{"id":1308,"date":"2026-08-31T21:38:59","date_gmt":"2026-08-31T18:38:59","guid":{"rendered":"https:\/\/www.dztecs.com\/blockchain\/why-collateral-reuse-is-the-hidden-risk-in-crypto-lending\/"},"modified":"2026-08-31T23:41:03","modified_gmt":"2026-08-31T20:41:03","slug":"why-collateral-reuse-is-the-hidden-risk-in-crypto-lending","status":"publish","type":"post","link":"https:\/\/www.dztecs.com\/blockchain\/why-collateral-reuse-is-the-hidden-risk-in-crypto-lending\/","title":{"rendered":"\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a: \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u062e\u0641\u064a \u0641\u064a \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0645\u0634\u0641\u0631","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<div class=\"vfocused-takeaways-box\">\n<h4 class=\"vfocused-takeaways-title\"><span class=\"vfocused-takeaways-icon\" aria-hidden=\"true\">\ud83d\udca1<\/span> \u0623\u0647\u0645 \u0645\u0627 \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0645\u0639\u0631\u0641\u062a\u0647<\/h4>\n<ul class=\"vfocused-takeaways-list\">\n<li>\u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0642\u062a\u0631\u0636\u064a\u0646 \u0641\u064a \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0645\u0634\u0641\u0631 \u0625\u0639\u0637\u0627\u0621 \u0627\u0644\u0623\u0648\u0644\u0648\u064a\u0629 \u0644\u0641\u0647\u0645 \u0645\u0635\u064a\u0631 \u0636\u0645\u0627\u0646\u0627\u062a\u0647\u0645 \u0648\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0633\u062a\u064f\u0639\u0627\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u064f\u0642\u0631\u0636\u060c \u0642\u0628\u0644 \u0645\u0642\u0627\u0631\u0646\u0629 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0623\u0648 \u0634\u0631\u0648\u0637 \u0627\u0644\u0642\u0631\u0648\u0636.<\/li>\n<li>\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u062a\u062d\u0648\u0651\u0644 \u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0642\u0631\u0636 \u0627\u0644\u0628\u0633\u064a\u0637\u0629 \u0625\u0644\u0649 \u0633\u0644\u0633\u0644\u0629 \u0645\u0639\u0642\u062f\u0629 \u0645\u0646 \u0627\u0644\u062a\u0628\u0639\u064a\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0639\u0631\u0636 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0644\u0645\u062e\u0627\u0637\u0631 \u0623\u0637\u0631\u0627\u0641 \u0645\u0642\u0627\u0628\u0644\u0629 \u062e\u0641\u064a\u0629 \u0648\u0645\u0634\u0627\u0643\u0644 \u0633\u064a\u0648\u0644\u0629 \u0645\u062d\u062a\u0645\u0644\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642.<\/li>\n<li>\u0623\u0638\u0647\u0631\u062a \u0625\u062e\u0641\u0627\u0642\u0627\u062a \u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 Celsius \u0648 BlockFi \u0623\u0646 \u062a\u062c\u0645\u064a\u0639 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062e\u0633\u0627\u0626\u0631 \u0633\u0631\u064a\u0639\u0629\u060c \u0645\u0645\u0627 \u062f\u0641\u0639 \u0627\u0644\u062a\u0648\u062c\u064a\u0647\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0644\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0641\u0635\u0644 \u0627\u0644\u0648\u0627\u0636\u062d \u0644\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0625\u0641\u0635\u0627\u062d.<\/li>\n<\/ul>\n<\/div>\n<nav class=\"vfocused-toc-box\" aria-label=\"\u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u062d\u062a\u0648\u064a\u0627\u062a\"><strong class=\"vfocused-toc-title\">\ud83d\udccc \u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u062d\u062a\u0648\u064a\u0627\u062a<\/strong><\/p>\n<ul class=\"vfocused-toc-list\">\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-1\">\u0645\u0642\u062f\u0645\u0629: \u0641\u0647\u0645 \u0645\u062e\u0627\u0637\u0631 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0641\u064a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-2\">\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u062d\u062a\u0649 \u0627\u0644\u0648\u0641\u0627\u0629 (Buy, Borrow, Die) \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0645\u0635\u064a\u0631 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-3\">\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0634\u0627\u0626\u0639\u0629 \u0628\u0645\u0627 \u064a\u0643\u0641\u064a \u0644\u062a\u0633\u062a\u062f\u0639\u064a \u0627\u0644\u0627\u0646\u062a\u0628\u0627\u0647<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-4\">\u0645\u0627 \u0647\u064a \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0648\u0643\u064a\u0641 \u062a\u0639\u0645\u0644\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-5\">\u0644\u0645\u0627\u0630\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u0648\u0651\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0625\u0644\u0649 \u062a\u0628\u0639\u064a\u0629 \u062e\u0637\u064a\u0631\u0629\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-6\">\u0627\u0644\u062f\u0631\u0648\u0633 \u0627\u0644\u0645\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 Celsius \u0648 BlockFi \u0648 FTX \u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-7\">\u0644\u0645\u0627\u0630\u0627 \u064a\u063a\u064a\u0631 \u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0645\u062e\u0635\u0635 \u0648\u063a\u064a\u0631 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u0635\u0631\u0641 \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-8\">\u0643\u064a\u0641 \u062a\u0642\u064a\u0651\u0645 \u0645\u064f\u0642\u0631\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0642\u0628\u0644 \u0627\u0644\u0625\u064a\u062f\u0627\u0639<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-9\">\u0645\u0648\u0642\u0639 CoinRabbit \u0641\u064a \u0633\u0648\u0642 \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-10\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n<\/ul>\n<\/nav>\n<p><strong>\u0625\u0641\u0635\u0627\u062d<\/strong><\/p>\n<p>\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0648\u0627\u0631\u062f\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u0647\u064a \u0644\u0623\u063a\u0631\u0627\u0636 \u062a\u0639\u0644\u064a\u0645\u064a\u0629 \u0648\u0625\u0639\u0644\u0627\u0645\u064a\u0629 \u0641\u0642\u0637\u060c \u0648\u0644\u0627 \u064a\u0646\u0628\u063a\u064a \u062a\u0641\u0633\u064a\u0631\u0647\u0627 \u0639\u0644\u0649 \u0623\u0646\u0647\u0627 \u0646\u0635\u064a\u062d\u0629 \u0645\u0627\u0644\u064a\u0629.<\/p>\n<section>\n<header>\n<h2 id=\"section-1\">\u0645\u0642\u062f\u0645\u0629: \u0641\u0647\u0645 \u0645\u062e\u0627\u0637\u0631 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0641\u064a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/h2>\n<\/header>\n<p>\u0641\u064a \u062f\u0644\u064a\u0644\u0646\u0627 \u0627\u0644\u0623\u0648\u0644\u060c \u0634\u0631\u062d\u0646\u0627 \u0644\u0645\u0627\u0630\u0627 \u0642\u062f \u064a\u0642\u062a\u0631\u0636 \u062d\u0627\u0626\u0632 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0628\u064a\u0639. \u0647\u0630\u0627 \u0647\u0648 \u0627\u0644\u0645\u0646\u0637\u0642 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0648\u0631\u0627\u0621 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 Buy, Borrow, Die: \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0645\u0631\u0643\u0632 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644\u060c \u0648\u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u0648\u062a\u062c\u0646\u0628 \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0642\u0633\u0631\u064a \u0644\u0645\u062c\u0631\u062f \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0641\u064a \u0645\u0643\u0627\u0646 \u0622\u062e\u0631.