曼哈頓陪審團認定 Terraform Labs 和 Do Kwon 犯有民事詐欺罪，支持 SEC 誤導 TerraUSD 投資者的主張

曼哈頓陪審團裁定 Terraform Labs 及其創始人 Do Kwon 在 SEC 提起的民事詐欺案件中承擔責任。 SEC 指控 Terraform 和 Kwon 在 TerraUSD（一種於 2022 年崩盤的穩定幣）的穩定性方面誤導投資者，並錯誤地聲稱該公司的區塊鏈用於韓國流行的行動支付應用程式。經過兩週的審判後，判決結果預計將導致民事處罰，並禁止 Kwon 和 Terraform 進入證券業。

Manhattan Jury Finds Terraform Labs and Founder Do Kwon Liable for Civil Fraud, Upholding SEC Allegations of Misleading Investors in TerraUSD Collapse

曼哈頓陪審團認定 Terraform Labs 及其創辦人 Do Kwon 應對民事詐欺負責，維持 SEC 關於在 TerraUSD 崩盤中誤導投資者的指控

New York, March 31, 2023 - In a landmark verdict, a Manhattan jury has found Singapore-based Terraform Labs and its founder, Do Kwon, liable for civil fraud charges brought by the U.S. Securities and Exchange Commission (SEC). The SEC had alleged that Terraform Labs and Kwon misled investors about the stability of TerraUSD, a stablecoin designed to maintain its value at $1, in the lead-up to its 2022 collapse that sent shockwaves through the cryptocurrency markets.

紐約，2023 年3 月31 日- 曼哈頓陪審團做出了一項具有里程碑意義的裁決，裁定總部位於新加坡的Terraform Labs 及其創始人Do Kwon 對美國證券交易委員會(SEC) 提出的民事欺詐指控負有責任。美國證券交易委員會指控Terraform Labs 和Kwon 在TerraUSD 的穩定性問題上誤導了投資者，TerraUSD 是一種旨在將其價值維持在1 美元的穩定幣，導致其在2022 年崩盤，給加密貨幣市場帶來了衝擊波。

The jury reached its verdict after a two-week trial in federal court, following closing arguments presented earlier in the day. The SEC had accused Terraform Labs and Kwon of deceiving investors in 2021 by making false claims about the stability of TerraUSD and its connection to a popular Korean mobile payment app.

陪審團在聯邦法院經過兩週的審判並在當天早些時候提出結案陳詞後做出了裁決。美國證券交易委員會 (SEC) 指控 Terraform Labs 和 Kwon 在 2021 年欺騙投資者，對 TerraUSD 的穩定性及其與韓國流行行動支付應用程式的連接做出虛假聲明。

Kwon, the architect behind TerraUSD and Luna, a more volatile token linked to the stablecoin, has been accused of orchestrating a scheme that led to billions of dollars in losses for investors when the TerraUSD peg to the dollar could not be maintained in May 2022.

Kwon 是TerraUSD 和Luna（與穩定幣掛鉤的波動性更大的代幣）背後的設計者，他被指控策劃了一項計劃，由於2022 年5 月TerraUSD 與美元掛鉤無法維持，導致投資者損失數十億美元。

The SEC sought civil financial penalties and orders barring Kwon and Terraform from the securities industry, and U.S. District Judge Jed Rakoff will consider these penalties in the coming weeks after hearing submissions from both the SEC and the defendants.

美國證券交易委員會尋求民事經濟處罰以及禁止Kwon 和Terraform 進入證券行業的命令，美國地區法官傑德·拉科夫(Jed Rakoff) 將在聽取美國證券交易委員會和被告的意見後在未來幾週內考慮這些處罰。

Terraform Labs expressed disappointment with the verdict, stating that it "continues to maintain that the SEC does not have the legal authority to bring this case at all."

