“棒打”VC 加密领域成为KOL的致富宝典
此类回报不仅限于KOL。Coinbase公司和麦格米公司等行业巨头也在考虑类似伙伴关系。前述拒绝透露公司具体筹资国Rhodium表示，KOL轮融资与风险投资者融资可能存在类似之处。
KOL轮的未来
对于KOL轮，尚无证据表明美国证券交易委员会已加大对该领域的调查力度。在一份电子邮件中，该委员会对此问题表示拒绝置评，对于美国证券法律而言，KOL轮融资是否构成证券交易问题仍存在争议。
律师则认为，KOL轮在近期不会受到太多的指责或干预，因为监管机构当前的重点似乎并不在此处。然而，该领域的法律未来存在不确定性，与加密市场的交易所和代币造成的压力不无关系，这可能导致监管机构加大力度。
然而，与此同时，包括一些风险投资人在内的行业人士则认为，利用KOL进行项目推广是有效的营销手段。
购买代币与股权融资的不同
购买代币一般不会为投资者提供与股权融资相同的保护，但它确实具有一个显而易见的优势：投资者可以在短短几个月内出售代币，而股权投资者通常需要在首次公开募股等流动性事件发生之前被束缚数年。
此外，KOL在加密货币市场中扮演的角色也非常独特。多年来，明星、运动员以及自称专家的知名人士在网上不断推广项目，为加密货币孵化出一个山寨币产业。在2017年的首次代币发行热潮中，拥有大量粉丝的推特用户可能有机会获得丰厚收益，通过提前以折扣获得热门代币，待币价上涨后出售获利。
"赚大钱"的诱惑
值得注意的是，要成为KOL投资者，并不一定需要拥有极多追随者。
加密货币平台Eclipse Fi的联合创始人西蒙-查德威克（Simon Chadwick）表示："几乎任何人，只要有一定影响力或社区支持，都可以成为KOL。例如，拥有5000名Twitter用户并撰写研究报告的人就可能成为KOL。"他所指的社交媒体平台现在被称为X。
Eclipse Fi的主要业务是协助项目在Cosmos区块链上发行代币。查德威克提到，为了让发币更为便利，公司建立了一个由400多名KOL投资者组成的网络，初创企业可利用该网络。“快速回报的潜力极大，以至于部分KOL试图使用虚假社交媒体账户设立多个账号，以此在同一轮融资中多次投资。”
查德威克强调，参与此类交易的KOL可享受20%至50%的折扣，以及较短的解锁期，简言之，他们能比其他投资者更早出售代币。
KOL的轮次确实为密货币市场带来了利益。“一些KOL投资了数百轮，赚取了丰厚利润。”他说。
美国证券交易委员会作为监管方一直在打击加密货币项目的KOL营销。2022年10月，金-卡戴珊（Kim Kardashian）同意支付130万美元以了结监管机构对其的指控，指控称她在推广数字代币时未披露受雇关系，违反了美国法规，尽管她并未就这些指控发表评论。四年前，美国证券交易委员会因同样的原因对弗洛伊德-梅威瑟（Floyd Mayweather）处以罚款。
加密风险投资基金Electric Capital的首席合规官警告：谨慎KOL轮融资
An incentive problem is the liquidity of digital assets. A lawyer who knows this kind of transaction said that round financing generally has a short lock-up period, which is usually much shorter than that of traditional venture capitalists. For start-ups, liquidity is priceless. For CEOs or chief financial officers, priority valuation is to share project interests with well-known industries on the basis of relatively low valuation financing. Such returns are not limited to companies and industry giants such as McGonagall, and similar partners are also being considered. The above-mentioned refusal to disclose the specific financing country of the company indicates that there may be similarities between round financing and venture capital financing. There is no evidence that the US Securities and Exchange Commission has stepped up its investigation in this field. In an e-mail, the Commission declined to comment on this issue. For US securities laws, whether round financing constitutes securities trading is still controversial. Lawyers believe that round financing will not be criticized or interfered too much in the near future because of the current emphasis of regulatory agencies. The point does not seem to be here. However, the uncertainty in the future of the law in this field is not unrelated to the pressure caused by the exchanges and tokens in the encryption market, which may lead the regulatory agencies to intensify their efforts. However, at the same time, people in the industry, including some venture capitalists, believe that it is an effective marketing means to promote the project by encrypting the roles in the money market. Buying tokens is different from buying tokens in equity financing, which generally does not provide investors with the same protection as equity financing, but it does. An obvious advantage investor can sell tokens in just a few months, while equity investors usually need to be bound for several years before liquidity events such as initial public offering occur. In addition, the role played in the cryptocurrency market is also very unique. Over the years, star