<\/p>\n<p>\u0633\u064a\u0631\u0643\u0632 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0639\u0644\u0649 \u062c\u0632\u0621 \u0645\u0646 \u062a\u0644\u0643 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u064a\u063a\u0641\u0644\u0647 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0642\u0631\u0627\u0621. \u0628\u0645\u062c\u0631\u062f \u0623\u0646 \u062a\u063a\u0627\u062f\u0631 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0634\u062e\u0635\u064a\u0629\u060c \u0644\u0645 \u064a\u0639\u062f \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0645\u062d\u0648\u0631\u064a \u0647\u0648 \u0641\u0642\u0637 \u0643\u0645 \u064a\u0645\u0643\u0646 \u0627\u0642\u062a\u0631\u0627\u0636\u0647 \u0623\u0648 \u0645\u062f\u0649 \u0633\u0631\u0639\u0629 \u0648\u0635\u0648\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644. \u0628\u0644 \u064a\u0635\u0628\u062d \u0627\u0644\u0633\u0624\u0627\u0644 \u0647\u0648 \u0645\u0627 \u064a\u064f\u0633\u0645\u062d \u0644\u0644\u0645\u0646\u0635\u0629 \u0628\u0641\u0639\u0644\u0647 \u0628\u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0637\u0648\u0627\u0644 \u0641\u062a\u0631\u0629 \u0627\u0644\u0642\u0631\u0636.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-featured-og\" src=\"https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/coinrabbit-guide2-1.jpg\" alt=\"\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a: \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u062e\u0641\u064a \u0641\u064a \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0645\u0634\u0641\u0631\" width=\"1280\" height=\"720\" \/><\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u0633\u0624\u0627\u0644 \u0645\u0647\u0645 \u0644\u0623\u0646 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 (rehypothecation)\u060c \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0643\u0627\u0646\u062a \u0623\u062f\u0627\u0629 \u062a\u0645\u0648\u064a\u0644 \u0642\u064a\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0648\u0642\u062f \u0638\u0647\u0631\u062a \u0623\u064a\u0636\u064b\u0627 \u0639\u0628\u0631 \u0646\u0645\u0627\u0630\u062c \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u064a\u064f\u0639\u0631\u0651\u0641 \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a (Financial Stability Board) \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0628\u0634\u0643\u0644 \u0636\u064a\u0642 \u0639\u0644\u0649 \u0623\u0646\u0647\u0627 &#8220;\u0623\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u064a\u0644 \u0645\u0646 \u0642\u0628\u0644 \u0648\u0633\u064a\u0637 \u0645\u0627\u0644\u064a&#8221;\u060c \u0648\u064a\u0635\u0641 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0623\u0648\u0633\u0639 \u0639\u0644\u0649 \u0623\u0646\u0647\u0627 \u0623\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0643\u0636\u0645\u0627\u0646 \u0645\u0646 \u0642\u0628\u0644 \u0648\u0633\u064a\u0637 \u0623\u0648 \u0645\u062a\u0644\u0642\u064a \u0636\u0645\u0627\u0646\u0627\u062a. \u0648\u064a\u0634\u064a\u0631 \u0627\u0644\u062a\u0642\u0631\u064a\u0631 \u0646\u0641\u0633\u0647 \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u0633\u0646 \u062a\u0648\u0641\u0631 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0648\u062a\u0642\u0644\u0644 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u062e\u0644\u0642 \u0623\u064a\u0636\u064b\u0627 \u0631\u0627\u0641\u0639\u0629 \u0645\u0627\u0644\u064a\u0629 \u0648\u062a\u0631\u0627\u0628\u0637\u064b\u0627 \u0648\u062a\u0623\u062e\u064a\u0631\u0627\u062a \u0645\u062d\u062a\u0645\u0644\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u062d\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0623\u0635\u0648\u0644\u0647\u0645 \u0623\u062b\u0646\u0627\u0621 \u0627\u0644\u0625\u0639\u0633\u0627\u0631.<\/p>\n<p>\u0628\u0635\u064a\u063a\u0629 \u0645\u0628\u0633\u0637\u0629\u060c \u064a\u0628\u062f\u0623 \u0627\u0644\u062e\u0637\u0631 \u0639\u0646\u062f\u0645\u0627 \u062a\u0635\u0628\u062d \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0644\u063a\u0631\u0636 \u0648\u0627\u062d\u062f \u0645\u0641\u064a\u062f\u0629 \u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0637\u0631\u0641 \u0622\u062e\u0631. \u0642\u062f \u064a\u0639\u062a\u0642\u062f \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0623\u0646\u0647 \u0631\u0647\u0646 BTC \u0623\u0648 ETH \u0623\u0648 XRP \u0645\u0642\u0627\u0628\u0644 \u0642\u0631\u0636\u0647 \u0627\u0644\u062e\u0627\u0635. \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646\u060c \u0642\u062f \u064a\u062a\u0645 \u0625\u0642\u0631\u0627\u0636 \u0646\u0641\u0633 \u0627\u0644\u0623\u0635\u0644 \u0623\u0648 \u0631\u0647\u0646\u0647 \u0641\u064a \u0645\u0643\u0627\u0646 \u0622\u062e\u0631 \u0623\u0648 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647 \u0644\u062f\u0639\u0645 \u062a\u0645\u0648\u064a\u0644 \u0645\u064f\u0642\u0631\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0639\u0646\u062f \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629\u060c \u0644\u0645 \u064a\u0639\u062f \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0645\u0639\u0631\u0636\u064b\u0627 \u0641\u0642\u0637 \u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0648\u0634\u0631\u0648\u0637 \u0627\u0644\u0642\u0631\u0636\u060c \u0628\u0644 \u064a\u062a\u0639\u0631\u0636 \u0623\u064a\u0636\u064b\u0627 \u0644\u0633\u0644\u0633\u0644\u0629 \u0645\u0646 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u0627\u0644\u062a\u064a \u0644\u0645 \u064a\u062e\u062a\u0631\u0647\u0627.<\/p>\n<p>\u0644\u0645 \u062a\u0643\u0646 \u0625\u062e\u0641\u0627\u0642\u0627\u062a Celsius \u0648 BlockFi \u0648 FTX \u0645\u062a\u0637\u0627\u0628\u0642\u0629\u060c \u0648\u0644\u0645 \u062a\u0643\u0646 FTX \u0645\u064f\u0642\u0631\u0636\u064b\u0627 \u0643\u0644\u0627\u0633\u064a\u0643\u064a\u064b\u0627 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u062f\u0641\u0639\u062a \u0643\u0644 \u062d\u0627\u0644\u0629 \u0646\u0641\u0633 \u0627\u0644\u062f\u0631\u0633 \u0625\u0644\u0649 \u0627\u0644\u0639\u0644\u0646: \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0645 \u062a\u062c\u0645\u064a\u0639 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0623\u0648 \u062e\u0644\u0637\u0647\u0627 \u0623\u0648 \u0627\u0633\u062a\u064a\u0639\u0627\u0628\u0647\u0627 \u0628\u0623\u064a \u0634\u0643\u0644 \u0622\u062e\u0631 \u0636\u0645\u0646 \u0647\u064a\u0643\u0644 \u0645\u062e\u0627\u0637\u0631 \u0645\u0624\u0633\u0633\u064a \u0623\u0648\u0633\u0639\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u062d\u0648\u0644 \u0641\u0634\u0644 \u0627\u0644\u0645\u0646\u0635\u0629 \u0625\u0644\u0649 <a href=\"https:\/\/www.dztecs.com\/blockchain\/do-i-get-form-1099-da-if-i-lost-money-on-crypto\/\">\u062e\u0633\u0627\u0631\u0629 \u0644\u0644\u0639\u0645\u0644\u0627\u0621<\/a> \u0628\u0633\u0631\u0639\u0629 \u063a\u064a\u0631 \u0639\u0627\u062f\u064a\u0629.<\/p>\n<p>\u0630\u0643\u0631\u062a \u0631\u0648\u064a\u062a\u0631\u0632 \u0623\u0646 Celsius \u0627\u0633\u062a\u062e\u062f\u0645\u062a \u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0628\u0637\u0631\u0642 \u0644\u0645 \u064a\u0641\u0647\u0645\u0647\u0627 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u062a\u0645\u0627\u0645\u064b\u0627\u060c \u0648\u0623\u0646 \u0625\u0641\u0644\u0627\u0633 BlockFi \u0643\u0627\u0646 \u0645\u0631\u062a\u0628\u0637\u064b\u0627 \u0628\u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0640 FTX \u0648 Alameda\u060c \u0648\u0623\u0646 \u0623\u0645\u0648\u0627\u0644 \u0639\u0645\u0644\u0627\u0621 FTX \u0627\u0633\u062a\u062e\u062f\u0645\u062a \u0644\u062a\u063a\u0637\u064a\u0629 <a href=\"https:\/\/www.dztecs.com\/blockchain\/do-i-have-to-report-crypto-on-my-taxes-if-i-lost-money\/\">\u062e\u0633\u0627\u0626\u0631 Alameda Research<\/a>.