TerraForm 實驗室審判中揭曉 SEC 的「紙牌屋」指控

美國證券交易委員會 (SEC) 已對 TerraForm Labs 及其創始人 Do Kwon 提起法律訴訟，指控其在操縱 UST 加密貨幣方面存在欺詐行為。 Kwon 從黑山的引渡已被推遲，而 SEC 的律師批評 Terra 生態系統是「紙牌屋」。開庭陳詞和初步證詞深入了解了 SEC 的主張和 TerraForm Labs 的辯護，陪審團將進行審議，預計將在兩週內做出裁決。

SEC's 'House of Cards' Allegations Unfold in TerraForm Labs Trial

SEC 的“紙牌屋”指控在 TerraForm 實驗室審判中展開

In a highly anticipated trial that commenced on March 25, 2024, the U.S. Securities and Exchange Commission (SEC) has launched a multifaceted assault against Do Kwon, TerraForm Labs, and their flagship blockchain project, alleging a web of deceit and manipulation that culminated in the spectacular collapse of the Terra ecosystem in May 2021. The initial testimonies and legal maneuvers have set the stage for a protracted legal battle that has the potential to reshape the regulatory landscape for blockchain and cryptocurrency ventures.

在2024 年3 月25 日開始的備受期待的審判中，美國證券交易委員會(SEC) 對Do Kwon、TerraForm Labs 及其旗艦區塊鏈項目發起了多方面的攻擊，指控存在欺騙和操縱網絡，最終導致2021 年5 月，Terra 生態系統發生了驚人的崩潰。最初的證詞和法律行動為一場曠日持久的法律戰奠定了基礎，這場法律戰有可能重塑區塊鏈和加密貨幣企業的監管格局。

Opening Salvos: Fraud, Deception, and a Ticking Time Bomb

開場齊射：欺詐、欺騙和定時炸彈

The SEC's opening arguments painted a stark picture, accusing Kwon and TerraForm Labs executives of orchestrating a fraudulent scheme that artificially inflated the trading volume of the Terra ecosystem and propped up the market value of the stablecoin UST, which was designed to maintain a $1 peg but plummeted to a fraction of its value in a matter of days. The SEC attorney, Devon Staren, likened Terra's ecosystem to a "House of Cards," a ticking time bomb destined to implode.

SEC 的開庭陳詞描繪了一幅鮮明的畫面，指責Kwon 和TerraForm Labs 高管精心策劃了一項欺詐計劃，人為誇大Terra 生態系統的交易量並支撐穩定幣UST 的市場價值，該穩定幣的設計初衷是維持1 美元的掛鉤，但幾天之內就跌至其價值的一小部分。 SEC 律師 Devon Staren 將 Terra 的生態系統比作“紙牌屋”，是一顆注定要爆炸的定時炸彈。

To support these assertions, the SEC presented evidence from Slack chat logs exchanged between Kwon and Daniel Shin, among other Terra co-founders. These communications allegedly reveal a concerted effort to mislead investors and conceal the true nature of the Terra ecosystem's underpinnings.

為了支持這些說法，SEC 提供了 Kwon 和 Daniel Shin 以及其他 Terra 聯合創始人之間交換的 Slack 聊天日誌中的證據。據稱，這些通信揭示了誤導投資者並掩蓋 Terra 生態系統基礎的真實性質的共同努力。

Defense's Rebuttal: Smart Contract Error and SEC's Overreach

辯方的反駁：智能合約錯誤與 SEC 的越權行為

Kwon's defense team vigorously countered the SEC's allegations, arguing that the $40 billion crypto wipeout in May 2021 stemmed from a smart contract error rather than intentional misconduct. They emphasized that the Terra ecosystem was a novel and innovative undertaking, and that its failure should not be conflated with fraud.

Kwon 的辯護團隊強烈反駁 SEC 的指控，認為 2021 年 5 月 400 億美元的加密貨幣損失源於智能合約錯誤，而不是故意的不當行為。他們強調，Terra 生態系統是一項新穎且創新的事業，其失敗不應與詐欺混為一談。

The defense also accused the SEC of cherry-picking facts and selectively presenting evidence, highlighting the SEC's earlier summary judgment that sided with Kwon's defense on the issue of security-based swaps but granted the SEC a partial win on claims of selling unregistered crypto assets.

