有机制的漏洞才会出现套利机会，套利本身就是黑森林法则，经常出现螳螂捕蝉黄雀在后，你们先套利爆仓的让后套利的赚了大量的溢价。现在是2025年了，高收益套利一定存在很大风险。bybit合约没有限价才会出现这样400%溢价的情况，你说搞个限价就不会出现了？你知道2020年的okex的fil期货吗，操纵者操纵gate的价格触发ok限价，让你无法止损，只能眼睁睁看着被爆。还有23年的star也是，也是限价不能止损。然后就一堆人哎呀妈的怪okx什么破限价机制，不让止损。所以，什么样的机制都可能操纵，不完美的机制才有大量的机会，总不能平台机制出现漏洞，自己套利赚钱就是自己牛逼，自己套利被爆就找平台维权。同样的，操纵者也不是神，他们也会亏钱，如果100%稳赚，那大资金都去操纵了。既然知道有人操纵，如果觉得自己笨可以不跟他们玩，如果觉得自己聪明。可以跟操纵者同向操作，搭个顺风车喝汤啊。🤡0x0🤡 (@0x0_zero):读后认为这是一篇值得套利圈子所有人阅读的文章很好的解析是近期 @Bybit_Official 发生的 $SERAPH $RFC $GROK 等代币的恶性爆仓事件，导致了客户过千万美元的资金在一夜之间消失殆尽 h ...

Core Viewpoint - The recent exposure of details regarding the "30 billion quantitative private equity fund run" incident reveals the manipulation of the securities market by the involved parties, leading to significant legal consequences for the perpetrators [1][3][5]. Group 1: Incident Overview - The involved parties, including the actual controllers Mao and Yao of Panjing Investment, utilized FOF funds and private equity funds to manipulate the stock market, specifically targeting a stock code-named "Penguin" [1][3]. - From November 2017 to July 2019, the perpetrators controlled 55 accounts to trade the "Penguin" stock, eventually becoming one of its major shareholders by September 2020 [3][4]. Group 2: Legal Proceedings - The Shanghai First Intermediate Court sentenced Mao, Yao, and another accomplice to prison terms ranging from three years and six months to seven years for manipulating the securities market, along with fines between 1.5 million to 2.5 million yuan [5][6]. - Despite their refusal to confess, the Supreme People's Procuratorate utilized advanced AI tools to analyze the structure and operations of the involved funds, leading to a thorough investigation and eventual convictions [5][6]. Group 3: Industry Implications - The case has highlighted a black and gray industrial chain involving illegal financing practices through FOF and private equity funds, indicating a need for stricter regulatory oversight in the private equity sector [6][7]. - Regulatory bodies have intensified their scrutiny of private equity fund operations, aiming to eliminate illegal practices and promote healthy development within the industry [7][8].

在有关法律程序中，香港证监会根据《证券及期货条例》第213条寻求法庭作出多项命令，包括使该涉 嫌操纵市场案件中受影响的对手方回复他们订立交易前的状况的命令以及制止处置14名被告人的资产 （以合共8240万港元为限）的命令。 上述行动是香港证监会针对鼎益丰控股集团国际有限公司（现改名为嘉文世纪投资公司，股票代码为 00612）前主席兼非执行董事、28名其他嫌疑人及一家公司实体而展开的法律程序的一部分。原因是他 们在2018年10月31日至2019年3月11日期间涉嫌操纵环球智能控股有限公司的股份。 智通财经APP获悉，9月12日，香港证监会发布，已向原讼法庭申请资产冻结令，有关资产拟用作向一 宗涉嫌操纵市场案件中受影响的投资者作出赔偿。该申请于9月12日进行首次聆讯。法庭作出了将证据 送交存档的指示，并将聆讯押后至2025年10月24日。 ...

香港证监会寻求法庭作出多项命令，包括使该涉嫌操纵市场案件中受影响的对手方回复他们订立交易前 的状况的命令，以及制止处置14名被告人的资产(以合共8240万元为限)的命令。 该申请今天(9月12日)进行首次聆讯。法庭作出了将证据送交存档的指示，并将聆讯押后至2025年10月 24日。 人民财讯9月12日电，香港证监会已向原讼法庭申请资产冻结令，有关资产拟用作向一宗涉嫌操纵市场 案件中受影响的投资者作出赔偿。上述行动是香港证监会针对鼎益丰控股集团国际有限公司前主席兼非 执行董事、28名其他嫌疑人及一家公司实体而展开的法律程序的一部分。原因是他们在2018年10月31日 至2019年3月11日期间涉嫌操纵环球智能控股有限公司(简称"智能股份")的股份。 ...

