财联社7月19日讯（编辑 潇湘）若加密平台倒闭了，钱还能不能提出来？
Would the money still be available if the Federation's July 19th message (editor) were to close down the encryption platform?
对于不少Celsius和Voyager Digital的用户而言，这或许是他们过去几周辗转反侧、日思夜想的问题。而据美国法律专家表示，这些用户们如今显然不应对收回全部资金报予太大的希望……
For a number of Celsius and Voyager Digital users, this may be a question of their thinking, day and night over the past few weeks. According to American legal experts, it is clear that these users should not now give up much hope of recovering all the funds.
两家加密货币借贷和投资平台——Celsius和Voyager Digital在本月早些时候双双申请破产，导致数以百万计的用户资产被冻结在了各自的平台中难以取出。在大量取款导致流动性问题后，这两家公司在申请破产前就已提前冻结了客户账户。
Two encrypted money lending and investment platforms – Celsius and Voyager Digital – applied for bankruptcy earlier this month, making it difficult for millions of users’ assets to be frozen in their respective platforms. After massive withdrawals caused liquidity problems, both companies blocked their customers’ accounts well before applying for bankruptcy.
Celsius的运作方式很像一家银行，吸收客户存款并将其出借，或者在所谓的去中心化金融产品上进行高风险押注，以产生高收益。Voyager Digital也有着类似的运作模式。该公司不幸被卷入备受瞩目的加密对冲基金三箭资本倒闭事件，后者在拖欠Voyager 6.6亿美元贷款的情况下宣告破产。
Celsias operates like a bank, absorbs and lends money from its clients, or makes high-risk bets on so-called decentralized financial products to generate high returns. Voyager Digital has a similar business model. Unfortunately, the company was caught up in the high-profile collapse of the capital of the three arrows of the encrypted hedge fund, which went bankrupt when it owed Voyager $660 million in loans.
风起于青萍之末。行业平台之间相互的紧密联系，使得加密货币市场很容易受到破产潮的牵连。这种一层套一层的次级贷模式与“雷曼兄弟”倒下时的情况几乎如出一辙，随着加密货币价格的暴跌，这一非常脆弱的杠杆生态存在的风险被彻底暴露，并导致诸多主要加密货币平台如多米诺骨牌般一一倒下。
This layer of subprime lending pattern is almost the same as that of the Lehman Brothers when the price of encrypted money falls, and the risk of this very fragile lever ecology is completely exposed, leading to the collapse of many major encrypted money platforms like dominoes.
而在这场币圈危机中，最惨的显然莫过于在这些加密平台中，有着存款和加密货币资产的普通投资者……
And in this currency-circumstance crisis, it is clear that the worst of all is the existence of ordinary investors with deposits and encrypted monetary assets on these encryption platforms...
加密行业缺乏投资者保护机制
Lack of investor protection mechanisms in the encryption industry
加密贷款机构看起来可能与传统金融机构类似，但实质上，却压根没有类似银行和券商固有的投资者监管和法律保护机制。
Encrypted lending institutions may appear to be similar to traditional financial institutions, but in essence there is no investor regulatory and legal protection mechanism inherent in banks and securities dealers.
例如，美国证券投资者保护公司(SIPC)在会员经纪商遇到财务困难时，会为交易者提供高达50万美元的现金和证券保险。此外，美国联邦存款保险公司(Federal Deposit Insurance Corporation)则会为银行储户提供最高25万美元的保护，以防银行倒闭风险。
For example, the US Securities Investors’ Protection Corporation (SIPC) will provide up to $500,000 in cash and securities insurance to traders in the event of financial difficulties for its members. In addition, the Federal Deposit Insurance Corporation will provide bank depositors with up to $250,000 in protection against bank failure risks.
不光光是美国，英国和欧盟的传统金融领域也有着类似的监管和法律保护机制。
Similar regulatory and legal protection mechanisms exist not only in the United States, but also in the traditional financial areas of the United Kingdom and the European Union.
然而，加密货币领域的监管和保护机制则完全是一片空白：由于没有监管加密资产的法律，如果交易所冻结某人的账户，或者更糟糕的情况发生——平台彻底崩溃，投资者就无法保证能收回他们的资金。
However, the regulatory and protective mechanisms in the area of cryptographic currency are completely blank: in the absence of a law regulating encrypted assets, investors cannot guarantee the recovery of their funds if an exchange freezes an individual's account, or worse, if the platform collapses completely.