辯方還指責SEC 挑選事實並選擇性地提供證據，強調了SEC 早些時候的簡易判決，該判決支持Kwon 在基於證券的互換問題上的辯護，但在出售未註冊加密資產的指控中使SEC 獲得了部分勝訴。

Judge Rakoff's Intervention and Absence of a Final Verdict

拉科夫法官的干預和最終判決的缺席

Judge Jed Rakoff, presiding over the trial, played an active role in challenging the SEC's claims, particularly regarding the allegation that TerraForm Labs illegally offered security-based swaps. However, the judge declined to issue a final verdict, granting a two-week deadline for a decision.

主持審判的法官 Jed Rakoff 在挑戰 SEC 的指控方面發揮了積極作用，特別是關於 TerraForm Labs 非法提供基於證券的互換的指控。然而，法官拒絕做出最終裁決，並給出了兩週的最後期限。

Absence of Do Kwon and Ongoing Negotiations

道權缺席和正在進行的談判

Do Kwon's absence from the hearing due to his extended stay in Montenegro served as a reminder of the ongoing international dimension of the case. Meanwhile, Chris Amani, the current CEO of TerraForm Labs, urged followers to monitor the court proceedings closely, emphasizing the significance of this opportunity to present Terra's side of the story.

Do Kwon 因在黑山逗留時間過長而缺席聽證會，這提醒人們此案正在國際層面上進行。同時，TerraForm Labs 現任執行長 Chris Amani 敦促追隨者密切關注法庭訴訟程序，並強調這個機會展示 Terra 方面的故事的重要性。

Implications for Blockchain Regulation and Closure for Terra Victims

區塊鏈監管和關閉對 Terra 受害者的影響

The outcome of this high-profile trial is expected to have a profound impact on the regulation of blockchain and cryptocurrency ventures. A victory for the SEC could strengthen the agency's authority and establish a precedent for stricter enforcement against entities operating in this rapidly evolving space. Conversely, a win for Kwon and TerraForm Labs could provide some much-needed clarity and curtail the SEC's regulatory reach.

這項備受矚目的審判的結果預計將對區塊鏈和加密貨幣企業的監管產生深遠影響。 SEC 的勝利可以增強該機構的權威，並為在這個快速發展的領域中運作的實體制定更嚴格的執法先例。相反，Kwon 和 TerraForm Labs 的勝利可能會提供一些急需的透明度，並限制 SEC 的監管範圍。

For the investors who lost billions in the Terra Luna fiasco, this trial represents an opportunity for closure and accountability. The final decision will determine the extent to which those responsible for the ecosystem's collapse will be held liable for their actions.

對於在 Terra Luna 慘敗中損失數十億美元的投資者來說，這次審判代表了一個結束和追究責任的機會。最終的決定將決定那些對生態系統崩潰負有責任的人對其行為承擔的責任程度。

Additional Context and Commentary

附加背景和評論

Kwon's general attorney, David Patton, stated that failure does not equate to fraud, and that Terra's LUNA and UST tokens were not marketed as risk-free investments. These arguments echo the broader debate surrounding the nature of cryptocurrency regulation and the need to strike a balance between innovation and investor protection.

Kwon 的總律師 David Patton 表示，失敗並不等於欺詐，而 Terra 的 LUNA 和 UST 代幣並未作為無風險投資進行行銷。這些論點呼應了圍繞加密貨幣監管的性質以及在創新和投資者保護之間取得平衡的必要性的更廣泛的辯論。

The allegations against TerraForm Labs and the ensuing legal proceedings have served as a wake-up call for the cryptocurrency industry, highlighting the importance of transparency, accountability, and compliance. As the trial continues to unfold, it remains to be seen how the judiciary will grapple with the complex legal and technological issues at hand.

針對 TerraForm Labs 的指控以及隨後的法律訴訟為加密貨幣行業敲響了警鐘，凸顯了透明度、問責制和合規性的重要性。隨著審判的繼續展開，司法部門將如何解決當前複雜的法律和技術問題仍有待觀察。

In addition to the legal proceedings, the Terra community has been closely monitoring the trial, with many expressing a range of emotions, including anger, frustration, and a desire for justice. The outcome of this case has the potential to significantly shape the future of blockchain technology and the wider crypto ecosystem.

除了法律訴訟之外，泰拉社區一直在密切關注審判，許多人表達了一系列情緒，包括憤怒、沮喪和對正義的渴望。此案的結果有可能顯著塑造區塊鏈技術和更廣泛的加密生態系統的未來。