美國證券交易委員會 (SEC) 對 Terraform Labs 發起民事詐欺審判，Do Kwon 因 UST 倒閉而受審

在 SEC 針對 Terraform Labs 及其創始人的民事詐欺審判中，SEC 指控該公司和 Kwon 歪曲了 TerraUSD 的穩定性，導致投資者損失超過 400 億美元。 SEC 聲稱 TerraUSD 是透過第三方秘密購買支撐的，並且 Terraform 錯誤地宣傳了其區塊鏈在韓國支付應用程式中的使用。被告否認這些指控，Terraform 的律師引用了精心挑選的證據，Kwon 的律師強調失敗並不構成詐欺。

SEC Commences Civil Fraud Trial Against Terraform Labs and Do Kwon

SEC 開始對 Terraform Labs 和 Do Kwon 進行民事詐欺審判

By Jody Godoy

喬迪·戈多伊

New York, New York - The Securities and Exchange Commission (SEC) initiated a civil fraud trial against Terraform Labs and its founder, Do Kwon, on Monday, alleging that they misled investors about the stability of TerraUSD (UST), a stablecoin that collapsed in 2022, causing significant market turmoil.

紐約州紐約- 週一，美國證券交易委員會(SEC) 對Terraform Labs 及其創始人Do Kwon 發起民事欺詐審判，指控他們在TerraUSD (UST) 的穩定性方面誤導了投資者，而TerraUSD (UST) 是一種已經崩盤的穩定幣2022年，造成市場大幅動盪。

SEC's Allegations

美國證券交易委員會的指控

Devon Staren, an attorney for the SEC, asserted that Terraform Labs and Kwon constructed a "house of cards" by falsely representing UST's stability. The SEC also accused them of making misleading claims about the use of Terraform's blockchain in a popular South Korean mobile payment application.

美國證券交易委員會 (SEC) 律師德文·斯塔倫 (Devon Staren) 聲稱，Terraform Labs 和 Kwon 錯誤地代表了 UST 的穩定性，從而構建了一座「紙牌屋」。美國證券交易委員會還指控他們對在韓國流行的行動支付應用程式中使用 Terraform 區塊鏈做出誤導性聲明。

"Terra was a fraud, a house of cards, and when it collapsed, investors lost nearly everything," Staren declared during the trial.

「泰拉是一個騙局，是一座紙牌屋，當它倒塌時，投資者幾乎失去了一切，」斯塔倫在審判期間宣稱。

Terraform's Defense

地形防禦

Louis Pellegrino, an attorney representing Terraform Labs, contended that the SEC's case is based on selective evidence and the testimony of individuals seeking whistleblower rewards if the SEC prevails. David Patton, Kwon's attorney, emphasized that Kwon never portrayed Terra's cryptocurrency as risk-free.

Terraform Labs 的律師 Louis Pellegrino 辯稱，SEC 的案件是基於選擇性證據以及如果 SEC 勝訴則尋求舉報人獎勵的個人的證詞。 Kwon 的律師 David Patton 強調，Kwon 從未將 Terra 的加密貨幣描述為無風險。

"Failure doesn't equal fraud," Patton argued.

「失敗並不等於欺詐，」巴頓辯稱。

Kwon's Absence and Legal Proceedings

權先生的缺席和法律訴訟

Kwon is not present at the trial, which is projected to last approximately two weeks. He was apprehended in Montenegro in March 2023 and is awaiting extradition to South Korea, where he faces criminal charges. A Montenegrin court recently postponed his extradition due to concerns raised by the prosecutor's office.

權沒有出席審判，預計審判將持續約兩週。他於 2023 年 3 月在黑山被捕，正在等待引渡到韓國，他在韓國面臨刑事指控。由於檢察官辦公室提出的擔憂，黑山法院最近推遲了對他的引渡。

Federal prosecutors in New York have also indicted Kwon with fraud and are pursuing his extradition to the United States.

紐約聯邦檢察官也以詐欺罪起訴權某，並正在尋求將他引渡到美國。

TerraUSD and Luna's Collapse

TerraUSD 和 Luna 的崩潰

Kwon created TerraUSD and Luna, a volatile token that was closely linked to UST. The SEC estimates that investors lost over $40 billion in both tokens combined when UST's peg to the dollar failed in May 2022.

Kwon 創建了 TerraUSD 和 Luna，這是與 UST 密切相關的波動性代幣。美國證券交易委員會估計，2022 年 5 月 UST 與美元掛鉤失敗後，這兩種代幣的投資者損失總計超過 400 億美元。

The collapse of UST and Luna precipitated a decline in the value of other cryptocurrencies, including Bitcoin, and caused widespread disruption in the crypto market, leading to several bankruptcies in 2022.

UST 和 Luna 的崩潰導致包括比特幣在內的其他加密貨幣價值下跌，並對加密市場造成廣泛破壞，導致 2022 年出現多起破產事件。

SEC's Alleged Manipulations

SEC 涉嫌操縱行為

The SEC alleges that Kwon and Terraform Labs secretly orchestrated the purchase of substantial amounts of UST by a third party to maintain its price when the stablecoin briefly lost its peg in May 2021. According to the SEC, Kwon falsely attributed the recovery to the effectiveness of UST's algorithms.

美國證券交易委員會(SEC) 指控，當穩定幣在2021 年5 月短暫失去錨定匯率時，Kwon 和Terraform Labs 秘密策劃由第三方購買大量UST，以維持其價格。根據SEC 的說法，Kwon 錯誤地將其恢復歸因於UST 的演算法。

The SEC also asserts that Kwon and Terraform Labs falsely claimed that Terraform's blockchain was used to facilitate transactions on the Chai payment app.

SEC 還聲稱，Kwon 和 Terraform Labs 錯誤地聲稱 Terraform 的區塊鏈用於促進 Chai 支付應用程式上的交易。

SEC's Remedies

SEC 的補救措施

The SEC seeks civil penalties and injunctions barring Kwon and Terraform Labs from the securities industry.

美國證券交易委員會尋求民事處罰和禁令，禁止 Kwon 和 Terraform Labs 進入證券業。

Court's Previous Rulings

法院先前的裁決

In December, U.S. District Judge Jed Rakoff partially ruled in favor of the SEC, determining that Terraform Labs illegally sold digital assets without registering them as securities. However, the judge dismissed the SEC's allegations that Terraform Labs and Kwon illegally offered security-based swaps.

去年 12 月，美國地區法官 Jed Rakoff 做出了部分支持 SEC 的裁決，裁定 Terraform Labs 在未將數位資產註冊為證券的情況下非法出售數位資產。然而，法官駁回了 SEC 關於 Terraform Labs 和 Kwon 非法提供基於證券的互換的指控。

The court has not yet established the amount of damages that Terraform Labs must pay. The company, which filed for bankruptcy protection in January, has indicated that any penalties could exceed its assets.

法院尚未確定 Terraform Labs 必須支付的損害賠償金額。該公司於一月申請破產保護，並表示任何處罰都可能超過其資產。

Conclusion

結論

The ongoing trial against Terraform Labs and Do Kwon highlights the SEC's efforts to regulate the burgeoning cryptocurrency market and hold accountable those alleged to have engaged in fraudulent practices. The outcome of the trial will have significant implications for the crypto industry and the broader financial landscape.

針對 Terraform Labs 和 Do Kwon 的持續審判凸顯了 SEC 監管新興加密貨幣市場並追究那些涉嫌參與詐欺行為的人的努力。該審判的結果將對加密貨幣產業和更廣泛的金融格局產生重大影響。