加密貨幣崩盤：運動偶像遭受漫長的法律鬥爭

關於 FTX 創始人刑事判決的多起民事訴訟正在進行中，近十幾名運動員和其他體育人物因支持 FTX、Voyager Digital 和幣安而被列入集體訴訟。訴訟指控這些人推銷未註冊的證券，並且未能披露報酬。如果原告獲勝，被告可能需要承擔數百萬或數十億美元的損失。法律策略取決於確定加密貨幣是否為證券，這在法律上仍然是一個懸而未決的問題。

Cryptocurrency Collapse Ensnares Sports Figures in Lengthy Legal Battles

加密貨幣崩潰讓體育界人物陷入漫長的法律鬥爭

The criminal proceedings against Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, may have concluded with his recent 25-year prison sentence, but the fallout from the crypto market implosion lingers in the form of ongoing civil lawsuits involving prominent sports figures.

針對倒閉的加密貨幣交易所 FTX 創始人 Sam Bankman-Fried 的刑事訴訟可能已經結束，他最近被判處 25 年監禁，但加密貨幣市場崩潰的影響卻以涉及知名體育明星的民事訴訟的形式持續存在。

Nearly a dozen athletes, teams, and leagues are entangled in class-action lawsuits tied to their endorsements of FTX, Voyager Digital, and Binance, companies that crumbled amidst the 2022 crypto market crash. The lawsuits, which have been making their way through the courts for over a year, allege that the defendants are liable for investor losses due to promoting unregistered securities. Additionally, plaintiffs claim that the defendants failed to adequately disclose the compensation they received for their endorsements.

近十幾名運動員、團隊和聯盟因支持 FTX、Voyager Digital 和幣安而捲入集體訴訟，這些公司在 2022 年加密貨幣市場崩盤中崩潰了。這些訴訟已經在法院審理了一年多，指控被告應對因推銷未註冊證券而造成的投資者損失負責。此外，原告聲稱被告未能充分披露他們因代言而獲得的報酬。

A handful of athletes and celebrities have already settled with plaintiffs, including Jacksonville Jaguars quarterback Trevor Lawrence and former NFL tight end Rob Gronkowski. However, high-profile defendants such as retired quarterback Tom Brady, former Dallas Mavericks majority owner Mark Cuban, and soccer star Cristiano Ronaldo remain in the legal crosshairs. If the plaintiffs prevail, the defendants could face billions of dollars in damages.

一些運動員和名人已經與原告達成和解，包括傑克遜維爾美洲虎隊四分衛特雷弗勞倫斯和前 NFL 近端鋒羅布格隆考斯基。然而，退休四分衛湯姆·布雷迪、前達拉斯小牛隊大股東馬克·庫班和足球明星克里斯蒂亞諾·羅納爾多等備受矚目的被告仍然成為法律的焦點。如果原告勝訴，被告可能面臨數十億美元的損失。

Brady, who appeared in TV ads with his then-wife Gisele Bundchen, has maintained that his promotional efforts for FTX did not involve the sale or solicitation of securities and that he was unaware of FTX's fraudulent activities. His lawyers contend that "no reasonable consumer would confuse these promotions for anything other than paid endorsements."

與當時的妻子 Gisele Bundchen 一起出現在電視廣告中的布雷迪堅稱，他對 FTX 的促銷活動不涉及證券銷售或招攬，並且他不知道 FTX 的欺詐活動。他的律師辯稱，“任何理性的消費者都不會將這些促銷活動與付費代言以外的任何東西混為一談。”

Cuban has argued that the assets he promoted for the now-bankrupt Voyager Digital were not securities and therefore not subject to regulations related to promotional activity. He has also questioned the jurisdiction of the court handling his case.

庫班辯稱，他為現已破產的 Voyager Digital 推銷的資產不是證券，因此不受與促銷活動相關的法規的約束。他也質疑處理其案件的法院的管轄權。

Ronaldo, who is named in a complaint seeking "a sum exceeding" $1 billion in damages related to his promotion of the Binance platform, has yet to respond to allegations that he "lent his celebrity and credibility" without disclosing compensation. Legal experts close to the situation reported that Cuban declined to comment, while none of the other defendants responded to requests for comment.

C 羅在一份投訴中被點名，要求就其推廣幣安平台獲得“超過 10 億美元的賠償”，但他尚未回應有關他“借用自己的名氣和信譽”的指控，但未透露賠償金額。熟悉情況的法律專家稱，庫班拒絕發表評論，其他被告均未回應評論請求。

The legal strategy employed in these cases hinges on the crucial question of whether cryptocurrencies qualify as securities. If so, their promotion and sale would fall under a comprehensive set of regulations designed to protect the public.