Regulatory Environment - The regulatory authorities have maintained a high-pressure stance against market manipulation and insider trading, with 178 insider trading cases and 71 market manipulation cases reported in 2024, accounting for 24% and 10% of total cases respectively [1] - As of July 17, 2024, there have been 16 administrative measures and 38 administrative penalties against market manipulation and insider trading by regulatory bodies [1] Policy Emphasis - The recent "Opinions on Strengthening Judicial Work in the New Era" emphasizes the need for strict punishment of financial crimes, including market manipulation and insider trading, to promote healthy financial market development [1] - The focus on judicial work indicates a commitment to effective measures against financial crimes, enhancing deterrence against illegal activities in the financial sector [1] Characteristics of Violations - Insider trading cases show a diversification of subjects involved, including executives, relatives of actual controllers, and professionals, with many cases involving both insider trading and information disclosure violations [2] - The recognition of "abnormal trading behavior" is clear, with penalties extending beyond the traders to those who leak information or suggest trades [2] - The regulatory focus has shifted towards internal control deficiencies within listed companies, highlighting issues such as unregistered insiders and lack of documentation [2] Market Manipulation Techniques - Market manipulation cases exhibit a trend towards technical and organized methods, with common tactics including continuous trading to inflate stock prices and false declarations [3] - The complexity of account control methods has increased, with some perpetrators using multiple accounts to evade detection [3] Regulatory Measures - Regulatory bodies have intensified oversight, requiring companies to disclose corrections and initiating investigations into abnormal trading activities [4] - Despite increased regulatory efforts, challenges remain due to high profit incentives, strong concealment tactics, and difficulties in cross-border regulation [4] Collaborative Governance - A comprehensive approach involving administrative penalties, criminal accountability, and civil claims is necessary to combat securities violations effectively [5] - Recent judicial cases have provided avenues for protecting small investors, with significant penalties imposed on violators, reinforcing the economic consequences of disrupting market order [5]

Core Viewpoint - The regulatory authority has taken a strong stance against market manipulation, exemplified by the recent penalty of nearly 77 million yuan imposed on a well-known investor, Tu Wenbin, for manipulating stock prices through illegal means [1][2]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has consistently maintained a high-pressure regulatory environment, targeting fraudulent activities such as market manipulation, which are seen as detrimental to the interests of small investors [2][3]. - The penalties for market manipulation have increased in severity, with previous cases resulting in fines of approximately 335 million yuan and 470 million yuan for other violators [1][3]. Market Manipulation Techniques - Market manipulators often employ straightforward tactics, including continuous trading, price manipulation, and false trading activities, to disrupt normal trading order and artificially influence stock prices [2][3]. - The use of large capital by certain investors, referred to as "bulls," provides them with an advantage, but this does not grant them immunity from legal repercussions [2]. Regulatory Tools and Technology - The regulatory body has enhanced its enforcement capabilities through the use of advanced technologies such as big data and cloud computing, which improve the ability to detect and address violations in the capital market [3]. - The focus is not only on individual investors but also extends to major shareholders, institutional investors, and quantitative funds, indicating a broad approach to regulatory enforcement [3]. Market Stability - The actions taken against market manipulation are aimed at preserving the integrity of the capital market and protecting investor rights, thereby contributing to overall market stability [2][3].

Core Viewpoint - Tu Wenbin, a prominent figure in the A-share market, has been penalized by the China Securities Regulatory Commission (CSRC) for stock manipulation, with total fines and confiscated illegal gains amounting to nearly 77 million yuan [1][2]. Summary by Relevant Sections Regulatory Actions - The CSRC has issued an administrative penalty decision against Tu Wenbin for manipulating stock prices through various illegal methods, including continuous trading, price manipulation, and false trading activities, resulting in illegal gains of 36.273 million yuan [4]. - The penalties include the confiscation of illegal gains totaling 34.856 million yuan and an equal amount in fines for actions with illegal gains exceeding 300,000 yuan, along with additional fines for lesser violations [4]. Background on Tu Wenbin - Tu Wenbin and his wife, Shi Yuqing, are recognized as influential retail investors in Ningbo, having gained notoriety for their significant shareholding activities in Baoxin Technology [5]. - The couple has a history of increasing their stake in Baoxin Technology, with their holdings reaching approximately 277.1 million shares, accounting for 5.0015% of the company's total shares, with a total investment of around 200 million yuan [5]. Market Context - The CSRC has intensified its enforcement actions against market manipulation, with an increase in the number of penalties and the severity of fines this year [9]. - In 2024, the CSRC has handled 739 cases of securities and futures violations, with 592 penalties issued, including 71 cases of market manipulation, reflecting a proactive approach to enhance regulatory oversight [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a total fine of 106 million yuan on Jin Suichun for manipulating stock prices through various illegal trading practices, including using multiple accounts he controlled and engaging in continuous trading [1][3][4]. Group 1: Penalties and Violations - Jin Suichun's illegal gains amounted to 53.02 million yuan, leading to a total penalty of 106 million yuan, which includes the confiscation of illegal earnings and an equal fine [3][4]. - The CSRC has banned Jin Suichun from the securities market for five years due to the severity of his market manipulation actions, which violated multiple provisions of the Securities Law [3][4]. Group 2: Regulatory Environment - The CSRC has been increasingly stringent in enforcing regulations, having issued several significant penalties for market manipulation this year, including cases where individuals profited over 1 billion yuan [5]. - In 2024, the CSRC handled 739 securities and futures law violation cases, with 592 penalties issued, highlighting a focus on insider trading and market manipulation [5].

