里程碑式的判決：Terraform Labs、Do Kwon 在 TerraUSD 崩潰中負有責任

4 月 5 日，曼哈頓陪審團裁定 Terraform Labs 及其創始人 Do Kwon 應對民事詐欺負責。陪審團同意 SEC 的指控，即他們在 TerraUSD 的穩定性方面誤導了投資者，TerraUSD 是一種旨在維持 1 美元價值的穩定幣。監管機構還指控 Terraform 和 Kwon 謊稱其區塊鏈用於韓國流行的行動支付應用程式。

Landmark Verdict in TerraUSD Collapse: Terraform Labs and Do Kwon Held Liable for Civil Fraud

TerraUSD 崩潰的里程碑判決：Terraform Labs 和 Do Kwon 因民事詐欺承擔責任

In a landmark verdict that sent shockwaves through the cryptocurrency industry, a jury in Manhattan's federal court has found Terraform Labs, a Singapore-based blockchain company, and its founder, Do Kwon, liable on civil fraud charges. The verdict, delivered on April 5, 2023, concluded a two-week trial that examined the events leading up to the catastrophic collapse of TerraUSD (UST), the stablecoin developed by Terraform, in May 2022.

在一項震驚整個加密貨幣行業的里程碑式判決中，曼哈頓聯邦法院的陪審團裁定總部位於新加坡的區塊鏈公司 Terraform Labs 及其創始人 Do Kwon 應對民事欺詐指控承擔責任。該判決於 2023 年 4 月 5 日做出，結束了為期兩週的審判，該審判審查了導致 Terraform 開發的穩定幣 TerraUSD (UST) 在 2022 年 5 月災難性崩潰的事件。

Misleading Investors: The SEC's Case

誤導投資者：美國證券交易委員會的案例

The United States Securities and Exchange Commission (SEC) filed a lawsuit against Terraform and Kwon in May 2022, alleging that they fraudulently misled investors about the stability of UST and the capabilities of Terraform's blockchain technology. The SEC claimed that Terraform and Kwon made false statements about the stability of UST and its ability to maintain a constant value of $1.00. The SEC further alleged that Terraform falsely represented that its blockchain was utilized by Chai, a popular Korean mobile payment application, when in reality, its usage was limited.

美國證券交易委員會 (SEC) 於 2022 年 5 月對 Terraform 和 Kwon 提起訴訟，指控他們在 UST 的穩定性和 Terraform 區塊鏈技術的功能方面欺騙性地誤導投資者。 SEC 聲稱 Terraform 和 Kwon 對 UST 的穩定性及其維持 1.00 美元恆定價值的能力做出了虛假陳述。 SEC 進一步指控 Terraform 錯誤地表示其區塊鏈被韓國流行的行動支付應用程式 Chai 使用，而實際上，其使用受到限制。

Defense Arguments: Terraform's Response

辯護論點：Terraform 的回應

Terraform's attorneys argued that the SEC's case relied on statements taken out of context and that the company and Kwon had acted in good faith in their representations about UST and Terraform's blockchain. Louis Pellegrino, an attorney for Terraform, argued that the SEC had failed to prove that Terraform had intentionally misled investors and that the collapse of UST was an unforeseen consequence of market fluctuations and broader economic conditions.

Terraform 的律師辯稱，SEC 的案件依賴於斷章取義的陳述，而該公司和 Kwon 在有關 UST 和 Terraform 區塊鏈的陳述中是真誠行事的。 Terraform 的律師 Louis Pellegrino 辯稱，SEC 未能證明 Terraform 故意誤導投資者，而 UST 的崩潰是市場波動和更廣泛的經濟狀況的不可預見的結果。

Convincing the Jury: The Prosecution's Arguments

說服陪審團：檢方的論點

In its closing arguments, the SEC presented compelling evidence that Terraform and Kwon had engaged in a deliberate scheme to deceive investors. SEC attorney Laura Meehan argued that the company's success story was "built on lies" and that Terraform and Kwon had failed to disclose material information about the risks associated with investing in UST. Meehan emphasized that "if you swing big and you miss, and you don't tell people that you came up short, that is fraud."