<\/p>\n<\/section>\n<section>\u0627\u0644\u0645\u0628\u062f\u0623 \u0627\u0644\u0623\u0648\u0644<\/p>\n<header>\n<h2 id=\"section-2\">\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u062d\u062a\u0649 \u0627\u0644\u0648\u0641\u0627\u0629 (Buy, Borrow, Die) \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0645\u0635\u064a\u0631 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a<\/h2>\n<\/header>\n<p>\u064a\u0628\u062f\u0623 \u0645\u0639\u0638\u0645 \u0627\u0644\u0646\u0627\u0633 \u0628\u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u062e\u0627\u0637\u0626. \u0641\u0647\u0645 \u064a\u0642\u0627\u0631\u0646\u0648\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0634\u0631\u0648\u0637 \u0627\u0644\u0642\u0631\u0648\u0636\u060c \u0648\u0633\u0631\u0639\u0629 \u0627\u0644\u0627\u0646\u0636\u0645\u0627\u0645\u060c \u0648\u0639\u062a\u0628\u0627\u062a \u0627\u0644\u062a\u0635\u0641\u064a\u0629. \u0647\u0630\u0647 \u0627\u0644\u0623\u0645\u0648\u0631 \u0645\u0647\u0645\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0623\u062a\u064a \u0641\u064a \u0627\u0644\u0645\u0631\u062a\u0628\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629. \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0623\u0648\u0644 \u0623\u0628\u0633\u0637: \u0628\u0639\u062f \u0625\u064a\u062f\u0627\u0639 \u0636\u0645\u0627\u0646\u0627\u062a\u064a\u060c \u0647\u0644 \u062a\u0628\u0642\u0649 \u0645\u062e\u0635\u0635\u0629 \u0644\u0645\u0631\u0643\u0632\u064a\u060c \u0623\u0645 \u062a\u0628\u062f\u0623 <a href=\"https:\/\/www.fsb.org\/2017\/01\/re-hypothecation-and-collateral-re-use-potential-financial-stability-issues-market-evolution-and-regulatory-approaches\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0628\u0627\u0644\u062a\u062d\u0631\u0643 \u0639\u0628\u0631 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0644\u0645\u0642\u0631\u0636<\/a>\u061f<\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0647\u0648 \u0645\u0627 \u064a\u0641\u0635\u0644 \u0628\u064a\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0638\u0627\u0647\u0631\u0629 \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629. \u0625\u0630\u0627 \u0628\u0642\u064a\u062a \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0645\u0639\u0632\u0648\u0644\u0629 \u0648\u0645\u062e\u0635\u0635\u0629\u060c \u064a\u0638\u0644 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u064a\u0648\u0627\u062c\u0647 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u0648\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u062a\u0635\u0641\u064a\u0629. \u0623\u0645\u0627 \u0625\u0630\u0627 <a href=\"https:\/\/www.fsb.org\/2017\/01\/re-hypothecation-and-collateral-re-use-potential-financial-stability-issues-market-evolution-and-regulatory-approaches\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0623\u064f\u0639\u064a\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a<\/a>\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0622\u0646 \u0623\u064a\u0636\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0645\u0642\u0631\u0636\u060c \u0648\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629\u060c \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0632\u0645\u0627\u062a. \u0642\u062f \u064a\u0628\u062f\u0648 \u0627\u0644\u0623\u0635\u0644 \u0648\u0643\u0623\u0646\u0647 &#8220;\u0636\u0645\u0627\u0646\u064a \u0627\u0644\u062e\u0627\u0635&#8221; \u0639\u0644\u0649 \u0644\u0648\u062d\u0629 \u0627\u0644\u062a\u062d\u0643\u0645\u060c \u0644\u0643\u0646\u0647 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064b\u0627 \u0644\u0645 \u064a\u0639\u062f \u0645\u0644\u0643\u0643 \u0648\u062d\u062f\u0643 \u0644\u062a\u0642\u0644\u0642 \u0628\u0634\u0623\u0646\u0647.<\/p>\n<p>\u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628 \u064a\u0644\u0642\u0649 \u0645\u0628\u062f\u0623 <a href=\"https:\/\/www.dfs.ny.gov\/industry_guidance\/industry_letters\/il20230123_guidance_custodial_structures\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0639\u062f\u0645 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646<\/a> \u0635\u062f\u0649 \u0642\u0648\u064a\u064b\u0627 \u0644\u062f\u0649 <a href=\"https:\/\/www.dztecs.com\/blockchain\/clarity-act\/\">\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u062c\u0627\u062f\u064a\u0646<\/a>. \u0625\u0646\u0647 \u0648\u0639\u062f \u0623\u0643\u062b\u0631 \u0648\u0636\u0648\u062d\u064b\u0627 \u0628\u0634\u0623\u0646 \u062d\u062f\u0648\u062f \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0639\u0646\u062f\u0645\u0627 \u064a\u0639\u0644\u0645 \u0627\u0644\u0646\u0627\u0633 \u0623\u0646 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\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u0645\u0636\u0645\u0648\u0646 \u0627\u0644\u0642\u064a\u0627\u0633\u064a: \u062d\u064a\u062b \u064a\u0631\u0647\u0646 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0623\u0635\u0644\u064b\u0627 \u0644\u062f\u0639\u0645 \u0642\u0631\u0636\u0647 \u0627\u0644\u062e\u0627\u0635.<\/p>\n<p>\u062a\u0628\u062f\u0623 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0639\u0646\u062f\u0645\u0627 \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0645\u0642\u0631\u0636 \u0647\u0630\u0627 <a href=\"https:\/\/www.dztecs.com\/blockchain\/solana-staking-taxes\/\">\u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0631\u0647\u0648\u0646<\/a> \u0645\u0631\u0629 \u0623\u062e\u0631\u0649\u060c \u0645\u062b\u0644 \u0625\u0642\u0631\u0627\u0636\u0647 \u0644\u0644\u063a\u064a\u0631\u060c \u0623\u0648 \u0631\u0647\u0646\u0647 \u0644\u0637\u0631\u0641 \u0645\u0642\u0627\u0628\u0644 \u0622\u062e\u0631\u060c \u0623\u0648 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647 \u0644\u062f\u0639\u0645 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0642\u0631\u0636 \u0627\u0644\u062e\u0627\u0635.<\/p>\n<p>\u0627\u0644\u0641\u0631\u0642 \u0628\u0633\u064a\u0637 \u0648\u0644\u0643\u0646\u0647 \u062c\u0648\u0647\u0631\u064a: \u0623\u062d\u062f \u0627\u0644\u0647\u064a\u0643\u0644\u064a\u0646 \u064a\u0628\u0642\u064a \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0645\u0631\u0643\u0632 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u061b \u0628\u064a\u0646\u0645\u0627 \u064a\u0636\u064a\u0641 \u0627\u0644\u0622\u062e\u0631 \u062a\u0628\u0639\u064a\u0627\u062a \u062e\u0627\u0631\u062c\u064a\u0629.<\/p>\n<\/section>\n<p>\u0633\u064a\u0627\u0642 \u0627\u0644\u0633\u0648\u0642<\/p>\n<header>\n<h2 id=\"section-3\">\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0634\u0627\u0626\u0639\u0629 \u0628\u0645\u0627 \u064a\u0643\u0641\u064a \u0644\u062a\u0633\u062a\u062f\u0639\u064a \u0627\u0644\u0627\u0646\u062a\u0628\u0627\u0647<\/h2>\n<\/header>\n<p>\u064a\u0639\u0645\u0644 \u0625\u0637\u0627\u0631 \u0639\u0645\u0644 &#8220;\u0627\u0634\u062a\u0631\u0650\u060c \u0627\u0642\u062a\u0631\u0636\u060c \u0627\u062d\u062a\u0641\u0638&#8221; (Buy, Borrow, Die) \u0628\u0641\u0639\u0627\u0644\u064a\u0629 \u0641\u0642\u0637 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u062e\u0637\u0648\u0629 &#8220;\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636&#8221; \u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u062b\u0642\u0629. \u064a\u0631\u063a\u0628 \u062d\u0627\u0626\u0632\u0648 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u064a \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 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\u0645\u062c\u0627\u0644 \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629.<\/p>\n<p>\u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628\u060c \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0641\u064a \u0635\u062f\u0627\u0631\u0629 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629. \u0641\u0628\u064a\u0646\u0645\u0627 \u062a\u064f\u0639\u062f \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0646\u0633\u0628\u0629 \u0627\u0644\u0642\u0631\u0636 \u0625\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 (LTV)\u060c \u0648\u0633\u0631\u0639\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u0648<a href=\"https:\/\/www.dztecs.com\/blockchain\/what-is-a-crypto-accounting-firm\/\">\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062f\u0639\u0648\u0645\u0629<\/a> \u0639\u0648\u0627\u0645\u0644 \u0645\u0647\u0645\u0629\u060c \u0625\u0644\u0627 \u0623\u0646\u0647\u0627 \u062a\u0623\u062a\u064a \u0641\u064a \u0645\u0631\u062a\u0628\u0629 \u062b\u0627\u0646\u0648\u064a\u0629 \u0628\u0639\u062f \u0642\u0636\u064a\u0629 \u0623\u0643\u062b\u0631 \u062c\u0648\u0647\u0631\u064a\u0629: \u0647\u0644 \u064a\u0638\u0644 \u0627\u0644\u0623\u0635\u0644 \u0645\u062e\u0635\u0635\u064b\u0627 \u0644\u0648\u0636\u0639 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0623\u0645 \u064a\u0635\u0628\u062d \u0645\u062a\u0627\u062d\u064b\u0627 \u0644\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u064f\u0642\u0631\u0636\u061f<\/p>\n<p>\u0644\u0627 \u064a\u0644\u063a\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0639\u0632\u0648\u0644\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642. \u0641\u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0644\u0627 \u064a\u0632\u0627\u0644 \u0645\u0637\u0627\u0644\u0628\u064b\u0627 \u0628\u0645\u0631\u0627\u0642\u0628\u0629 \u0642\u064a\u0645\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0639\u062a\u0628\u0627\u062a \u0627\u0644\u062a\u0635\u0641\u064a\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0625\u0646\u0647 \u064a\u062c\u0639\u0644 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0639\u0627\u0645 \u0623\u0643\u062b\u0631 \u0633\u0647\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0641\u0647\u0645. \u0641\u0625\u0630\u0627 \u0644\u0645 \u064a\u062a\u0645 \u062a\u0645\u0631\u064a\u0631 \u0627\u0644\u0623\u0635\u0644 \u0625\u0644\u0649 \u0645\u0643\u062a\u0628 \u062a\u062f\u0627\u0648\u0644\u060c \u0623\u0648 \u062c\u0647\u0629 \u062a\u0627\u0628\u0639\u0629\u060c \u0623\u0648 \u0645\u0642\u062a\u0631\u0636 \u062e\u0627\u0631\u062c\u064a\u060c \u0623\u0648 \u0634\u0631\u064a\u0643 \u062a\u0645\u0648\u064a\u0644\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u064a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0631\u0624\u064a\u0629 \u0623\u0648\u0636\u062d \u0644\u0645\u0643\u0627\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0648\u0645\u0627 \u064a\u062c\u0628 \u0623\u0646 \u064a\u062d\u062f\u062b \u0644\u0625\u0639\u0627\u062f\u062a\u0647\u0627.<\/p>\n<figure><img decoding=\"async\" class=\"aligncenter size-full wp-image-1309\" src=\"https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/crypto-collateral-treated-diagram-1024x576-2.jpg\" alt=\"\u0631\u0633\u0645 \u0628\u064a\u0627\u0646\u064a \u064a\u0642\u0627\u0631\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0639\u0632\u0648\u0644\u0629 \u0644\u0644\u0642\u0631\u0648\u0636 \u0645\u0639 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u0639\u0627\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u0642\u0631\u0636 \u0639\u0628\u0631 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/crypto-collateral-treated-diagram-1024x576-2.jpg 1024w, https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/crypto-collateral-treated-diagram-1024x576-2-300x169.jpg 300w, https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/crypto-collateral-treated-diagram-1024x576-2-768x432.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u062a\u062d\u0648\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0648\u0627\u062d\u062f\u0629 \u0625\u0644\u0649 \u0633\u0644\u0633\u0644\u0629 \u0645\u0646 \u0627\u0644\u062a\u0628\u0639\u064a\u0627\u062a. \u0642\u062f \u064a\u0631\u0649 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0642\u0631\u0636\u064b\u0627 \u0648\u0627\u062d\u062f\u064b\u0627\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u0646\u0635\u0629 \u0642\u062f \u0623\u0646\u0634\u0623\u062a<\/figcaption><\/figure>\n<table>\n<caption><strong>\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u062a\u063a\u064a\u0631 \u0639\u0646\u062f\u0645\u0627 \u062a\u064f\u062d\u062a\u0641\u0638 \u0628\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0633\u0644\u064a\u0645\u0629 \u0645\u0642\u0627\u0628\u0644 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\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a (Rehypothecation) \u0643\u062c\u0627\u0646\u0628 \u063a\u0627\u0645\u0636 \u0623\u0648 \u0642\u062f\u064a\u0645 \u0645\u0646 \u062c\u0648\u0627\u0646\u0628 \u0627\u0644\u062a\u0645\u0648\u064a\u0644. \u0628\u0644 \u0647\u064a \u062c\u0632\u0621 \u0644\u0627 \u064a\u062a\u062c\u0632\u0623 \u0645\u0646 \u0645\u0634\u0647\u062f \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u0623\u0648\u0633\u0639. \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u062f\u0639\u0645\u062a \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0645\u0646\u0630 \u0641\u062a\u0631\u0629 \u0637\u0648\u064a\u0644\u0629 \u062a\u0645\u0648\u064a\u0644 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\u0627\u0644\u0645\u0642\u062a\u0631\u0636\u064a\u0646 \u0623\u0644\u0627 \u064a\u0641\u062a\u0631\u0636\u0648\u0627 \u0634\u064a\u0626\u064b\u0627. \u0644\u0627 \u064a\u062c\u064a\u0628 \u062a\u0635\u0646\u064a\u0641 \u0641\u0626\u0629 \u0627\u0644\u0645\u0646\u0635\u0629\u060c \u0623\u0648 \u062d\u062c\u0645 \u0639\u0644\u0627\u0645\u062a\u0647\u0627 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629\u060c \u0623\u0648 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0639\u0644\u0646 \u0639\u0646\u0647\u0627 \u0639\u0644\u0649 \u0633\u0624\u0627\u0644 \u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0642\u0645\u064a\u0629. \u0641\u0642\u0637 \u0634\u0631\u0648\u0637 \u0627\u0644\u0645\u0646\u062a\u062c\u060c \u0648\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u062d\u0641\u0638\u060c \u0648\u0627\u0644\u0625\u0641\u0635\u0627\u062d\u0627\u062a\u060c \u0648\u0636\u0648\u0627\u0628\u0637 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0647\u064a 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\u0623\u062e\u0631\u0649 \u0639\u0646 \u0647\u064a\u0627\u0643\u0644 \u0644\u0627 \u062a\u0633\u0645\u062d \u0628\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u0647\u064a \u0645\u0635\u0645\u0645\u0629 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0645\u062e\u0635\u0635\u0629 \u0644\u0642\u0631\u0636 \u0627\u0644\u0645\u0642\u062a\u0631\u0636.<\/p>\n<p>\u0644\u0627 \u064a\u0643\u0645\u0646 \u0627\u0644\u062e\u0637\u0631 \u0628\u0628\u0633\u0627\u0637\u0629 \u0641\u064a \u0648\u062c\u0648\u062f \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u061b \u0628\u0644 \u064a\u0643\u0645\u0646 \u0627\u0644\u062e\u0637\u0631 \u0641\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u0646\u0635\u0629 \u062f\u0648\u0646 \u0641\u0647\u0645 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u064a\u0645\u0643\u0646 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 <a href=\"https:\/\/www.dztecs.com\/blockchain\/do-i-get-form-1099-da-if-i-transfer-crypto\/\">\u0623\u0635\u0648\u0644\u0643<\/a>\u060c \u0648\u0645\u0646 \u064a\u0645\u0643\u0646\u0647 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u064a\u0647\u0627\u060c \u0648\u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0623\u062b\u0646\u0627\u0621 \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0636\u063a\u0637.<\/p>\n<\/section>\n<section>\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0647\u064a\u0643\u0644\u064a\u0629<\/p>\n<header>\n<h2 id=\"section-5\">\u0644\u0645\u0627\u0630\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u0648\u0651\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0625\u0644\u0649 \u062a\u0628\u0639\u064a\u0629 \u062e\u0637\u064a\u0631\u0629\u061f<\/h2>\n<\/header>\n<p>\u062a\u0628\u062f\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0641\u0639\u0627\u0644\u0629 \u0648\u062c\u0630\u0627\u0628\u0629 \u0641\u064a \u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629. \u064a\u0645\u0643\u0646 \u0644\u0645\u064f\u0642\u0631\u0636 <a href=\"https:\/\/www.dztecs.com\/blockchain\/how-to-buy-doge\/\">\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/a> \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0647\u0648\u0646\u0629 \u0644\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u062f\u0639\u0645 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629\u060c \u0623\u0648 \u062d\u062a\u0649 \u062a\u062e\u0641\u064a\u0636 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0639\u0644\u0649 \u0627\u0644\u0645\u0642\u062a\u0631\u0636\u064a\u0646. \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0635\u0627\u0639\u062f\u0629\u060c \u064a\u0633\u0647\u0644 \u062a\u0633\u0648\u064a\u0642 \u0647\u0630\u0647 \u0627\u0644\u0645\u0632\u0627\u064a\u0627 \u0644\u0623\u0646 \u0642\u064a\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u062a\u062a\u0632\u0627\u064a\u062f\u060c \u0648\u0639\u0627\u062f\u0629 \u0645\u0627 \u064a\u0643\u0648\u0646 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u0639\u0644\u0649 \u0627\u0633\u062a\u0639\u062f\u0627\u062f \u0644\u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646.