Loeb & Loeb的合伙人Daniel Besikof表示，“目前还没有制定过这样的加密市场保护机制。如果真的发生(最终难以取款)，我不会感到惊讶，这将加大加强加密行业监管的呼声。”
Daniel Besikof, a partner of Loeb & Loeb, said, “There is no such encryption market protection mechanism at present. I wouldn't be surprised if it did happen (and ultimately it would be difficult to collect money), which would increase calls for stronger regulation of the encryption industry.”
破产平台用户可能“钱”“币”两空？
How can a user of the bankruptcy platform be "money" or "money"?
目前，还不清楚Celsius和Voyager Digital客户将面临的究竟是怎样的局面：虽然在美国以外地区此前也曾有过加密公司申请破产的例子，例如日本的比特币交易所Mt. Gox，但这样的破产事件在美国还前所未遇。
At present, it is unclear what the situation will be for Celsius and Voyager Digital clients: although there have been previous examples of encryption companies applying for bankruptcy outside the United States, such as the Bitcoin Exchange in Japan, Mt. Gox, such insolvency has not occurred in the United States.
值得一提的是，昔日全球最大的比特币交易所Mt.Gox在2014年申请倒闭，其诸多债权人迄今仍在等待偿还价值数十亿美元的加密货币。
It is worth mentioning that Mt. Gox, the world's largest Bitcoin exchange in the past, applied for closure in 2014 and that many of its creditors are still waiting to repay their billions of dollars worth of encrypted currency.
Kobre & Kim律师事务所的律师Daniel Saval表示，集中式加密平台的问题在于，它们可以将不同客户的资金混合在一起，进行高风险押注。这种运作方式可能导致法院在裁决时认定，这些资产是交易所的财产，而不是用户的财产。
Daniel Saval, a lawyer at Kobre & Kim's law firm, states that the problem with centralized encryption platforms is that they can mix funds from different clients for high-risk bets. This way of operating may lead the court to conclude, at the time of its decision, that the assets are the property of the exchange and not the property of the users.
Saval表示，“用户可能会惊讶地发现，在平台破产的情况下，他们账户中的加密货币和资金可能不再被视为自己的。平台通常会将不同客户的加密货币和资金集中在同一个存储钱包或账户中。”
Saval states that “users may be surprised to find that, in the event of the platform’s bankruptcy, the encrypted currency and funds in their accounts may no longer be considered their own. The platform usually concentrates the encrypted money and funds of different customers in the same wallet or account.”
Celsius的用户条款规定，在该公司破产的情况下，存放于该公司的任何资金“都可能无法收回”。该公司上周申请破产保护，披露的资产负债表上存在大约12亿美元的缺口，亏欠用户约47亿美元。Celsius声称手头有1.67亿美元现金，但其迄今仍然不允许客户提取资金，也没有明确表示何时将重新开放提取服务。
Celsius' terms of reference state that, in the event of the company's bankruptcy, any funds held in the company “cannot be recovered.” The company applied for bankruptcy protection last week, revealing a balance sheet gap of about $1.2 billion and owed approximately $4.7 billion to users. Celsius claims that it has $167 million in cash on hand, but it has so far not allowed its clients to withdraw the funds and has not made it clear when the withdrawal services will be reopened.
Voyager公司表示，其客户的美元存放在纽约大都会商业银行的FDIC保险账户中。然而，这一说法遭到了法律专家和银行本身的质疑。大都会商业银行表示，FDIC只在银行破产的情况下提供资金保护，而不适用于加密交易所。
Voyager stated that the United States dollar of its client was held in the FDIC insurance account of the New York Metropolitan Commercial Bank. However, this claim was questioned by legal experts and the bank itself. The Commercial Bank of Metropolis stated that FDIC provided financial protection only in the event of the bank’s bankruptcy and not in the case of an encrypted exchange.
Voyager目前制定了一项计划，用他们的账户、Voyager股票和公司自身发行的代币，以及从三箭资本收回的加密货币。
Voyager is currently developing a plan to use their accounts, Voyager shares and money issued by the company itself, as well as encrypted currency recovered from three arrow capital.
Celsius和Voyager都聘请了著名的律师事务所Kirkland & Ellis为他们出庭辩护。
Both Celsius and Voyager retained a well-known law firm, Kirkland & Ellis, to defend them in court.
Besikof表示，“通过Voyager Digital和Celsius持有加密资产的投资者目前处境艰难，他们的账户被冻结，诉讼被搁置，能够收回的资产价值和时间均不得而知。在这些问题得到解决之前，他们在破产法庭还有很多工作要做。”
According to Besikof, “investors holding encrypted assets through Voyager Digital and Celsius are in a difficult situation, their accounts are frozen, proceedings are held in abeyance, and the value and time of assets that can be recovered are unknown. Until these issues are resolved, they have much work to do in the bankruptcy court.”