Terraform Labs 對判決表示失望，表示「繼續認為 SEC 根本沒有提起此案的法律權力」。

SEC Division of Enforcement Director Gurbir Grewal hailed the verdict, emphasizing that "for all of crypto's promises, the lack of registration and compliance have very real consequences for real people." He added that it is "high time for the crypto markets to come into compliance."

美國證券交易委員會執法部門主管 Gurbir Grewal 對這一判決表示歡迎，並強調“儘管加密貨幣做出了所有承諾，但缺乏註冊和合規性對現實中的人們產生了非常現實的後果。”他補充說，“現在是加密貨幣市場遵守法規的時候了。”

Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which commenced on March 25. Both the United States and South Korea, where Kwon holds citizenship, have initiated extradition proceedings against him on criminal charges.

權於 2023 年 3 月在黑山被捕，他沒有出席 3 月 25 日開始的審判。權擁有公民身份的美國和韓國均已以刑事指控對他啟動引渡程序。

During the trial, SEC attorney Laura Meehan argued that the success of TerraUSD was a carefully crafted illusion "built on lies." She emphasized that "if you swing big and you miss, and you don't tell people that you came up short, that is fraud."

在審判過程中，SEC 律師 Laura Meehan 辯稱，TerraUSD 的成功是「建立在謊言之上」精心打造的幻覺。她強調，“如果你揮桿很大，卻錯過了，而且你沒有告訴人們你的表現不夠，那就是欺詐。”

The SEC presented evidence suggesting that Kwon and Terraform secretly arranged for a third party to purchase large amounts of TerraUSD to artificially bolster its price when it briefly lost its peg in May 2021. Kwon, according to the SEC, falsely attributed the subsequent recovery to the resilience of TerraUSD's algorithms.

SEC 提供的證據表明，Kwon 和 Terraform 秘密安排第三方購買大量 TerraUSD，以在 2021 年 5 月短暫失去錨定匯率時人為抬高其價格。據 SEC 稱，Kwon 錯誤地將隨後的複蘇歸因於TerraUSD演算法的彈性。

Additionally, the SEC alleged that Terraform and Kwon made false claims about the adoption of their blockchain on the popular Chai payment app, misrepresenting its role in processing transactions.

此外，SEC 指控 Terraform 和 Kwon 就流行的 Chai 支付應用程式採用其區塊鏈做出了虛假聲明，歪曲了其在處理交易中的作用。

Terraform attorney Louis Pellegrino, in his closing arguments, contended that the SEC's case relied on statements taken out of context and that Terraform and Kwon had been transparent about their products and their operations, even in cases where they did not meet expectations. He highlighted Terraform's ongoing efforts to rebuild and "make purchasers whole."

Terraform 律師 Louis Pellegrino 在結案陳詞中辯稱，SEC 的案件依賴於斷章取義的陳述，而 Terraform 和 Kwon 對他們的產品和營運保持透明，即使在沒有達到預期的情況下也是如此。他強調了 Terraform 正在進行的重建和「使購買者完整」的努力。

Despite the jury's finding of liability, Terraform has indicated its intention to challenge the court's previous ruling that cryptocurrencies it developed fall under the purview of securities laws. Once a final judgment is issued in the case, Terraform will have the opportunity to appeal this decision.

儘管陪審團裁定有責任，但 Terraform 已表示打算挑戰法院先前的裁決，即其開發的加密貨幣屬於證券法的管轄範圍。一旦案件做出最終判決，Terraform 將有機會對該決定提出上訴。

The verdict against Terraform Labs and Do Kwon is a significant development in the regulation of cryptocurrencies. It underscores the SEC's determination to hold accountable those who violate securities laws in the digital asset market and sends a strong message that the lack of compliance in the crypto industry will no longer be tolerated.

針對 Terraform Labs 和 Do Kwon 的判決是加密貨幣監管的重大進展。它強調了美國證券交易委員會追究數位資產市場中違反證券法者責任的決心，並發出了一個強烈的訊息，即加密貨幣行業的不合規行為將不再被容忍。