Terraform Labs SEC 案件的里程碑判決為加密產業樹立了監管先例

曼哈頓的陪審團裁定 Terraform Labs 和 Do Kwon 在美國證券交易委員會提起的民事訴訟中承擔詐欺投資者的責任。美國證券交易委員會指控 Terraform Labs 在 UST 穩定幣的穩定性方面誤導了投資者，並對其技術在韓國支付系統 Chai 中的使用做出了虛假聲明。 Terraform Labs 宣布他們不同意判決，並正在考慮上訴。美國證券交易委員會執法主管 Gurbir Grewal 表示，此案是投資者因 Terraform Labs 的行為而可能面臨損失的「災難性例子」。

Landmark Verdict in Terraform Labs SEC Case Sets Regulatory Precedent for Cryptocurrency Industry

Terraform Labs SEC 案件的里程碑判決為加密貨幣行業樹立了監管先例

April 5, 2024

2024 年 4 月 5 日

Manhattan, New York

紐約曼哈頓

In a groundbreaking verdict that sent shockwaves through the cryptocurrency world, a Manhattan jury unanimously found Terraform Labs and its co-founder, Do Kwon, liable for defrauding investors and misleading the public about the stability of their flagship stablecoin, UST. The verdict, issued on Tuesday, marks a watershed moment in the regulation of the burgeoning cryptocurrency industry and is likely to have far-reaching implications for the future of digital assets.

在一項震撼整個加密貨幣世界的開創性判決中，曼哈頓陪審團一致認定 Terraform Labs 及其聯合創始人 Do Kwon 應對欺騙投資者以及誤導公眾對其旗艦穩定幣 UST 的穩定性負有責任。週二發布的判決標誌著新興加密貨幣行業監管的分水嶺，並可能對數位資產的未來產生深遠影響。

SEC's Sweeping Allegations

SEC 的全面指控

The allegations against Terraform Labs and Kwon were brought by the US Securities and Exchange Commission (SEC), a government agency tasked with regulating the securities markets. The SEC alleged that Terraform Labs and Kwon engaged in a multi-year scheme to deceive investors about UST and its underlying technology, Chai, a South Korean payment platform.

針對 Terraform Labs 和 Kwon 的指控是由美國證券交易委員會 (SEC) 提出的，該委員會是負責監管證券市場的政府機構。 SEC 指控 Terraform Labs 和 Kwon 參與了一項多年計劃，旨在就 UST 及其基礎技術（韓國支付平台 Chai）欺騙投資者。

According to the SEC's complaint, Terraform Labs and Kwon falsely represented that UST was a stablecoin pegged to the US dollar, when in reality it was backed by a volatile cryptocurrency called LUNA. The SEC also alleged that Terraform Labs and Kwon made false claims about Chai's adoption and usage, inflating the value of both UST and LUNA.

根據 SEC 的投訴，Terraform Labs 和 Kwon 錯誤地表示 UST 是與美元掛鉤的穩定幣，而實際上它是由一種名為 LUNA 的波動性加密貨幣所支持的。 SEC 還指控 Terraform Labs 和 Kwon 對 Chai 的採用和使用做出虛假聲明，誇大了 UST 和 LUNA 的價值。

Jury's Findings

陪審團的調查結果

After a week-long trial, the jury found Terraform Labs and Kwon liable on all charges. The jury concluded that UST was a security, not a commodity, and that Terraform Labs and Kwon had violated federal securities laws by misleading investors about the risks associated with investing in UST.

經過一週的審判後，陪審團裁定 Terraform Labs 和 Kwon 對所有指控負有責任。陪審團得出的結論是，UST 是一種證券，而不是商品，Terraform Labs 和 Kwon 誤導投資者了解投資 UST 的相關風險，違反了聯邦證券法。

Terraform Labs Denounces Verdict, Vows to Fight

Terraform Labs 譴責判決，誓言抗爭

Terraform Labs immediately denounced the verdict, vowing to appeal the decision and continue fighting the SEC's allegations. In a statement released shortly after the verdict was announced, Terraform Labs expressed disappointment and claimed that the evidence presented at trial did not support the jury's findings. The company also questioned the SEC's authority to bring the case, arguing that UST was not a security.