這些案件中採用的法律策略取決於加密貨幣是否符合證券資格的關鍵問題。如果是這樣，它們的促銷和銷售將受到一套旨在保護公眾的綜合法規的約束。

"You're now selling a financial instrument," explained Charles Whitehead, a securities regulation expert and professor of business law at Cornell Law School. "And there are rules. This is a heavily regulated industry. There are rules that regulate people, spokespeople, who, for compensation, are running around and touting a security."

「你現在正在出售一種金融工具，」康奈爾法學院證券監管專家兼商法教授查爾斯懷特海德解釋道。 「而且是有規則的。這是一個受到嚴格監管的行業。有一些規則來監管人們、發言人，他們為了補償而四處奔波並兜售安全。”

Courts determine whether an asset qualifies as an "investment contract" and therefore governed by U.S. securities law through the Howey Test, established by the Supreme Court in 1946. If an investment of money in a common enterprise, with an expectation of profits based on the efforts of others, is present, the asset is considered a security.

法院透過最高法院於 1946 年制定的豪伊測試來確定某項資產是否符合「投資合約」的條件並因此受美國證券法管轄。他人的努力，是存在的，該資產被認為是一種擔保。

Federal securities law mandates that those promoting a security must fully disclose the nature, scope, and amount of compensation received for advertising, or risk violating anti-touting regulations.

聯邦證券法規定，證券推廣者必須充分揭露廣告報酬的性質、範圍和金額，否則有違反反兜售法規的風險。

The U.S. Securities and Exchange Commission (SEC), the primary enforcer of securities law, has asserted that most cryptocurrencies and other digital assets fall under the definition of securities. However, the issue remains unsettled in law.

證券法的主要執行者美國證券交易委員會（SEC）聲稱，大多數加密貨幣和其他數位資產都屬於證券的定義。然而，這個問題在法律上仍然懸而未決。

During the crypto boom that began in late 2020, athletes became prominent ambassadors for cryptocurrencies and their exchange platforms. Brady, NBA star Steph Curry, and entertainment personalities like Larry David were among those endorsing crypto products through advertisements and social media posts.

在 2020 年底開始的加密貨幣熱潮中，運動員成為加密貨幣及其交易平台的傑出大使。布雷迪、NBA 球星史蒂芬柯瑞和拉里大衛等娛樂名人都透過廣告和社群媒體貼文支持加密產品。

However, the 2022 crypto market crash triggered a run on crypto exchanges, exposing the vulnerability of these platforms. Voyager filed for bankruptcy in July 2022, followed by FTX in November of the same year. The collapse of FTX, once valued at $32 billion, sent shockwaves through the financial world and prompted scrutiny from regulators and law enforcement.

然而，2022 年的加密貨幣市場崩盤引發了加密貨幣交易所的擠兌，暴露了這些平台的脆弱性。 Voyager 於 2022 年 7 月申請破產，FTX 也於同年 11 月申請破產。一度估值 320 億美元的 FTX 崩潰給金融界帶來了衝擊，並引發了監管機構和執法部門的審查。

In 2023, the SEC filed a lawsuit against Binance, the world's largest crypto exchange, alleging that the company operated an illegal trading platform and mishandled customer funds. Binance founder Changpeng Zhao ultimately pleaded guilty to "failing to maintain an effective anti-money laundering program," and the company was ordered to pay $4.3 billion in criminal penalties.

2023年，SEC對全球最大的加密貨幣交易所幣安提起訴訟，指控該公司經營非法交易平台不需處理客戶資金。幣安創始人趙長鵬最終承認“未能維持有效的反洗錢計劃”，該公司被命令支付 43 億美元的刑事處罰。

Sam Bankman-Fried's guilty plea to seven counts of fraud and conspiracy tied to the collapse of FTX resulted in a 25-year prison sentence. The fallout has also led to several class-action lawsuits against athletes and celebrities who had promoted Voyager, FTX, and Binance.

Sam Bankman-Fried 對與 FTX 崩潰相關的七項欺詐和共謀罪名認罪，最終被判處 25 年監禁。這起事件也引發了多起針對推廣 Voyager、FTX 和幣安的運動員和名人的集體訴訟。

All of the ongoing cases have been filed in the U.S. District Court for the Southern District of Florida. The plaintiffs, represented by attorneys Adam Moskowitz and David Boies, allege billions of dollars in damages stemming from the companies' collapses. Moskowitz has stated that, based on bankruptcy court calculations, total investor losses amount to approximately $3 billion in Voyager Digital and $10 billion in FTX.

