SEC 對 Jump Trading 處以 1.23 億美元罰款，原因是其在支撐 TerraUSD 穩定幣方面的作用

美國證券交易委員會 (SEC) 最近對 Jump Trading 處以 1.23 億美元巨額罰款，原因是該公司在大幅脫鉤期間為 TerraUSD 穩定幣提供了支撐。這起事件引發了關於市場操縱和加密產業風險的新爭論。讓我們來分析一下發生了什麼，為什麼它很重要，以及它對數位資產的未來意味著什麼。

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Jump Trading's role in propping up the TerraUSD (UST) stablecoin during its dramatic depeg last year, hitting the firm's crypto unit, Tai Mo Shan, with a hefty $123 million fine. This incident, which sparked fresh debates about market manipulation and the risks inherent in the crypto industry, has now culminated in a legal resolution. Let's unpack the key details of this development.

美國證券交易委員會 (SEC) 已結束對 Jump Trading 在去年戲劇性脫鉤期間支撐 TerraUSD (UST) 穩定幣的調查，該公司的加密貨幣部門 Tai Mo Shan 被處以 1.23 億美元巨額罰款。這起事件引發了關於市場操縱和加密貨幣行業固有風險的新辯論，現在最終以法律解決方案告終。讓我們來揭開這項發展的關鍵細節。

Following the TerraUSD (UST) stablecoin's loss of peg to the U.S. dollar in May 2021, the stablecoin appeared to recover on its own, stabilizing back at $1. However, behind the scenes, Tai Mo Shan intervened by purchasing $20 million worth of UST to restore the peg, according to an SEC complaint. These actions misled investors about the stability of UST and its related token, Luna, the SEC said.

TerraUSD (UST) 穩定幣於 2021 年 5 月失去與美元掛鉤後，該穩定幣似乎自行復甦，穩定在 1 美元。然而，根據 SEC 的一份投訴，大帽山在幕後進行幹預，購買了價值 2000 萬美元的 UST 以恢復與美元掛鉤。 SEC 表示，這些行為誤導了投資者對 UST 及其相關代幣 Luna 穩定性的認識。

The SEC and Tai Mo Shan, named after the highest peak in Hong Kong, reached a settlement where the subsidiary will pay $123 million in penalties, which includes over $86 million in disgorgement (representing profits plus interest) and $36 million as a civil penalty. Tai Mo Shan's actions deceived investors into believing Terraform Labs' arbitrage mechanism worked effectively during the depeg, according to the SEC.

美國證券交易委員會與以香港最高峰命名的大帽山達成和解，該子公司將支付1.23 億美元的罰款，其中包括超過8,600 萬美元的沒收收益（代表利潤加利息）和3,600 萬美元的民事罰款。據 SEC 稱，大帽山的行為欺騙了投資者，讓他們相信 Terraform Labs 的套利機制在脫鉤期間有效發揮作用。

The $86 million disgorgement reflects the profits Tai Mo Shan reportedly earned after stepping in with $20 million to stabilize UST. In return, the subsidiary received locked Luna tokens, which it later sold on the market to the tune of $86 million. While the SEC initially accused Tai Mo Shan of profiting $1.28 billion from these transactions in an earlier complaint, the final settlement focused on the $123 million penalty.

據報道，大帽山以 2000 萬美元介入穩定 UST 後獲得了 8,600 萬美元的返還利潤。作為回報，該子公司收到了鎖定的 Luna 代幣，隨後在市場上出售了價值 8,600 萬美元的代幣。雖然 SEC 最初在早些時候的投訴中指控大帽山從這些交易中獲利 12.8 億美元，但最終和解的重點是 1.23 億美元的罰款。

Terraform Labs' founder, Do Kwon, had previously hailed TerraUSD's recovery as a triumph of the algorithmic stabilization mechanism, calling it a "black swan event" that the system withstood under extreme stress. But the SEC claims that Kwon failed to disclose Tai Mo Shan's role in stabilizing UST, misleading investors into believing the system worked as intended.

Terraform Labs 的創辦人 Do Kwon 先前曾稱讚 TerraUSD 的復甦是演算法穩定機制的勝利，稱這是系統在極端壓力下承受的「黑天鵝事件」。但美國證券交易委員會聲稱，Kwon 未能披露大帽山在穩定 UST 方面的作用，誤導投資者相信該系統按預期發揮作用。

Jump Crypto's president, Kanav Kariya, invoked the Fifth Amendment during a previous deposition when questioned about the deal. As part of the settlement, Tai Mo Shan has agreed to pay the penalty without admitting or denying the SEC's findings.

Jump Crypto 總裁 Kanav Kariya 在先前的證詞中被問及該交易時援引了第五修正案。作為和解協議的一部分，大帽山同意支付罰款，但不承認或否認 SEC 的調查結果。

“Tai Mo Shan should have known that purchasing UST and artificially supporting its price misled the market regarding the stability of UST’s peg and the effectiveness of Terraform’s algorithm designed to maintain that stability,” the SEC said in its order.

美國證券交易委員會在其命令中表示：“大帽山應該知道，購買 UST 並人為支撐其價格，誤導了市場對 UST 掛鉤穩定性以及 Terraform 旨在維持這種穩定性的算法有效性的認識。”

In a separate development, Terraform Labs reached a settlement with the SEC, agreeing to pay over $4 billion in fines following the collapse of its ecosystem. Earlier this year, the firm received approval from a U.S. bankruptcy judge to begin its wind-down process in September.

在另一項進展中，Terraform Labs 與 SEC 達成和解，同意在其生態系統崩潰後支付超過 40 億美元的罰款。今年早些時候，該公司獲得美國破產法官的批准，並將於 9 月開始其清算程序。