<\/p>\n<p>\u062a\u0638\u0647\u0631 \u0646\u0642\u0637\u0629 \u0627\u0644\u0636\u0639\u0641 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u063a\u064a\u0631 \u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0633\u0648\u0642. \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062a\u0632\u0627\u0645\u0646 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644 \u0633\u0644\u0628\u064a\u0629 \u0645\u062b\u0644 \u0627\u0646\u062e\u0641\u0627\u0636 \u0642\u064a\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u062a\u0632\u0627\u064a\u062f \u0637\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u062d\u0628\u060c \u0648\u0636\u063a\u0648\u0637 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629\u060c \u0648\u062a\u0631\u0627\u062c\u0639 \u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0633\u0648\u0642. \u062d\u064a\u0646\u0647\u0627\u060c \u0642\u062f \u062a\u062d\u062a\u0627\u062c \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u062a\u064a \u0623\u0639\u0627\u062f\u062a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0625\u0644\u0649 \u0623\u0646 \u062a\u0639\u0645\u0644 \u0639\u0644\u0627\u0642\u0627\u062a\u0647\u0627 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629 \u0627\u0644\u0645\u062a\u0639\u062f\u062f\u0629 \u0628\u0633\u0644\u0627\u0633\u0629 \u0641\u064a \u0622\u0646 \u0648\u0627\u062d\u062f. \u0625\u0630\u0627 \u0641\u0634\u0644 \u0623\u062d\u062f \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u062d\u0648\u0644 \u0642\u0631\u0636 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0630\u064a \u064a\u0628\u062f\u0648 \u0628\u0633\u064a\u0637\u064b\u0627 \u0625\u0644\u0649 \u0645\u0634\u0643\u0644\u0629 \u0633\u064a\u0648\u0644\u0629 \u0623\u0648\u0633\u0639 \u0648\u0623\u0643\u062b\u0631 \u062a\u0639\u0642\u064a\u062f\u064b\u0627.<\/p>\n<p>\u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628\u060c \u0644\u0639\u0628\u062a \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u062f\u0648\u0631\u064b\u0627 \u0645\u062f\u0645\u0631\u064b\u0627 \u0641\u064a \u0625\u062e\u0641\u0627\u0642\u0627\u062a \u0633\u0627\u0628\u0642\u0629 \u0634\u0647\u062f\u0647\u0627 \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0644\u0627 \u064a\u0644\u0632\u0645 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0633\u0628\u0628 \u0627\u0644\u0648\u062d\u064a\u062f \u0644\u0644\u0627\u0646\u0647\u064a\u0627\u0631 \u0644\u062a\u062c\u0639\u0644 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0623\u0633\u0648\u0623 \u0628\u0643\u062b\u064a\u0631. \u0645\u0646 \u062e\u0644\u0627\u0644 \u062e\u0644\u0642 \u0631\u0627\u0641\u0639\u0629 \u0645\u0627\u0644\u064a\u0629 \u062e\u0641\u064a\u0629 \u0648\u0633\u0644\u0627\u0633\u0644 \u062a\u0628\u0639\u064a\u0629 \u0645\u0639\u0642\u062f\u0629\u060c \u064a\u0645\u0643\u0646 \u0644\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 (rehypothecation) \u0623\u0646 \u062a\u062d\u0648\u0651\u0644 \u0645\u0646\u062a\u062c\u064b\u0627 \u064a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0625\u0644\u0649 \u062e\u0637\u0631 \u064a\u0647\u062f\u062f \u0627\u0644\u0645\u0644\u0627\u0621\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\n<\/section>\n<section>\u0646\u0645\u0637 \u0627\u0644\u0641\u0634\u0644<\/p>\n<header>\n<h2 id=\"section-6\">\u0627\u0644\u062f\u0631\u0648\u0633 \u0627\u0644\u0645\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 Celsius \u0648 BlockFi \u0648 FTX \u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/h2>\n<\/header>\n<p>\u0644\u0627 \u064a\u0647\u062f\u0641 \u0630\u0643\u0631 \u062d\u0627\u0644\u0627\u062a Celsius \u0648 BlockFi \u0648 FTX \u0625\u0644\u0649 \u062a\u062d\u0648\u064a\u0644 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0625\u0644\u0649 \u062a\u0634\u0631\u064a\u062d \u062a\u0641\u0635\u064a\u0644\u064a \u0644\u0643\u0644 \u0645\u0646\u0635\u0629 \u0639\u0644\u0649 \u062d\u062f\u0629. \u0641\u0627\u0644\u062f\u0631\u0633 \u0627\u0644\u0623\u0643\u062b\u0631 \u0641\u0627\u0626\u062f\u0629 \u064a\u0643\u0645\u0646 \u0641\u064a \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0647\u064a\u0643\u0644\u064a. \u0641\u0642\u062f \u0623\u0638\u0647\u0631\u062a \u0643\u0644 \u062d\u0627\u0644\u0629 \u0645\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062d\u062f\u062b \u0639\u0646\u062f\u0645\u0627 \u0644\u0627 \u062a\u0643\u0648\u0646 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0645\u062d\u0645\u064a\u0629 \u0628\u0646\u0645\u0648\u0630\u062c \u0628\u0633\u064a\u0637 \u0648\u0634\u0641\u0627\u0641 \u0648\u0645\u062d\u062f\u0648\u062f \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645.<\/p>\n<p>\u0643\u0634\u0641\u062a Celsius \u0639\u0646 \u063a\u0645\u0648\u0636 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0634\u0643\u0644 \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u062c\u0627\u0647\u0644\u0647. \u0641\u0642\u062f <a href=\"https:\/\/www.reuters.com\/technology\/celsius-business-model-different-that-advertised-us-bankruptcy-examiner-2023-01-31\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0623\u0641\u0627\u062f\u062a \u0631\u0648\u064a\u062a\u0631\u0632<\/a> \u0623\u0646 \u0627\u0644\u0641\u0627\u062d\u0635 \u0627\u0644\u0645\u0639\u064a\u0646 \u0645\u0646 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0648\u062c\u062f \u0623\u0646 Celsius \u062c\u0645\u0639\u062a \u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0645\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f \u0648\u0627\u0633\u062a\u062b\u0645\u0631\u062a\u0647\u0627 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0628\u0627\u0644\u062c\u0645\u0644\u0629\u060c \u0648\u0627\u0633\u062a\u062e\u062f\u0645\u062a \u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0627\u0644\u062c\u062f\u062f \u0644\u062a\u0645\u0648\u064a\u0644 \u0637\u0644\u0628\u0627\u062a \u0633\u062d\u0628 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0641\u064a \u064a\u0648\u0646\u064a\u0648 2022\u060c \u0648\u062e\u0644\u0635 \u0625\u0644\u0649 \u0623\u0646 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u0630\u064a \u062a\u0645 \u062a\u0633\u0648\u064a\u0642\u0647 \u0644\u0644\u0639\u0645\u0644\u0627\u0621 \u064a\u062e\u062a\u0644\u0641 \u0639\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0630\u064a \u0643\u0627\u0646\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u062f\u064a\u0631\u0647 \u0628\u0627\u0644\u0641\u0639\u0644. \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u0642\u062a\u0631\u0636\u064a\u0646 \u0648\u0627\u0644\u0645\u0648\u062f\u0639\u064a\u0646\u060c \u0627\u0644\u062f\u0631\u0633 \u0648\u0627\u0636\u062d \u0648\u0645\u0628\u0627\u0634\u0631: \u0625\u0630\u0627 \u0644\u0645 \u064a\u062a\u0645\u0643\u0646 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u0645\u0646 \u0641\u0647\u0645 \u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u0635\u0648\u0644\u0647\u0645\u060c \u0641\u0644\u0627 \u064a\u0645\u0643\u0646\u0647\u0645 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629.<\/p>\n<p>\u0623\u0638\u0647\u0631\u062a BlockFi \u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0648\u0632\u0639\u0629 \u0648\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u0623\u0646 \u062a\u0646\u0642\u0644 \u0627\u0644\u062e\u0633\u0627\u0626\u0631. \u0641\u0641\u064a \u0645\u0648\u0627\u062f \u062a\u0633\u0648\u064a\u0629 \u0639\u0627\u0645 2022\u060c \u0630\u0643\u0631\u062a \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a (SEC) \u0623\u0646 BlockFi \u062d\u0642\u0642\u062a \u0641\u0648\u0627\u0626\u062f \u0644\u062d\u0633\u0627\u0628\u0627\u062a\u0647\u0627 \u0630\u0627\u062a \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0646\u0634\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a\u060c \u0645\u0646 \u0628\u064a\u0646 \u0623\u0646\u0634\u0637\u0629 \u0623\u062e\u0631\u0649. \u0643\u0645\u0627 \u0635\u0631\u062d\u062a \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0628\u0623\u0646 \u0634\u0631\u0648\u0637 BlockFi \u0633\u0645\u062d\u062a \u0644\u0647\u0627 \u0628\u0631\u0647\u0646 \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u0631\u0647\u0646 \u0623\u0648 \u062d\u062c\u0632 \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u062d\u062c\u0632 \u0623\u0648 \u0628\u064a\u0639 \u0623\u0648 \u0625\u0642\u0631\u0627\u0636 \u0623\u0648 \u0646\u0642\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0623\u064a \u0637\u0631\u064a\u0642\u0629 \u0623\u062e\u0631\u0649\u060c \u0648\u0623\u0646 BlockFi \u0642\u0627\u0645\u062a \u0628\u062a\u062c\u0645\u064a\u0639 \u0648\u062e\u0644\u0637 \u0648\u0625\u0639\u0627\u062f\u0629 \u0631\u0647\u0646 \u0623\u0635\u0648\u0644 BIA \u0645\u0639 \u0623\u0635\u0648\u0644 \u0623\u062e\u0631\u0649.