所有正在進行的案件均已提交給美國佛羅裡達州南區地方法院。由律師亞當·莫斯科維茨（Adam Moskowitz）和大衛·博伊斯（David Boies）代表的原告聲稱，公司倒閉造成了數十億美元的損失。 Moskowitz 表示，根據破產法庭的計算，Voyager Digital 的投資者損失總額約為 30 億美元，FTX 的投資者損失總額約為 100 億美元。

The outcome of these lawsuits remains uncertain, with the potential for jury trials or out-of-court settlements. The amount of liability that each defendant could face is unclear.

這些訴訟的結果仍不確定，有可能進行陪審團審判或庭外和解。每位被告可能面臨的責任金額尚不清楚。

The Voyager Case

航海家號案件

The Voyager Digital lawsuit names Mark Cuban and the Dallas Mavericks as defendants. Gronkowski, former NBA player Victor Oladipo, and NASCAR driver Landon Cassill were initially named as defendants but have since settled.

Voyager Digital 訴訟將馬克·庫班和達拉斯小牛隊列為被告。格隆考斯基、前 NBA 球員維克托·奧拉迪波和 NASCAR 車手蘭登·卡西爾最初被列為被告，但後來達成和解。

Cuban is accused of inducing plaintiffs to open interest-bearing accounts with Voyager Digital by falsely claiming to have personally invested in the company during a Mavericks news conference in October 2021. The Mavericks later tweeted that customers who downloaded the app, created an account, deposited $100, and made one trade would receive $100 in free bitcoin.

庫班被指控在2021 年10 月小牛隊新聞發布會上謊稱自己個人投資了Voyager Digital，誘導原告在Voyager Digital 開立計息帳戶。小牛隊後來在推特上表示，下載該應用程式、創建帳戶、存入資金的客戶100 美元，完成一筆交易將獲得 100 美元的免費比特幣。

In response, Cuban's attorneys have argued that he advised individuals to "always be careful" with their money and to avoid "rush[ing] into" substantial deposits with Voyager. Cuban also maintains that the Voyager assets in question are not securities.

作為回應，庫班的律師辯稱，他建議個人「始終小心」使用自己的資金，並避免「急於」向 Voyager 存入大量存款。庫班也堅稱，涉案航行者號資產不是證券。

Moskowitz has asserted that Cuban faces "much more liability" than other celebrities involved in the class actions due to his "level of involvement."

莫斯科維茨聲稱，由於庫班的“參與程度”，他比其他參與集體訴訟的名人面臨“更多的責任”。

"He's not just doing an advertisement," Moskowitz said. "I mean, he's the global partner of [Voyager Digital]."

「他不僅僅是在做廣告，」莫斯科維茨說。 “我的意思是，他是 [Voyager Digital] 的全球合作夥伴。”

Cuban has claimed that he had no agreement with Voyager and acted solely in his capacity as governor of the Mavericks. The NBA has also been named as a defendant in a separate case involving Voyager, with the lawsuit alleging that the league's "widespread promotion of Voyager's unregistered securities" makes it liable for damages. The NBA has not filed a response in court, and the case has been stayed pending a decision on the motion to dismiss the case against Cuban. Both cases are overseen by the same judge.

庫班聲稱他與航行者號沒有達成協議，並且僅以小牛隊州長的身份行事。 NBA 也被列為涉及 Voyager 的另一起案件的被告，該訴訟指控聯盟“廣泛宣傳 Voyager 的未註冊證券”，使其承擔損害賠償責任。 NBA尚未向法庭做出回應，該案已被擱置，等待駁回針對庫班案的動議的決定。這兩起案件均由同一名法官審理。

Lawyers for Cuban, the Mavericks, and the NBA have not responded to requests for comment.

庫班、小牛隊和 NBA 的律師尚未回應置評請求。

The FTX Case

FTX 案例

The FTX class-action lawsuit names defendants including Brady, Curry, Los Angeles Dodgers slugger Shohei Ohtani, basketball Hall of Famer Shaquille O'Neal, and Japanese tennis star Naomi Osaka. The celebrity athletes and teams have been accused of "contributing both to the perpetration of the fraud [by FTX], and to the sale of unregistered securities, in a vital way" without disclosing the amount and form of payment received.

FTX 集體訴訟指定的被告包括布雷迪、柯瑞、洛杉磯道奇隊重拳手大谷翔平、籃球名人堂成員沙奎爾·奧尼爾和日本網球明星大阪直美。這些名人運動員和團隊被指控“以至關重要的方式參與了[FTX]的欺詐行為，並出售了未註冊的證券”，但沒有透露收到的付款金額和方式。

A judge is currently considering preliminary objections from the defendants on jurisdictional issues and other basic motions. Brady, in his individual motion to dismiss the case, argues that his general promotion of FTX did not mention the "allegedly unregistered securities" and that the company's collapse "harmed" him as well. He also maintains that "no reasonable consumer would confuse these promotions for anything other than paid endorsements."