Terraform Labs 立即譴責了這一判決，並發誓將對這一決定提出上訴，並繼續對抗 SEC 的指控。在判決宣布後不久發布的聲明中，Terraform Labs 表示失望，並聲稱審判中提供的證據並不支持陪審團的調查結果。該公司也質疑 SEC 提起訴訟的權力，認為 UST 不是證券。

SEC Hails Verdict as a Victory for Investors

美國證券交易委員會 (SEC) 稱讚判決是投資者的勝利

The SEC hailed the verdict as a significant victory for investors and the cryptocurrency industry as a whole. Gurbir Grewal, Director of the SEC's Enforcement Division, stated that the verdict sends a clear message that companies operating in the cryptocurrency space will be held accountable for their actions.

美國證券交易委員會稱讚這項判決對投資者和整個加密貨幣產業來說是一場重大勝利。美國證券交易委員會執法部門主管 Gurbir Grewal 表示，該判決發出了一個明確的訊息，即在加密貨幣領域運作的公司將對其行為負責。

Grewal emphasized that the case was a "catastrophic example" of the losses that investors can face when companies engage in fraud and misrepresentation. He warned other cryptocurrency entities that they would face similar consequences if they engaged in similar misconduct.

格雷瓦爾強調，此案是一個“災難性的例子”，說明當公司進行欺詐和虛假陳述時，投資者可能面臨損失。他警告其他加密貨幣實體，如果他們從事類似的不當行為，他們將面臨類似的後果。

Verdict Sets Regulatory Precedent

判決開創了監管先例

Legal experts believe that the verdict in the Terraform Labs case will have a profound impact on the regulation of the cryptocurrency industry. The verdict clearly establishes that the SEC has the authority to regulate digital assets and that companies operating in this space will be held to the same standards as traditional financial institutions.

法律專家認為，Terraform Labs案的判決將對加密貨幣產業的監管產生深遠影響。該判決明確規定，美國證券交易委員會有權監管數位資產，並且在該領域運營的公司將遵守與傳統金融機構相同的標準。

The verdict is also likely to spur additional regulatory action from both the SEC and other government agencies. The SEC has already announced plans to increase its scrutiny of the cryptocurrency industry, and the verdict in the Terraform Labs case is likely to provide additional impetus for these efforts.

該判決還可能促使美國證券交易委員會和其他政府機構採取額外的監管行動。美國證券交易委員會已經宣布計劃加強對加密貨幣行業的審查，而 Terraform Labs 案件的判決可能會為這些努力提供額外的動力。

Do Kwon Faces Criminal Charges

Do Kwon 面臨刑事指控

In addition to the civil lawsuit filed by the SEC, Do Kwon is also facing criminal charges in both the United States and South Korea. The criminal charges stem from the collapse of LUNA, which led to billions of dollars in losses for investors.

除了美國證券交易委員會提起的民事訴訟外，Do Kwon 還面臨美國和韓國的刑事指控。這些刑事指控源於 LUNA 的倒閉，該倒閉給投資者帶來了數十億美元的損失。

Kwon has been arrested in Montenegro and is currently awaiting extradition to the United States. The extradition process has been delayed due to legal challenges, but it is expected to proceed in the coming months.

權已在黑山被捕，目前正等待引渡到美國。由於法律挑戰，引渡程序已被推遲，但預計將在未來幾個月內進行。

If extradited to the United States, Kwon will face a number of criminal charges, including securities fraud and wire fraud. He has pleaded not guilty to all charges.

如果被引渡到美國，權將面臨多項刑事指控，包括證券詐欺和電匯詐欺。他對所有指控均表示不認罪。

Aftermath of Verdict

判決後的影響

The verdict in the Terraform Labs case and the ongoing criminal charges against Do Kwon have sent shockwaves through the cryptocurrency industry. Investors have lost billions of dollars, and confidence in the stability of digital assets has been shaken.

Terraform Labs 案的判決以及對 Do Kwon 的持續刑事指控在加密貨幣行業引起了震動。投資者損失數十億美元，對數位資產穩定性的信心動搖。

The verdict is a major setback for Terraform Labs and Kwon, and it remains to be seen how the company and its co-founder will recover from this legal onslaught. However, the verdict is also a victory for the SEC and for investors who have been victimized by fraud in the cryptocurrency industry. The verdict sends a clear message that companies operating in this space will be held accountable for their actions, and it is likely to have a significant impact on the regulation of the cryptocurrency industry in the years to come.

這項判決對 Terraform Labs 和 Kwon 來說是一個重大挫折，該公司及其聯合創始人將如何從這場法律攻擊中恢復過來還有待觀察。不過，這項判決對於 SEC 以及遭受加密貨幣產業詐欺行為受害者的投資者來說也是一場勝利。該判決發出了一個明確的訊息，即在該領域運營的公司將對其行為負責，並且很可能對未來幾年加密貨幣行業的監管產生重大影響。