<\/p>\n<p>\u0648\u0641\u064a \u0648\u0642\u062a \u0644\u0627\u062d\u0642\u060c <a href=\"https:\/\/www.reuters.com\/technology\/crypto-lender-blockfi-files-bankruptcy-protection-2022-11-28\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0623\u0641\u0627\u062f\u062a \u0631\u0648\u064a\u062a\u0631\u0632<\/a> \u0623\u0646 \u0637\u0644\u0628 \u0625\u0641\u0644\u0627\u0633 BlockFi \u0623\u0634\u0627\u0631 \u0625\u0644\u0649 \u062a\u0639\u0631\u0636 \u0643\u0628\u064a\u0631 \u0644\u0640 FTX\u060c \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0642\u0631\u0648\u0636 \u0644\u0634\u0631\u0643\u0629 Alameda \u0648\u0623\u0635\u0648\u0644 \u0645\u062d\u062a\u062c\u0632\u0629 \u0639\u0644\u0649 \u0645\u0646\u0635\u0629 FTX.<\/p>\n<p>\u0644\u0645 \u062a\u0643\u0646 FTX \u062d\u0627\u0644\u0629 \u0625\u0639\u0627\u062f\u0629 \u0631\u0647\u0646 \u0628\u0627\u0644\u0645\u0639\u0646\u0649 \u0627\u0644\u0636\u064a\u0642 \u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0638\u0644 \u0630\u0627\u062a \u0635\u0644\u0629 \u0644\u0623\u0646\u0647\u0627 \u063a\u064a\u0631\u062a \u0637\u0631\u064a\u0642\u0629 \u062a\u0641\u0643\u064a\u0631 \u0627\u0644\u0633\u0648\u0642 \u062d\u0648\u0644 \u0627\u0644\u062d\u0636\u0627\u0646\u0629 \u0648\u0627\u0644\u0641\u0635\u0644 \u0628\u064a\u0646 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/technology\/sam-bankman-fried-be-sentenced-multi-billion-dollar-ftx-fraud-2024-03-28\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0623\u0641\u0627\u062f\u062a \u0631\u0648\u064a\u062a\u0631\u0632<\/a> \u0623\u0646 \u0633\u0627\u0645 \u0628\u0627\u0646\u0643\u0645\u0627\u0646-\u0641\u0631\u0627\u064a\u062f \u062d\u064f\u0643\u0645 \u0639\u0644\u064a\u0647 \u0628\u0627\u0644\u0633\u062c\u0646 25 \u0639\u0627\u0645\u064b\u0627 \u0628\u0639\u062f \u0623\u0646 \u0648\u062c\u062f \u0627\u0644\u0642\u0627\u0636\u064a \u0623\u0646 \u0639\u0645\u0644\u0627\u0621 FTX \u062e\u0633\u0631\u0648\u0627 8 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0648\u0644\u0627\u0631\u060c \u0648\u0623\u0646 \u0634\u0631\u0643\u0627\u0621 \u0633\u0627\u0628\u0642\u064a\u0646 \u0634\u0647\u062f\u0648\u0627 \u0628\u0623\u0646\u0647 \u0648\u062c\u0647\u0647\u0645 \u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u0645\u0648\u0627\u0644 \u0639\u0645\u0644\u0627\u0621 FTX \u0644\u062a\u063a\u0637\u064a\u0629 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0641\u064a Alameda Research. \u0627\u0644\u062f\u0631\u0633 \u0627\u0644\u0645\u0633\u062a\u0641\u0627\u062f \u0641\u064a \u0645\u062c\u0627\u0644 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\u0639\u0644\u0649 \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0645\u0633\u0627\u0631 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644. \u0641\u0627\u0644\u0645\u064f\u062d\u062a\u0641\u0638 \u0627\u0644\u0630\u064a \u064a\u0642\u062a\u0631\u0636 \u0628\u0636\u0645\u0627\u0646 BTC \u0623\u0648 XRP \u0623\u0648 ETH \u0623\u0648 \u0623\u064a \u0623\u0635\u0644 \u0622\u062e\u0631 \u0645\u062f\u0639\u0648\u0645\u060c \u0644\u0627 \u064a\u0634\u062a\u0631\u064a \u0645\u062c\u0631\u062f \u0633\u064a\u0648\u0644\u0629 \u0645\u0624\u0642\u062a\u0629. \u0628\u0644 \u064a\u062d\u0627\u0648\u0644 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u062a\u0639\u0631\u0636 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 \u0645\u0639 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0628\u0645\u0631\u0648\u0646\u0629 \u0623\u0643\u0628\u0631. \u064a\u0635\u0628\u062d \u0647\u0630\u0627 \u0627\u0644\u0647\u062f\u0641 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\u0627\u0644\u0642\u0635\u064a\u0631\u0629 (SMS) \u0639\u0646\u062f \u062f\u062e\u0648\u0644 \u0627\u0644\u0642\u0631\u0636 \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u062e\u0637\u0631\u060c \u0648\u0645\u064a\u0632\u0629 Auto Increase \u0644\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u062f\u0639\u0645 \u0628\u0634\u0631\u064a \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629 \u0637\u0648\u0627\u0644 \u0623\u064a\u0627\u0645 \u0627\u0644\u0623\u0633\u0628\u0648\u0639. \u0644\u0627 \u062a\u0642\u0636\u064a \u0647\u0630\u0647 \u0627\u0644\u0636\u0648\u0627\u0628\u0637 \u0639\u0644\u0649 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u062f\u0639\u0645 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0646\u0634\u0637\u0629\u060c \u0648\u0647\u0648 \u0627\u0644\u0645\u0648\u0642\u0641 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0644\u0623\u064a \u0642\u0631\u0636 \u0645\u062f\u0639\u0648\u0645 \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629.<\/p>\n<p>\u0627\u0644\u0631\u0633\u0627\u0644\u0629 \u0627\u0644\u0635\u062d\u064a\u062d\u0629 \u0644\u064a\u0633\u062a \u0627\u0644\u0623\u0645\u0627\u0646 \u0627\u0644\u062a\u0627\u0645. \u0625\u0646\u0647\u0627 \u0627\u062f\u0639\u0627\u0621 \u0623\u0636\u064a\u0642 \u0648\u0623\u0643\u062b\u0631 \u0645\u0635\u062f\u0627\u0642\u064a\u0629: \u0645\u062e\u0627\u0637\u0631 \u0623\u0642\u0644 \u062e\u0641\u064a\u0629 \u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0646\u0645\u0648\u0630\u062c \u0636\u0645\u0627\u0646\u0627\u062a \u0623\u0648\u0636\u062d\u060c \u0648\u0623\u062f\u0648\u0627\u062a \u0644\u0625\u062f\u0627\u0631\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062a\u064a \u0644\u0627 \u062a\u0632\u0627\u0644 \u0642\u0627\u0626\u0645\u0629. \u0647\u0630\u0627 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0645\u0647\u0645 \u0644\u0644\u0642\u0631\u0627\u0621 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u064a\u0646\u060c \u0648\u0643\u0628\u0627\u0631 \u062d\u0627\u0645\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0623\u064a \u0634\u062e\u0635 \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0643\u062c\u0632\u0621 \u0645\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644.<\/p>\n<blockquote><p>\u0639\u062f\u0645 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0645\u0647\u0645 \u0644\u0623\u0646\u0647 \u064a\u0628\u0642\u064a \u062e\u0631\u064a\u0637\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0628\u0633\u064a\u0637\u0629. \u0644\u0627 \u064a\u0632\u0627\u0644 \u0627\u0644\u0645\u0642\u062a\u0631\u0636\u0648\u0646 \u0628\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0648\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0635\u0641\u064a\u0629\u060c \u0648\u0644\u0643\u0646 \u064a\u062c\u0628 \u0623\u0644\u0627 \u062a\u0639\u062a\u0645\u062f \u0636\u0645\u0627\u0646\u0627\u062a\u0647\u0645 \u0623\u064a\u0636\u064b\u0627 \u0639\u0644\u0649 \u0633\u0644\u0633\u0644\u0629 \u062e\u0641\u064a\u0629 \u0645\u0646 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u0623\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0627\u0628\u0639\u0629 \u0623\u0648 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u0644\u0645 \u064a\u0648\u0627\u0641\u0642\u0648\u0627 \u0623\u0628\u062f\u064b\u0627 \u0639\u0644\u0649 \u062a\u062d\u0645\u0644\u0647\u0627.