深入探访支撑 Token 转售与欺诈的中继市场
英文标题：An Inside Look at the Relay Market Powering Token Resellers and Fraud
Matt Lenhard 调查了一个通过汇集多来源 API 密钥、以折扣价格转售 LLM Token 的中继市场，该现象目前似乎主要集中在中国。相关转售商通过滥用免费试用、代理未受保护的客服机器人，以及盗刷信用卡或拒付攻击等方式，提供远低于官方 API 定价的服务。市场所用代理软件多为开源的 one-api 及其 fork 项目 new-api，这些原本是用于在多组 API 凭据之间进行负载均衡的合法工具。该市场不仅使开发者面临 API 账单滥用风险，也凸显 LLM 厂商需要为 API 密钥提供更严格、可即时生效的消费限额机制。
中文
2026 年 7 月 26 日——链接博客
深入探访支撑 Token 转售与欺诈的中继市场（来源）Matt Lenhard 对一个逐渐形成的市场进行了引人入胜的调查：该市场通过汇集来自不同来源的 API 密钥，以折扣价转售 LLM Token。
这看起来主要是发生在中国的现象。转售商出售对 LLM 代理服务的访问权，并提供显著低于常规 API 定价的价格；他们通过滥用免费试用、经由未受保护的客服机器人进行代理，或有时使用被盗信用卡、发动拒付攻击等方式实现这一点。
他们用于这些代理服务的软件是开源的——主要是 one-api 及其开发更活跃的 fork 项目 new-api。两者都是合法的 API 代理产品，可用于在一组 API 凭据之间对请求进行负载均衡。
买家寻求廉价 Token、规避地域限制，并且在某些情况下收集数据以进行模型蒸馏。
出于担心滥用行为导致高额 Token 账单，我一直谨慎地不将自己由 LLM 驱动的应用公开暴露出来。这个市场的存在让我更加谨慎：如今，已经有一个完整的生态系统可以从发现并利用新的未受保护端点中获利。
LLM 厂商确实需要更好地为其 API 密钥提供严格的额度上限。我希望我的 LLM 应用一旦在某个时间周期内达到我设定的美元消费阈值，就立刻停止工作。
以下是作为 Matt 文章主要来源的（中文）论坛讨论帖。
English / 原文
26th July 2026 - Link Blog
An Inside Look at the Relay Market Powering Token Resellers and Fraud (via) Fascinating investigation by Matt Lenhard into the market that has grown up around reselling LLM tokens at a discount by pooling API keys from various sources.
This looks to be mostly a thing in China. Resellers sell access to an LLM proxy that offers significant discounts on regular API pricing, which they achieve by abusing free trials, proxying through unprotected support bots, or sometimes through stolen credit cards or chargeback attacks.
The software they are using for these proxies is open source - mostly one-api and its more actively developed fork new-api, both legitimate API proxy products which can be used to load. balance requests across a pool of API credentials.
The buyers are seeking cheap tokens, avoiding geo-restrictions, and in some cases collecting data for model distillation.
I've been cautious about exposing my own LLM-driven applications publicly out of fear of abuse leading to big token bills. The existence of this marketplace makes me even more cautious: there's now an entire ecosystem that can profit from finding a new unprotected endpoint to exploit.
LLM vendors really need to get better at offering strict caps for their API keys. I want my LLM apps to stop working the moment they hit a dollar threshold I've set for a period of time.
Here's the (Chinese language) forum thread that served as the principal source for Matt's article.