加密貨幣大佬 Do Kwon 因 Terra 崩潰而面臨日益激烈的法律鬥爭

Do Kwon: The Crypto Kingpin Behind the Terra Collapse

Do Kwon：Terra 崩盤背後的加密貨幣頭目

Amid the tumultuous saga of the crypto world, Do Kwon, the enigmatic founder of Terraform Labs, stands as a towering figure in the wreckage of the Terra ecosystem. While his counterpart Sam Bankman-Fried of FTX garnered widespread notoriety, Kwon's insidious scheme, which wiped out tens of billions of dollars, has flown largely under the radar.

在加密世界的動盪傳奇中，Terraform Labs 神秘的創始人 Do Kwon 在 Terra 生態系統的廢墟中屹立著一個高聳的人物。儘管 FTX 的同行 Sam Bankman-Fried 聲名狼藉，但 Kwon 的陰險計劃卻在很大程度上引起了人們的注意，該計劃損失了數百億美元。

Like Bankman-Fried and Theranos' Elizabeth Holmes, the 32-year-old Kwon captivated the imagination of investors worldwide. Armed with an impressive technological pedigree, having graduated from Stanford University in computer science in 2015, he worked for Apple and Microsoft before venturing into the alluring realm of cryptocurrency.

與 Bankman-Fried 和 Theranos 的 Elizabeth Holmes 一樣，32 歲的 Kwon 吸引了全世界投資者的想像。他擁有令人印象深刻的技術背景，並於 2015 年從史​​丹佛大學電腦科學專業畢業，在進入誘人的加密貨幣領域之前，他曾在蘋果和微軟工作過。

In 2018, Kwon founded Terraform Labs, promising to apply his coding prowess to revolutionize the crypto landscape. His vision caught the attention of esteemed publications like Forbes, which featured him in its prestigious 30 under 30 list in 2019. He became a regular presence at crypto conferences, rubbing shoulders with the who's who of the industry.

2018 年，Kwon 創立了 Terraform Labs，承諾運用他的編碼能力徹底改變加密貨幣領域。他的願景引起了《富比士》等知名刊物的關注，並在 2019 年將他列入著名的 30 位 30 歲以下人物名單中。

However, Kwon's genius concealed a sinister underbelly. He created the cryptocurrency Luna, earning him the moniker "King of Lunatics" from Bloomberg. With audacious confidence, he even named his daughter Luna, announcing her birth in April 2022 with the declaration: "My dearest creation named after my greatest invention."

然而，權的天才隱藏著險惡的弱點。他創造了加密貨幣 Luna，並為他贏得了彭博社「瘋子之王」的綽號。懷著大膽的自信，他甚至給自己​​的女兒取名為 Luna，並宣布她將於 2022 年 4 月出生，並宣布：“我最親愛的創造物以我最偉大的發明命名。”

To complement Luna, Kwon introduced TerraUSD, a so-called stablecoin pegged to the US dollar, ensuring its value would remain constant at $1. At its peak in April 2022, Terra-related coins commanded a market cap of approximately $60 billion, according to Bitstamp. A month later, it plummeted to near zero.

為了補充 Luna，Kwon 推出了 TerraUSD，一種與美元掛鉤的所謂穩定幣，確保其價值保持在 1 美元不變。據 Bitstamp 稱，在 2022 年 4 月達到頂峰時，Terra 相關代幣的市值約為 600 億美元。一個月後，它暴跌至接近零。

For the observant, signs of impending catastrophe were evident. The Terra blockchain's lending-and-borrowing program offered an astonishing 20 percent interest, a red flag that ignited skepticism. In early May, the worst fears were realized when investors triggered a devastating selloff, causing TerraUSD and Luna to collapse. By May 9, TerraUSD hovered around $0.35 instead of its pegged $1, while Luna's price plummeted 96 percent in a single day, dropping to a mere $0.10.

對於善於觀察的人來說，災難即將來臨的跡像是顯而易見的。 Terra 區塊鏈的借貸計劃提供了驚人的 20% 利息，這是一個引發懷疑的危險信號。 5 月初，當投資者引發毀滅性拋售、導致 TerraUSD 和 Luna 崩潰時，最糟糕的擔憂成為了現實。到 5 月 9 日，TerraUSD 徘徊在 0.35 美元左右，而不是固定的 1 美元，而 Luna 的價格單日暴跌 96%，跌至僅 0.10 美元。

Months before the Terra ecosystem crumbled, Kwon reveled in a lavish wedding ceremony, gleefully posting updates on social media. Today, he shares a young daughter with his wife. However, his marital bliss has been overshadowed by a litany of lawsuits and criminal charges.