<\/p><\/blockquote>\n<p>\u0639\u0644\u0649 \u0635\u0639\u064a\u062f \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u064a\u0648\u0645\u064a\u060c \u062a\u0633\u0644\u0637 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0636\u0648\u0621 \u0623\u064a\u0636\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0636\u0648\u0627\u0628\u0637 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0647\u0645 \u0628\u0645\u062c\u0631\u062f \u0638\u0647\u0648\u0631 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a: \u062a\u0646\u0628\u064a\u0647\u0627\u062a \u0641\u0648\u0631\u064a\u0629 \u0639\u0628\u0631 \u0627\u0644\u0628\u0631\u064a\u062f \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a \u0623\u0648 \u0627\u0644\u0631\u0633\u0627\u0626\u0644 \u0627\u0644\u0646\u0635\u064a\u0629 \u0627\u0644\u0642\u0635\u064a\u0631\u0629 (SMS) \u0639\u0646\u062f \u062f\u062e\u0648\u0644 \u0627\u0644\u0642\u0631\u0636 \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u062e\u0637\u0631\u060c \u0648\u062e\u064a\u0627\u0631 Auto Increase \u0644\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u062f\u0639\u0645 \u0628\u0634\u0631\u064a \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629 \u0637\u0648\u0627\u0644 \u0623\u064a\u0627\u0645 \u0627\u0644\u0623\u0633\u0628\u0648\u0639. \u0627\u0644\u0639\u0631\u0636 \u0627\u0644\u0639\u0627\u0645 \u0645\u062a\u0645\u0627\u0633\u0643: \u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062e\u0641\u064a\u0629 \u0623\u0648\u0644\u0627\u064b\u060c \u062b\u0645 \u0645\u0633\u0627\u0639\u062f\u0629 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0631\u0626\u064a\u0629 \u062b\u0627\u0646\u064a\u064b\u0627.<\/p>\n<p>\u0647\u0630\u0627 \u0644\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u0645\u0646\u062a\u062c \u062e\u0627\u0644\u064a\u064b\u0627 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u062a\u0642\u0648\u0644 CoinRabbit \u0625\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u062a\u0635\u0628\u062d \u0648\u062f\u064a\u0639\u0629 (Deposit) \u0639\u0646\u062f \u062a\u062d\u0648\u064a\u0644\u0647\u0627\u060c \u0648\u0623\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u062a\u064f\u0639\u0627\u062f \u0628\u0639\u062f \u0627\u0644\u0633\u062f\u0627\u062f\u060c \u0648\u0623\u0646 \u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u062f\u062b \u062f\u0648\u0646 \u0645\u0648\u0627\u0641\u0642\u0629 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0628\u0645\u062c\u0631\u062f \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0639\u062a\u0628\u0627\u062a \u0627\u0644\u0645\u062d\u062f\u062f\u0629. \u0627\u0644\u0631\u0633\u0627\u0644\u0629 \u0627\u0644\u0635\u062d\u064a\u062d\u0629 \u0644\u064a\u0633\u062a &#8220;\u0623\u0645\u0627\u0646\u064b\u0627 \u062a\u0627\u0645\u064b\u0627&#8221;. \u0625\u0646\u0647\u0627 &#8220;\u0645\u062e\u0627\u0637\u0631 \u0623\u0642\u0644 \u062e\u0641\u064a\u0629 \u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0623\u062f\u0648\u0627\u062a \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629&#8221;.<\/p>\n<header>\n<h2 id=\"section-10\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/h2>\n<\/header>\n<details>\n<summary><strong>\u0645\u0627 \u0647\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0641\u064a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f<\/strong><\/summary>\n<p>\u064a\u062d\u062f\u062b \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0639\u0646\u062f\u0645\u0627 \u062a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0623\u0648 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0628\u0639\u062f \u0627\u0633\u062a\u0644\u0627\u0645\u0647\u0627\u060c \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0647\u0627 \u0641\u0642\u0637 \u0644\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0623\u0635\u0644\u064a\u0629 \u0645\u0639 \u0627\u0644\u0639\u0645\u064a\u0644. \u0641\u064a \u0633\u064a\u0627\u0642 \u0627\u0644\u0642\u0631\u0648\u0636\u060c \u0642\u062f \u064a\u0639\u0646\u064a \u0630\u0644\u0643 \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0644\u0637\u0631\u0641 \u0622\u062e\u0631\u060c \u0623\u0648 \u0631\u0647\u0646\u0647\u0627 \u0641\u064a \u0645\u0643\u0627\u0646 \u0622\u062e\u0631\u060c \u0623\u0648 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0644\u062f\u0639\u0645 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u062e\u0627\u0635. \u064a\u064f\u0639\u0631\u0651\u0641 \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a (Financial Stability Board) <a href=\"https:\/\/www.fsb.org\/2017\/01\/re-hypothecation-and-collateral-re-use-potential-financial-stability-issues-market-evolution-and-regulatory-approaches\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646<\/a> \u0628\u0623\u0646\u0647 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0648\u0633\u064a\u0637 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u064a\u0644.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0647\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0645\u0633\u062a\u062e\u062f\u0645\u0629 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0648\u0627\u0633\u0639\u061f<\/strong><\/summary>\n<p>\u0646\u0639\u0645\u060c \u062a\u064f\u0639\u062f \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0648\u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0645\u0645\u0627\u0631\u0633\u0627\u062a \u0631\u0627\u0633\u062e\u0629 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u060c \u0648\u0642\u062f \u062a\u0628\u0646\u062a \u0645\u0646\u0635\u0627\u062a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c. \u062a\u0642\u062f\u0645 \u0628\u0639\u0636 \u0645\u0646\u0635\u0627\u062a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0635\u0631\u0627\u062d\u0629\u064b \u0647\u064a\u0627\u0643\u0644 \u0631\u0647\u0646 \u0645\u0639\u0627\u062f \u0648\u063a\u064a\u0631 \u0645\u0639\u0627\u062f \u0631\u0647\u0646\u0647 \u0643\u062e\u064a\u0627\u0631\u0627\u062a \u0645\u0646\u062a\u062c\u0627\u062a \u0645\u0646\u0641\u0635\u0644\u0629. \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0642\u062a\u0631\u0636\u064a\u0646 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0641\u062a\u0631\u0627\u0636 \u0623\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u062a\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0628\u0646\u0641\u0633 \u0627\u0644\u0637\u0631\u064a\u0642\u0629.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0644\u0645\u0627\u0630\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0635\u0628\u062d \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u062e\u0637\u064a\u0631\u0629\u061f<\/strong><\/summary>\n<p>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0636\u064a\u0641 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0631\u0627\u0641\u0639\u0629 \u0645\u0627\u0644\u064a\u0629 \u0648\u0633\u0644\u0627\u0633\u0644 \u062a\u0628\u0639\u064a\u0629 \u0625\u0644\u0649 \u0642\u0631\u0636 \u064a\u0628\u062f\u0648 \u0628\u0633\u064a\u0637\u064b\u0627 \u0645\u0646 \u0645\u0646\u0638\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645. \u0625\u0630\u0627 \u0641\u0634\u0644 \u0627\u0644\u0637\u0631\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644 \u0644\u0644\u0645\u0642\u0631\u0636\u060c \u0623\u0648 \u0625\u0630\u0627 \u0627\u062d\u062a\u0627\u062c\u062a \u0639\u062f\u0629 \u0623\u0637\u0631\u0627\u0641 \u0645\u0642\u0627\u0628\u0644\u0629 \u0625\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0648\u0642\u062a\u060c \u0641\u0642\u062f \u064a\u062a\u0623\u062e\u0631 \u0648\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u064a\u0644 \u0625\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0623\u0648 \u064a\u062a\u0639\u0631\u0636 \u0644\u0644\u0636\u0631\u0631. \u0648\u0642\u062f \u062d\u0630\u0631 \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a (FSB) \u0645\u0646 \u0623\u0646 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0642\u062f \u062a\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u062a\u0631\u0627\u0628\u0637 \u0648\u062a\u062e\u0644\u0642 \u0639\u0648\u0627\u0626\u0642 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0623\u062b\u0646\u0627\u0621 \u0627\u0644\u0625\u0641\u0644\u0627\u0633.