Group 1 - The core viewpoint emphasizes the importance of protecting the legal rights of small and medium investors as a foundation for the sustainable and healthy development of the capital market [1] - The current legal framework for protecting small and medium investors is expected to become more robust and effective [1] Group 2 - Small and medium investors are at a disadvantage in terms of investment experience, information access, and analytical skills, making them vulnerable to violations such as false statements, insider trading, and market manipulation [2] - From March 2021 to March 2025, the Beijing Financial Court accepted 9,101 cases of securities fraud liability disputes, with 9,077 cases (99.7%) related to securities false statement liability [2] Group 3 - The legal system for false statement civil lawsuits is more developed, leading to a higher number of lawsuits related to false statements compared to other violations [3] - Investors can also seek compensation for losses caused by insider trading and market manipulation under the Securities Law [3] Group 4 - The Supreme People's Court's new regulations have removed the pre-litigation procedures for false statement civil lawsuits, allowing investors to file lawsuits without waiting for administrative or criminal penalties [4] - The main challenge in these cases lies in the burden of proof, particularly in establishing causation and loss [4] Group 5 - The introduction of the new regulations is expected to ease the burden of proof for investors, but it will take time for the system to fully implement these changes [5] - Future improvements in the litigation process and better communication between lawyers, courts, and regulatory bodies are anticipated [5] Group 6 - The new Securities Law has established mechanisms for representative lawsuits and special representative lawsuits to address collective disputes among investors [6] - The Beijing Financial Court is exploring an innovative "dual-track dual-platform" mechanism for resolving collective disputes, combining representative lawsuits with demonstration judgment mechanisms [6] Group 7 - Both representative lawsuits and demonstration judgments can enhance trial efficiency and reduce the cost of rights protection for investors [7] - The Supreme Court and the Securities Regulatory Commission have established a diversified dispute resolution mechanism to provide alternatives to litigation for investors [7] Group 8 - In false statement liability disputes, accurately identifying the responsible parties is crucial for protecting investors' rights and increasing the cost of violations [8] - The determination of civil liability among various defendants, including issuers and intermediaries, is a key focus in these cases [8] Group 9 - Recent judicial practices have introduced proportional joint liability to determine the responsibility of intermediary institutions in false statement cases [9] - This approach considers the subjective fault of the intermediary and the causal relationship between their negligence and the resulting damages [9] Group 10 - There is often a discrepancy between the amount compensated and the actual losses incurred by investors, which can be confusing [10] - The court determines compensation based on the actual losses incurred due to false statements, which may not cover all losses experienced by the investor [10] Group 11 - The legal basis for claims related to securities false statements is tort liability, which requires precise determination of damages and causation [11] Group 12 - The increase in civil compensation cases related to market manipulation and insider trading highlights the need for judicial interpretations in these areas [12] - The current Securities Law includes provisions for civil liability related to insider trading and market manipulation, but remains somewhat general [12] Group 13 - There is ongoing academic debate regarding the necessity of judicial interpretations for civil compensation related to insider trading and market manipulation [13] - Establishing a clear framework for civil liability in these cases is essential for ensuring investor compensation [13]

Group 1 - The core issue revolves around a fraudulent scheme known as "killing the pig," where a live-streaming host named Yin Hui misleads investors by claiming to have insider information and promising profits through stock recommendations [1][3] - Yin Hui's live-streaming sessions exhibit all characteristics of this scam, including establishing a professional image, creating a sense of urgency to follow his advice, and ultimately leading investors to buy stocks before he sells at a profit, leaving them with significant losses [1][3] - The "Yunqi Club" is identified as a non-registered investment entity operated by individuals or small teams, which often evade legal scrutiny and can quickly disappear when issues arise, making it difficult for victims to seek redress [3] Group 2 - Victims have reported that Yin Hui frequently promoted a specific stock, claiming it was about to "explode," and showcased his account's profits during the live streams, which raises concerns about market manipulation and potential illegal stock recommendations [3] - Some investors who followed Yin Hui's advice experienced rapid declines in stock prices, resulting in substantial financial losses, highlighting the risks associated with unverified investment advice [3] - There are calls for regulatory bodies to intervene and investigate Yin Hui and the operators behind this scheme, as well as for live-streaming platforms to enhance content review mechanisms to prevent financial misconduct [3]