美國證券交易委員會啟動歷史性審判，指控 Terraform 實驗室大規模加密貨幣欺詐

美國證券交易委員會 (SEC) 已對 Terraform Labs 啟動民事審判，指控其詐欺操作導致投資者重大損失。美國證券交易委員會的訴訟指控 Terraform Labs 及其聯合創始人 Do Kwon 在其演算法穩定幣 TerraUSD (UST) 的穩定性方面誤導投資者，導致其崩潰以及隨後 TerraLUNA 代幣和其他加密資產的下跌。

SEC Unravels Terraform Labs' Alleged Crypto Fraud in Landmark Trial

美國證券交易委員會 (SEC) 在具有里程碑意義的審判中揭露了 Terraform Labs 涉嫌的加密貨幣詐欺案

By WSJ Staff

華爾街日報工作人員

In a Manhattan courtroom, the Securities and Exchange Commission (SEC) has commenced a civil trial against Terraform Labs, alleging that the blockchain firm orchestrated a massive fraud that defrauded investors of billions of dollars.

在曼哈頓法庭，美國證券交易委員會 (SEC) 開始對 Terraform Labs 進行民事審判，指控這家區塊鏈公司策劃了大規模詐欺行為，欺騙了投資者數十億美元。

SEC's Case: A 'House of Cards'

SEC 案例：“紙牌屋”

SEC attorneys depicted Terraform Labs as a "house of cards" that collapsed in 2022, leaving investors with staggering losses. The lawsuit, filed in February 2023, accuses Terra and its co-founder, Do Kwon, of perpetrating a multi-billion dollar fraud involving crypto-asset securities.

SEC 律師將 Terraform Labs 描述為一座於 2022 年倒塌的“紙牌屋”，給投資者帶來了驚人的損失。該訴訟於 2023 年 2 月提起，指控 Terra 及其聯合創始人 Do Kwon 實施涉及加密資產證券的數十億美元詐欺行為。

Devon Staren, an SEC lawyer, characterized Terra as an "inherently flawed" system that was destined to fail. The collapse of TerraUSD (UST), the algorithmic stablecoin at the heart of the Terra ecosystem, triggered a chain reaction that devastated TerraLUNA and other tokens, causing widespread losses throughout the cryptocurrency industry.

美國證券交易委員會 (SEC) 律師德文·斯塔倫 (Devon Staren) 將 Terra 描述為一個「存在固有缺陷」的系統，注定會失敗。 TerraUSD（UST）是 Terra 生態系統核心的演算法穩定幣，其崩潰引發了連鎖反應，摧毀了 TerraLUNA 和其他代幣，給整個加密貨幣行業造成了廣泛損失。

Kwon's Absence and the Trial's Complexity

權的缺席與審判的複雜性

Do Kwon, who is named as a defendant in the lawsuit, was notably absent from the trial's first day. Kwon was arrested in Montenegro in March 2023 for using counterfeit travel documents and sentenced to four months in jail. While he was released on bail on March 23 pending extradition proceedings, his participation in the trial remains uncertain.

訴訟中被指定為被告的 Do Kwon 明顯缺席了審判的第一天。權於 2023 年 3 月因使用偽造旅行證件在黑山被捕，並被判處四個月監禁。雖然他於 3 月 23 日獲得保釋，等待引渡程序，但他是否參與審判仍不確定。

The SEC's case hinges on allegations that Terra and Kwon misled investors about the stability of UST. The agency contends that these misrepresentations played a significant role in the broader instability that ensued. The trial, originally scheduled for January, was postponed to March in anticipation of Kwon's potential appearance, but his role in the proceedings remains unclear.

SEC 的案件取決於 Terra 和 Kwon 在 UST 穩定性方面誤導投資者的指控。該機構認為，這些不實陳述在隨後發生的更廣泛的不穩定中發揮了重要作用。原定於一月進行的審判因預計權可能出庭而推遲至三月，但他在訴訟程序中的角色仍不清楚。

Partial Victory for SEC

SEC 取得部分勝利

In a significant legal development, Judge Jed Rakoff issued a partial ruling in favor of the SEC in December 2023. The court found that Terraform Labs had engaged in the unregistered sale of securities, a crucial element of the SEC's case. However, the court also ruled in favor of Kwon and Terraform Labs on the issue of whether they offered and sold security-based swaps. This mixed ruling underscores the complex legal landscape surrounding cryptocurrency activities and regulatory compliance.

在一項重大法律進展中，Jed Rakoff 法官於 2023 年 12 月做出了有利於 SEC 的部分裁決。法院發現 Terraform Labs 參與了未經註冊的證券銷售，這是 SEC 案件的關鍵要素。然而，法院在 Kwon 和 Terraform Labs 是否提供和銷售基於證券的掉期交易問題上也做出了有利於 Kwon 和 Terraform Labs 的裁決。這項混合裁決凸顯了圍繞加密貨幣活動和監管合規性的複雜法律環境。

Landmark Cases Shaping Crypto Regulation

塑造加密貨幣監管的標誌性案例

The Terraform Labs trial is one of several pivotal cases that will shape the legal framework for the cryptocurrency industry in 2024. Former FTX CEO Sam Bankman-Fried is scheduled to be sentenced on March 28 after pleading guilty to seven felony charges. In another high-profile case, former Binance CEO Changpeng Zhao is awaiting sentencing on April 30 after pleading guilty to a felony charge. These proceedings reflect the heightened regulatory scrutiny and legal challenges facing the cryptocurrency sector.

Terraform Labs 的審判是塑造 2024 年加密貨幣產業法律框架的幾個關鍵案件之一。前 FTX 執行長 Sam Bankman-Fried 在承認七項重罪指控後，計劃於 3 月 28 日被判刑。在另一起備受矚目的案件中，幣安前執行長趙長鵬在承認重罪指控後，正在等待 4 月 30 日的判決。這些訴訟反映了加密貨幣行業面臨的更嚴格的監管審查和法律挑戰。

The SEC's lawsuit against Terraform Labs serves as a warning to the industry that it will not tolerate fraudulent practices. The outcome of the trial will have far-reaching implications for the regulation of cryptocurrencies and the future of blockchain technology.

美國證券交易委員會對 Terraform Labs 的訴訟是對業界的警告，即美國證券交易委員會不會容忍詐欺行為。該試驗的結果將對加密貨幣的監管和區塊鏈技術的未來產生深遠的影響。