在結案陳詞中，SEC 提供了令人信服的證據，證明 Terraform 和 Kwon 參與了一項故意欺騙投資者的計劃。 SEC 律師 Laura Meehan 辯稱，該公司的成功故事“建立在謊言之上”，Terraform 和 Kwon 未能披露有關投資 UST 相關風險的重要資訊。米漢強調說，“如果你揮桿很大，卻錯過了機會，而且你沒有告訴人們你的表現不夠，那就是欺詐。”

The Consequences: Financial Penalties and Industry Bans

後果：經濟處罰和行業禁令

The jury's verdict has significant implications for Terraform, Kwon, and the cryptocurrency industry as a whole. The SEC is seeking substantial civil financial penalties, which could amount to billions of dollars. Additionally, the SEC is requesting orders barring Terraform and Kwon from participating in the securities industry. These penalties could severely damage Terraform's operations and prohibit Kwon from further involvement in the cryptocurrency sector.

陪審團的裁決對 Terraform、Kwon 以及整個加密貨幣產業有重大影響。美國證券交易委員會正在尋求巨額民事罰款，金額可能高達數十億美元。此外，SEC 正在要求禁止 Terraform 和 Kwon 參與證券業的命令。這些處罰可能會嚴重損害 Terraform 的運營，並阻止 Kwon 進一步參與加密貨幣領域。

International Cooperation and Criminal Charges

國際合作和刑事指控

Kwon, who was arrested in Montenegro in March 2023, did not attend the trial. Both the US and South Korea, where Kwon is a citizen, have sought his extradition on criminal charges related to the UST collapse. The outcome of these extradition requests will determine whether Kwon will face further legal consequences for his actions.

權於 2023 年 3 月在黑山被捕，他沒有出席審判。權是公民的美國和韓國都因與科技大學垮台有關的刑事指控而尋求引渡他。這些引渡請求的結果將決定權是否會因其行為而面臨進一步的法律後果。

Market Impact and Regulatory Scrutiny

市場影響和監管審查

The collapse of UST and the subsequent verdict against Terraform and Kwon have had a profound impact on the cryptocurrency market. The UST collapse caused a ripple effect that dragged down the value of other cryptocurrencies, including Bitcoin, and contributed to a wider market downturn. The verdict also intensifies regulatory scrutiny of the cryptocurrency industry, as it underscores the need for greater transparency and accountability in the rapidly evolving digital asset landscape.

UST 的崩潰以及隨後針對 Terraform 和 Kwon 的判決對加密貨幣市場產生了深遠的影響。 UST 的崩潰引發了連鎖反應，拖累了包括比特幣在內的其他加密貨幣的價值，並導致了更廣泛的市場低迷。該判決還加強了對加密貨幣行業的監管審查，因為它強調了在快速發展的數位資產領域需要提高透明度和問責制。

Terraform's Bankruptcy and Ongoing Investigations

Terraform 的破產和正在進行的調查

Terraform itself filed for bankruptcy protection in January 2023, citing the collapse of UST as the primary cause of its financial difficulties. The company's bankruptcy proceedings and the ongoing investigations by both the SEC and other regulatory agencies will further shed light on the events leading up to the UST collapse and the potential culpability of Terraform and its executives.

Terraform 本身於 2023 年 1 月申請破產保護，並表示 UST 的倒閉是其財務困難的主要原因。該公司的破產程序以及 SEC 和其他監管機構正在進行的調查將進一步揭示導致 UST 崩潰的事件以及 Terraform 及其高管的潛在罪行。

Lessons Learned and Future Considerations

經驗教訓與未來的考慮

The verdict against Terraform and Kwon serves as a cautionary tale for investors, developers, and regulators alike. It highlights the importance of due diligence, transparency, and robust regulatory oversight in the cryptocurrency industry. As the industry continues to evolve and new technologies emerge, it is crucial to learn from past mistakes and implement safeguards to protect investors and the integrity of the financial system.

針對 Terraform 和 Kwon 的判決對投資者、開發商和監管機構來說都是一個警示。它強調了加密貨幣行業盡職調查、透明度和強有力的監管監督的重要性。隨著產業的不斷發展和新技術的出現，從過去的錯誤中學習並實施保障措施以保護投資者和金融體系的完整性至關重要。