策略性行为者常常绕过平台界面，通过直接与区块链交互，以高度自动化和低延迟的方式实施这些策略。我们进一步揭示了“市场操纵即服务（MMaaS）”的存在，即第三方工具使用户无需任何技术专长即可执行这些操纵行为。最后，我们设计了缓解措施，并为交易者、this http URL、钱包或链上扫描器、软件开发平台以及监管机构提出了建议。
英文摘要：
Once complex, creating and deploying a new cryptocurrency has become trivial. Coin launchpads now allow users to generate a new coin with merely a few clicks, at a minimal cost. Launchpad popularity has grown in tandem with the rise of "meme coins," which usually do not offer any novel technological properties and are purely created for fun. The most prominent coin launchpad, pump.fun, has gained significant traction, grossing over 100 million USD in daily trading volume. The mass adoption of coin launchpads, however, also enables strategic actors to easily manipulate trading signals, unbeknownst to inexperienced traders who then buy certain coins, and enable these strategic actors to profit from rapid and unsustainable price increases ("pumps"). To identify such manipulations at scale, we conduct a large-scale study of pump.fun, collecting information on all 15 million coins launched in the last two years, and performing analysis on large, random samples of transaction data. We identify five classes of manipulation strategies: 1) wash trading, 2) creator address obfuscation, 3) coordinated sell, 4) copycat coins, and 5) social media manipulation. We find that strategic actors often bypass the platform interface and implement these strategies in a highly automated and low-latency fashion, by interacting directly with the blockchain. We further uncover the existence of "Market-Manipulation-as-a-service (MMaaS)," third-party tools that enable users to perform these manipulations without any technical expertise. We conclude by devising mitigations and proposing recommendations for traders, pump.fun, wallets or chain scanners, software development platforms, and regulators.