在 Terra 生態系統崩潰的幾個月前，Kwon 陶醉於一場奢華的婚禮，並在社交媒體上興高采烈地發布了最新動態。如今，他與妻子育有個小女兒。然而，他的婚姻幸福感被一連串的訴訟和刑事指控所掩蓋。

Astute venture capital firms like Pantera Capital, Hack VC, and the Winklevoss Twins' CMCC Capital recognized Kwon's deceptive scheme and exited months before the collapse. Pantera reportedly reaped a 100-fold return on its $1.7 million investment in Luna.

Pantera Capital、Hack VC 和 Winklevoss Twins 旗下的 CMCC Capital 等精明的創投公司認識到了 Kwon 的欺騙性計劃，並在倒閉前幾個月退出。據報道，Pantera 對 Luna 的 170 萬美元投資獲得了 100 倍的回報。

Instead of facing the consequences immediately, Kwon spent months evading capture by US and South Korean authorities, exploiting loopholes and tweeting defiantly. His evasion tactics ended abruptly with his arrest in Montenegro in March 2023. Police apprehended him with forged Costa Rican travel documents, preventing his escape to Dubai.

權力沒有立即面對後果，而是花了幾個月的時間躲避美國和韓國當局的抓捕，利用漏洞並挑釁性地發推文。 2023 年 3 月，他在黑山被捕，他的逃亡策略戛然而止。

Kwon now faces a multitude of criminal accusations from his native South Korea and the Southern District of New York, the same jurisdiction that prosecuted Bankman-Fried and sentenced him to 25 years in prison. Both countries are engaged in a fierce battle to extradite the elusive Kwon.

權力現在面臨來自韓國和紐約南區的多項刑事指控，紐約南區曾起訴班克曼-弗里德並判處他 25 年監禁。兩國都在為引渡難以捉摸的權勢進行激烈的鬥爭。

Amid this legal quagmire, the Securities and Exchange Commission (SEC) dealt Kwon and Terraform Labs a severe blow on April 19, ordering them to pay a hefty $5.3 billion in penalties. The SEC also sought to bar Kwon from holding any leadership roles in companies that issue securities.

在這場法律泥潭中，美國證券交易委員會 (SEC) 於 4 月 19 日對 Kwon 和 Terraform Labs 造成了沉重打擊，命令他們支付 53 億美元的巨額罰款。美國證券交易委員會也試圖禁止權在發行證券的公司中擔任任何領導職務。

In April, a Manhattan jury found Kwon and his company civilly liable for misleading investors before the 2022 collapse. The SEC's investigation revealed that Kwon had allegedly fabricated claims that South Korean payment app Chai employed Terraform's proprietary blockchain technology when, in reality, it utilized conventional payment systems.

今年 4 月，曼哈頓的陪審團裁定 Kwon 及其公司在 2022 年倒閉前誤導投資者，需承擔民事責任。美國證券交易委員會的調查顯示，Kwon 涉嫌捏造聲稱韓國支付應用程式 Chai 採用了 Terraform 的專有區塊鏈技術，而實際上該應用程式使用的是傳統支付系統。

The damning allegations against Kwon have drawn comparisons to another fallen star in the startup world: Elizabeth Holmes. Like Kwon, Holmes faced accusations of deception for promoting faulty blood testing machines.

針對 Kwon 的嚴厲指控讓人與創業界另一位隕落的明星進行比較：伊麗莎白·霍姆斯 (Elizabeth Holmes)。和權一樣，福爾摩斯也因推銷有缺陷的血液檢測機而面臨欺騙指控。

Currently, Kwon remains out on bail, his fate hanging in the balance as he awaits extradition proceedings. If tried in the US, he could face a staggering 100-year sentence, while South Korean prosecutors seek a 40-year sentence, which would still shatter his life.

目前，權仍處於保釋狀態，在等待引渡程序時他的命運懸而未決。如果在美國受審，他可能面臨令人震驚的 100 年徒刑，而韓國檢察官則尋求 40 年徒刑，但這仍然會破壞他的生活。

Do Kwon's rise and fall serve as a cautionary tale about the dangers lurking within the unregulated crypto market. His ability to create an illusion of innovation and trust, only to preside over its catastrophic collapse, has left an indelible mark on the industry. As the legal battles continue and the true extent of Kwon's culpability unravels, it is evident that his legacy as the "King of Lunatics" will forever be inextricably intertwined with the shattered dreams and lost fortunes of Terra investors.

Do Kwon 的崛起和衰落對於不受監管的加密貨​​幣市場中潛藏的危險是一個警告。他創造創新和信任假象的能力，卻導致了災難性的崩潰，這在整個行業中留下了不可磨滅的印記。隨著法律鬥爭的繼續以及權利罪的真實程度的揭開，很明顯，他作為「瘋子之王」的遺產將永遠與 Terra 投資者破碎的夢想和失去的財富密不可分地交織在一起。