法官目前正在考慮被告關於管轄權問題和其他基本動議的初步反對意見。 Brady 在其駁回此案的個人動議中辯稱，他對 FTX 的總體宣傳並未提及“據稱未註冊的證券”，而且該公司的倒閉也“傷害”了他。他還堅稱，“任何理性的消費者都不會將這些促銷活動與付費代言以外的任何東西混為一談。”

The defendants have argued in court filings that the lawsuits do not allege that the plaintiffs made purchases "as a result of viewing an advertisement involving" the athletes. Osaka and Curry have argued that they are not subject to the court's jurisdiction, while O'Neal has stated that he never mentioned the alleged securities in any of his promotions.

被告在法庭文件中辯稱，訴訟並未指控原告「因觀看涉及運動員的廣告而進行購買」。大阪和柯瑞辯稱，他們不受法院管轄，而歐尼爾則表示，他從未在任何促銷活動中提及所指控的證券。

Attorneys for Ohtani have also argued that he is not within the court's jurisdiction and that his agreement with FTX was to promote the company in the Japanese market. They contend that Ohtani did not utter a single word in two internet ads for FTX and therefore could not have misled the plaintiffs.

Ohtani 的律師也辯稱，他不屬於法院的管轄範圍，他與 FTX 的協議是為了在日本市場推廣該公司。他們認為，Ohtani 在 FTX 的兩則網路廣告中並沒有說任何一句話，因此不可能誤導原告。

The parties are awaiting a ruling from the judge on the jurisdictional questions and the defendants' motion to dismiss.

雙方正在等待法官對管轄權問題和被告駁回動議的裁決。

The Binance Case

幣安案例

The complaint against Cristiano Ronaldo involving Binance, filed late last year, alleges that the Portuguese soccer star repeatedly "lent his celebrity and credibility" to the crypto platform through promotions and NFT collections on a site that required customers to sign up and deposit funds. The lawsuit also alleges that he failed to disclose compensation for his promotion of Binance "securities."

去年年底，涉及幣安的針對克里斯蒂亞諾·羅納爾多(Cristiano Ronaldo) 的投訴稱，這位葡萄牙足球明星通過在一個要求客戶註冊並存入資金的網站上進行促銷和NFT 收藏，多次向該加密貨幣平台「借出自己的名氣和信譽」。該訴訟還指控他未能披露其推廣幣安「證券」的報酬。

Another Binance lawsuit filed last year named NBA player Jimmy Butler as a defendant. Butler has filed a motion to compel arbitration or dismiss the case, with his lawyers arguing that Butler "could not have caused any alleged injury because the statements attributed to him are neither untrue nor misleading, bespeak caution, constitute immaterial puffery, do not promote or even mention any alleged security identified in the Amended Complaint and certainly do not encourage investment in them."

去年幣安提起的另一起訴訟將 NBA 球員吉米·巴特勒列為被告。巴特勒已提出強制仲裁或駁回案件的動議，他的律師辯稱巴特勒「不可能造成任何所謂的傷害，因為他的陳述既不真實也不具有誤導性，請謹慎行事，構成無關緊要的虛張聲勢，不宣揚或甚至提及修訂後的投訴中指出的任何所謂的安全，當然不鼓勵對其進行投資。”

Ronaldo has not responded to the claims in court filings, and spokespeople for Butler and Ronaldo have not returned requests for comment. The cases are currently awaiting a decision by a judge on whether an "arbitration agreement" in the Binance terms of use is binding. The clause generally stipulates that parties must bring claims before an arbitrator rather than a judge or jury.

羅納多尚未對法庭文件中的指控做出回應，巴特勒和羅納多的發言人也沒有回覆置評請求。這些案件目前正在等待法官就幣安使用條款中的「仲裁協議」是否具有約束力做出裁決。該條款一般規定當事人必須向仲裁人而非法官或陪審團提出索賠。

The Precedents

先例

Courts in different federal court circuits have issued conflicting rulings on whether cryptocurrencies are securities. Experts in the industry are unsure whether the legal argument proposed by Moskowitz and Boies will succeed due to the unique nature of each case.

不同聯邦巡迴法院的法院就加密貨幣是否屬於證券發布了相互矛盾的裁決。由於每個案件的獨特性，業內專家不確定莫斯科維茨和博伊斯提出的法律論點是否會成功。