athletes and celebrities who claim to be experts have been promoting projects on the Internet to incubate a counterfeit currency industry. Twitter users who have a large number of fans in the first token issue boom in may have a chance to get rich. The temptation to make a lot of money by getting popular tokens at a discount in advance and selling them after the price of coins rises is worth noting. It is not necessary to have a lot of followers to become an investor. Simon chadwick, co-founder of cryptocurrency platform, said that almost anyone who has a certain influence or community support can become, for example, a person who owns a user and writes a research report, and may become what he refers to as a social media platform. Now the main business is to assist projects in the blockchain. Issuing tokens chadwick mentioned that in order to make it easier to issue coins, the company has set up a network composed of several investors, and the potential for quick return of start-ups by using this network is so great that some of them try to set up multiple accounts by using fake social media accounts to make multiple investments in the same round of financing. chadwick emphasized the discounts available for participating in such transactions and the shorter unlocking period. In short, the rounds in which they can sell tokens earlier than other investors really brought to the secret money market. He said that the US Securities and Exchange Commission, as the regulator, has been cracking down on the marketing of cryptocurrency projects. Kim Kardashian agreed to pay $10,000 to settle the allegations made by the regulator that she did not disclose the employment relationship when promoting digital tokens, which violated US regulations, although she did not comment on these allegations. Four years ago, the US Securities and Exchange Commission imposed a fine on Floyd Mayweather for the same reason. The chief compliance officer of the image encryption venture capital fund warned to be cautious about the round of financing. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台
加密风险投资基金Electric Capital的总法律顾问兼首席合规官艾米丽-梅耶斯（Emily Meyers）表示，鉴于美SEC对卡戴珊的起诉，以及去年的类似案件，她会提醒项目不要进行KOL轮融资。在去年的一起案件中，美国证券交易委员会指控包括林赛-罗韩（Lindsay Lohan）在内的八位名人未披露代币推广而获得报酬。
包括罗韩在内的六位被指控的名人在没有承认或否认美SEC指控的情况下达成了和解。
目前，美SEC没有回应彭博社就KOL轮发表评论的请求。
拉升与抛售？
不管监管方面的影响如何，KOL 轮在加密货币领域无疑备受争议。
一位以化名为CL在 X 上发帖的加密KOL是早期投资团体 eGirl Capital 的成员，她承认，最近她持续收到加密货币项目的推销，希望其以KOL的身份进行投资。CL的总部不在美国，由于这个话题的敏感性，她要求匿名，由于潜在的声誉风险，她们已经避开了这类交易。
在X上拥有近20万粉丝的CL表示，KOL 交易激增是“低市值代币吸筹拉升抛售的延伸，但具有更大的规模”。
Eclipse Fi的查德威克说，在有大型风投支持的大型交易中，KOL通常愿意接受更长的锁定期。但对此，他们会在交易中要求更高的折扣率。
加密货币KOL的投资方式备受关注
2023年4月17日
据最新报道，关于加密货币领域KOL（关键意见领袖）的投资细节备受关注。由于有关KOL的投资细节往往难以透明，风险投资数据的统计并没有单独列出有关KOL轮融资的报告，这一现象也引发了业内人士的担忧。
Dealroom 公司战略主管奥拉-布朗（Orla Browne）表示，KOL交易形式多样，有些交易是通过书面合同概述KOL在推广方面应做的工作，而另一些交易则是通过Telegram完成的。而且，这些交易往往包含对项目的各种投资形式，例如代币、股权和数字货币认股权证的结合。
风险与披露规范
据彭博社透露，一份KOL融资的书面合同规定，以折扣价投资的KOL必须通过播客和 TikTok视频等形式推广项目，并且在宣传项目时必须披露他们与项目的关联关系。然而，据悉很多项目并不会严格执行这一规定。
Breed VC 创始人杰德-布雷德（Jed Breed）指出，大型加密货币项目通常不会对KOL提出明确要求，而是在KOL社区中建立起所谓的“秘密网络”。然而，一些初创公司也对KOL的投资条件非常严格，要求他们进行项目推广并披露投资关系。
不安情绪与公开抨击
业内人士表示，KOL的不安情绪已经开始蔓延，拥有众多粉丝的推特用户“链上侦探”ZachXBT更是开始公开抨击与揭露KOL交易。而美国的KOL更是对SEC审查更为谨慎，通常会选择披露自己与项目方的关系。
OxJeff表示，当前很多KOL轮融资并不顺利，整个社区的不安情绪都在加剧。由于这一情况，KOL们纷纷感到恐慌，市场环境也变得更加紧张，引发了业内对KOL投资的关注和讨论。
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