數十億美元的加密貨幣試驗：失敗還是詐欺？

Multi-Billion Dollar Crypto Trial: Is It Failure or Fraud?

數十億美元的加密貨幣試驗：失敗還是詐欺？

The Securities and Exchange Commission (SEC) has launched an all-out assault on Terraform Labs and its erstwhile founder, Do Kwon. The SEC, staunchly defending its right to pursue the case, asserts, "This isn't a question of tech problems or missteps. It's fraud." Defense attorneys, on the other hand, maintain that the charges stem from a failed enterprise. Let's delve into the details.

美國證券交易委員會 (SEC) 對 Terraform Labs 及其前創始人 Do Kwon 發動了全面攻擊。美國證券交易委員會堅決捍衛其追查此案的權利，並斷言：“這不是技術問題或失誤的問題。這是欺詐。”另一方面，辯護律師堅稱這些指控源自於失敗的企業。讓我們深入研究一下細節。

The House That Crashed

倒塌的房子

As Bloomberg reports, the SEC's legal eagles have accused Terraform Labs and Do Kwon of perpetrating a fraud in absentia. Devon Staren, a SEC attorney, condemned Terra as a "scam," an illusory facade that collapsed, leaving investors penniless. The SEC estimates that by May 2022, Terra's value had plummeted, triggering a systemic collapse that cost investors upwards of $40 billion.

根據彭博社報道，美國證券交易委員會的法律鷹派指控 Terraform Labs 和 Do Kwon 缺席詐欺。美國證券交易委員會 (SEC) 律師德文·斯塔倫 (Devon Staren) 譴責 Terra 是一個“騙局”，一個虛幻的外表，最終崩潰了，讓投資者身無分文。美國證券交易委員會估計，到 2022 年 5 月，Terra 的價值已經暴跌，引發系統性崩潰，導致投資者損失超過 400 億美元。

House of Cards or Mismanaged Misadventure?

《紙牌屋》還是管理不善的災難？

Devon Staren of the SEC likened Terraform Labs to a "house of cards" that toppled upon its investors in 2022, precipitating massive losses in the crypto realm. The spectacular implosion of TerraUSD (UST) unleashed a wave of financial ruin, underscoring the severity of the situation.

美國證券交易委員會 (SEC) 的 Devon Staren 將 Terraform Labs 比作一座“紙牌屋”，它於 2022 年推倒了投資者，導致加密領域遭受巨額損失。 TerraUSD（UST）的驚人內爆引發了一波金融災難，凸顯了情況的嚴重性。

Louis Pellegrino, representing Terraform, contends that the SEC's case rests on cherry-picked evidence and testimonies from witnesses motivated by the prospect of whistleblower rewards. David Patton, Kwon's lawyer, maintains that the crypto visionary never depicted Terra's digital currency as risk-free.

Terraform 的代表 Louis Pellegrino 認為，SEC 的案件是基於出於舉報人獎勵前景而精心挑選的證據和證人的證詞。 Kwon 的律師 David Patton 堅稱，這位加密貨幣夢想家從未將 Terra 的數位貨幣描述為無風險。

Kwon's Absence: An Impediment to Justice?

權的缺席：正義的障礙？

Strikingly, the trial commenced without Do Kwon, who skipped the first day's proceedings. Kwon, apprehended in Montenegro in March 2023 for using bogus travel documents, was subsequently released pending extradition. His participation in the trial remains uncertain, further complicating the legal proceedings.

引人注目的是，審判在沒有權道權的情況下開始，他跳過了第一天的訴訟程序。權於 2023 年 3 月因使用偽造旅行證件在黑山被捕，隨後被釋放，等待引渡。他是否參與審判仍不確定，這使法律程序更加複雜。

A Tangled Web of Unregistered Securities and Swaps

未註冊證券和掉期的錯綜複雜的網絡

The SEC lawsuit alleges that Terraform Labs and Kwon misled investors about the stability of their algorithmic stablecoin, TerraUSD (UST), causing widespread instability. In December 2023, Judge Jed Rakoff ruled partially in the SEC's favor, upholding that Terraform Labs had dealt in unregistered securities. However, the court also sided with Kwon and the platform on the issue of offering security-based swaps, underscoring the intricate legal landscape surrounding crypto operations.

SEC 訴訟指控 Terraform Labs 和 Kwon 在其演算法穩定幣 TerraUSD (UST) 的穩定性方面誤導投資者，導致廣泛的不穩定。 2023 年 12 月，法官 Jed Rakoff 做出了部分有利於 SEC 的裁決，維持 Terraform Labs 從事未註冊證券交易。然而，在提供基於證券的互換問題上，法院也支持 Kwon 和該平台，這凸顯了圍繞加密貨幣操作的複雜法律環境。

What Lies Ahead?

什麼樣的未來？

The court will determine the next hearing date in the Terra case during today's session. Given Judge Rakoff's involvement in another trial, a new date may not be announced immediately. Many observers speculate that the SEC's primary objective is to extract compensation from Terra.

法院將在今天的開庭期間確定 Terra 案的下一次聽證會日期。鑑於拉科夫法官正在參與另一場審判，新的日期可能不會立即宣布。許多觀察家推測 SEC 的主要目標是向 Terra 索取賠償。

The Ripple Effect

連鎖反應

The ongoing Terraform Labs trial, along with other high-profile cases involving industry heavyweights like Sam Bankman-Fried and Changpeng Zhao, will undoubtedly shape the legal landscape for cryptocurrencies in 2024. These proceedings highlight the heightened regulatory scrutiny and legal challenges confronting the crypto sector.

正在進行的Terraform Labs 審判，以及涉及Sam Bankman-Fried 和趙長鵬等行業重量級人物的其他備受矚目的案件，無疑將塑造2024 年加密貨幣的法律格局。這些訴訟凸顯了加密行業面臨的更嚴格的監管審查和法律挑戰。