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0647\u0644 FTX \u0645\u062b\u0627\u0644 \u0639\u0644\u0649 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646\u061f<\/strong><\/summary>\n<p>\u0644\u064a\u0633 \u0628\u0627\u0644\u0645\u0639\u0646\u0649 \u0627\u0644\u0636\u064a\u0642 \u0644\u0644\u0625\u0642\u0631\u0627\u0636. \u062a\u064f\u0641\u0647\u0645 FTX \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644 \u0643\u062d\u0627\u0644\u0629 \u0633\u0648\u0621 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0648\u062e\u0644\u0637 \u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0647\u064a \u062a\u0646\u062a\u0645\u064a \u0625\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0646\u0642\u0627\u0634 \u0644\u0623\u0646\u0647\u0627 \u0623\u0638\u0647\u0631\u062a \u0633\u0628\u0628 \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0641\u0635\u0644\u060c \u0648\u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u060c \u0648\u0627\u0644\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0648\u0627\u0636\u062d\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u0643\u0644\u0645\u0627 \u062a\u062d\u0643\u0645\u062a \u0645\u0646\u0635\u0629 \u0641\u064a \u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0644\u0645\u0627\u0630\u0627 \u062a\u064f\u0639\u062f \u0639\u062f\u0645 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0645\u0647\u0645\u0629 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0644\u0627 \u064a\u0632\u0627\u0644 \u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u062a\u0635\u0641\u064a\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u061f<\/strong><\/summary>\n<p>\u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u0648\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u064a\u0645\u062b\u0644\u0627\u0646 \u0645\u062e\u0627\u0637\u0631 \u0645\u062e\u062a\u0644\u0641\u0629. \u062a\u0646\u0634\u0623 \u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u0645\u0646 \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0636\u062f \u0627\u0644\u0642\u0631\u0636. \u0628\u064a\u0646\u0645\u0627 \u062a\u0646\u0634\u0623 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0645\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0646\u0635\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u062e\u0644\u0641 \u0627\u0644\u0643\u0648\u0627\u0644\u064a\u0633. \u0642\u062f \u064a\u0642\u0644\u0644 \u0647\u064a\u0643\u0644 \u0639\u062f\u0645 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0645\u0646 \u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u062e\u0641\u064a \u0644\u0644\u0637\u0631\u0641 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u0644\u0643\u0646 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0644\u0627 \u064a\u0632\u0627\u0644 \u0628\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0646\u0633\u0628\u0629 \u0627\u0644\u0642\u0631\u0636 \u0625\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629\u060c \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0647\u0648\u0627\u0645\u0634 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0647\u0644 \u064a\u0645\u0643\u0646\u0646\u064a \u0633\u062d\u0628 \u0636\u0645\u0627\u0646 \u0627\u0644\u0642\u0631\u0636 \u0645\u062a\u0649 \u0623\u0631\u062f\u062a\u061f<\/strong><\/summary>\n<p>\u0636\u0645\u0627\u0646 \u0627\u0644\u0642\u0631\u0636 \u0644\u064a\u0633 \u0647\u0648 \u0646\u0641\u0633\u0647 \u0631\u0635\u064a\u062f \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u0642\u064a\u062f. \u064a\u0624\u0645\u0646 \u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0642\u0631\u0636 \u062d\u062a\u0649 \u064a\u062a\u0645 \u0627\u0644\u0633\u062f\u0627\u062f \u0623\u0648 \u0627\u0633\u062a\u064a\u0641\u0627\u0621 \u0634\u0631\u0648\u0637 \u0627\u0644\u0625\u0641\u0631\u0627\u062c. \u062a\u0630\u0643\u0631 <a href=\"https:\/\/coinrabbit.io\/loans\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0635\u0641\u062d\u0629 \u0642\u0631\u0648\u0636 CoinRabbit<\/a> \u0623\u0646 \u0627\u0644\u0636\u0645\u0627\u0646 \u064a\u064f\u0639\u0627\u062f \u0628\u0639\u062f \u0627\u0644\u0633\u062f\u0627\u062f \u0648\u064a\u0643\u0648\u0646 \u0645\u062a\u0627\u062d\u064b\u0627 \u0644\u0644\u0633\u062d\u0628 \u0641\u0648\u0631\u064b\u0627\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0646\u0635 \u0634\u0631\u0648\u0637\u0647\u0627 \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u062a\u064f\u0646\u0642\u0644 \u0645\u0631\u0629 \u0623\u062e\u0631\u0649 \u0628\u0639\u062f \u0627\u0644\u0633\u062f\u0627\u062f \u0627\u0644\u0643\u0627\u0645\u0644.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0645\u0627\u0630\u0627 \u064a\u062c\u0628 \u0623\u0646 \u0623\u062a\u062d\u0642\u0642 \u0645\u0646\u0647 \u0642\u0628\u0644 \u0625\u064a\u062f\u0627\u0639 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u061f<\/strong><\/summary>\n<p>\u0627\u0628\u062f\u0623 \u0628\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0645\u0646\u0635\u0629 \u062a\u0633\u062a\u0637\u064a\u0639 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621\u060c \u0623\u0648 \u0625\u0642\u0631\u0627\u0636\u0647\u0627\u060c \u0623\u0648 \u0631\u0647\u0646\u0647\u0627\u060c \u0623\u0648 \u0646\u0634\u0631\u0647\u0627 \u0628\u0623\u064a \u0637\u0631\u064a\u0642\u0629 \u0623\u062e\u0631\u0649. \u062b\u0645 \u0631\u0627\u062c\u0639 \u0627\u0644\u0641\u0635\u0644\u060c \u0648\u0627\u0644\u062d\u0636\u0627\u0646\u0629\u060c \u0648\u0627\u0644\u062d\u0636\u0627\u0646\u0629 \u0627\u0644\u0641\u0631\u0639\u064a\u0629\u060c \u0648\u0639\u062a\u0628\u0627\u062a \u0627\u0644\u062a\u0635\u0641\u064a\u0629\u060c \u0648\u0622\u0644\u064a\u0627\u062a \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u062a\u0648\u0641\u0631 \u0627\u0644\u062f\u0639\u0645. \u062a\u0624\u0643\u062f \u0625\u0631\u0634\u0627\u062f\u0627\u062a \u0627\u0644\u062d\u0636\u0627\u0646\u0629 \u0627\u0644\u0645\u062d\u062f\u062b\u0629 \u0645\u0646 NYDFS <a href=\"https:\/\/www.dfs.ny.gov\/industry-guidance\/industry-letters\/il20250930-updated-guidance-custodial-structures\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0639\u0644\u0649<\/a> \u0645\u0641\u0627\u0647\u064a\u0645 \u0645\u0645\u0627\u062b\u0644\u0629: \u0627\u0644\u0641\u0635\u0644\u060c \u0648\u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u060c \u0648\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u0648\u0627\u0636\u062d \u0644\u0644\u0639\u0645\u0644\u0627\u0621.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0643\u064a\u0641 \u064a\u0631\u062a\u0628\u0637 \u0647\u0630\u0627 \u0628\u0645\u0641\u0647\u0648\u0645 Buy, Borrow, Die\u061f<\/strong><\/summary>\n<p>\u064a\u0639\u062a\u0645\u062f \u0645\u0641\u0647\u0648\u0645 Buy, Borrow, Die \u0639\u0644\u0649 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0644 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 \u0645\u0639 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u062a\u064f\u0639\u062f \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u0645\u0647\u0645\u0629 \u0644\u0623\u0646\u0647\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0636\u0639\u0641 \u062b\u0642\u0629 \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0641\u064a \u0623\u0646 \u0627\u0644\u0623\u0635\u0644 \u064a\u0638\u0644 \u0645\u062e\u0635\u0635\u064b\u0627 \u0644\u0645\u0631\u0643\u0632\u0647. \u064a\u062c\u0639\u0644 \u0646\u0645\u0648\u0630\u062c \u0639\u062f\u0645 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0631\u0647\u0646 \u062e\u0637\u0648\u0629 &#8220;\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636&#8221; \u0623\u0643\u062b\u0631 \u0648\u0636\u0648\u062d\u064b\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062e\u0641\u064a\u0629.<\/p>\n<\/details>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\u0627\u0643\u062a\u0634\u0641 \u0643\u064a\u0641 \u062a\u0634\u0643\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0641\u064a \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0643\u0631\u064a\u0628\u062a\u0648 \u0645\u062e\u0627\u0637\u0631 \u062e\u0641\u064a\u0629 \u0642\u062f \u062a\u0647\u062f\u062f \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0633\u0648\u0642. \u0641\u0647\u0645 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0636\u0631\u0648\u0631\u064a 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