许多用户提心吊胆夜不能寐
A lot of users can't keep their heads off at night.
Celsius和Voyager目前都正根据《美国破产法》第11章在纽约南区破产法院申请破产保护，这是一种允许公司重组债务的破产保护形式，进入第十一章破产保护程序的公司业务可以照常进行。
Celsius and Voyager are now applying for insolvency protection in the Bankruptcy Court of the Southern District of New York under Chapter 11 of the United States Bankruptcy Code, which is a form of insolvency protection that allows companies to restructure their debts, and the business of a company subject to Chapter XI insolvency protection proceedings can continue as usual.
法律专家表示，Celsius和Voyager的用户极有可能被视为“无担保债权人”，这一分类将他们与企业的供应商和承包商归为一类。
Legal experts indicated that the users of Celsius and Voyager were highly likely to be considered as “unsecured creditors”, a classification that classifies them as suppliers and contractors of the business.
这意味着，他们很可能处于排队等待法院诉讼赔付的债权人长龙的最后——排在银行、企业雇员和税务机关之后。
This means that they are likely to be at the end of the line of creditors waiting for court action to be paid — after banks, business employees and tax authorities.
在5月份的一份监管文件中，美国最大的加密货币交易平台Coinbase就表示，在破产的情况下，其用户将被视为 "一般无担保债权人"。这意味着如果Coinbase陷入破产时，Coinbase的客户将无法恢复他们的加密货币或取回等值的现金。
In a May regulatory document, Coinbase, the largest encrypted currency trading platform in the United States, stated that, in the event of insolvency, its users would be considered "general unsecured creditors". This means that if Coinbase went bankrupt, Coinbase’s customers would not be able to restore their encrypted currency or recover their equivalent cash.
咨询公司Berkeley Research Group董事总经理Dustin Palmer表示，“一般来说，加密货币交易所的大多数客户都是无担保债权人，所以当交易所崩溃时，有担保债权人会首先得到偿还，同时还需优先支付法律费用。客户将在最后按比例获得赔付。而在一个典型的破产案例中，最终能得到的只是杯水车薪。”
Dustin Palmer, Managing Director of the consulting firm Berkeley Research Group, stated that “in general, most of the customers of the encrypted money exchange are unsecured creditors, so that when the exchange collapses, the secured creditor will be paid first, with priority given to legal costs. The customer will receive the final proportionate payment. In a typical bankruptcy case, only a glass of water would eventually be available.”
此外，在时间方面，Palmer指出，“客户可能要等到整个破产程序完成后才能获得补偿，而破产程度通常会持续数年——雷曼的经历就是代表。此外，Mt. Gox的一些客户至今仍未获得任何偿付。”
Moreover, in terms of time, Palmer noted that “the client may not be compensated until the completion of the entire insolvency proceedings, and the degree of insolvency usually lasts for several years — as represented by Lehman's experience. In addition, some of Mt. Gox's clients have so far not received any payment”.
目前，一些账户被冻结的加密货币投资者已经持续提心吊胆、夜不能寐。
At present, some of the frozen account-based encrypted money investors are already on the verge of being in a state of constant fear.
现年34岁的Alla Driksne表示，自己有价值六位数的比特币和以太坊被锁在Celsius的账户中，这是她一生的积蓄。在6月Celsius最初暂停账户提款操作后，她就曾连续多日睡不着觉。Driksne指出，“既然它是一家如此大的公司，有如此多的人信任它，我内心深处还抱着不失去一切的可能性，尽管希望渺茫。”
A 34-year-old Ala Driksne said that she had six-digit bitcoin and Etheria locked in Celsius' account, which was her life savings. After the initial suspension of Celsius' account withdrawal in June, she couldn't sleep for many days. Driksne pointed out that, “since it was such a big company that so many people trusted it, deep down I still had the possibility of not losing everything, albeit with little hope.”
家住迈阿密的32岁加密货币网红Jake Greenbaum，在Celsius账户中也有不少Solana代币，平台宣布冻结提现时价值超过10.7万美元。Greenbaum目前已认为自己拿不回钱了，并把这笔钱记在了成本开支中。最近他开始出售自己的手表，不过仍计划用这些钱购买更多的加密货币。
Jake Greenbaum, a 32-year-old crypto-red currency resident in Miami, also had a lot of Solana in his Celsius account, and the platform announced that it would freeze cash withdrawals with a value of more than $107,000. Greenbaum now thinks he can't get his money back and has it on his expense. He recently started selling his watch, but he still plans to use it to buy more encrypted money.
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