Terraform Labs 創辦人 Do Kwon 因 TerraUSD 崩潰而承擔詐欺責任

Terraform Labs 及其創始人在具有里程碑意義的陪審團裁決中被判對民事詐欺負責總部位於新加坡的 Terraform Labs 及其創始人 Do Kwon 被判對與加密貨幣穩定幣 TerraUSD 崩潰有關的民事詐欺負責。陪審團的決定證實了 SEC 的說法，即 Terraform Labs 誤導了投資者，導致財務損失並引發了對行業監管和透明度的擔憂。

Singapore-Based Terraform Labs and Founder Do Kwon Found Liable for Civil Fraud in TerraUSD Collapse

總部位於新加坡的 Terraform Labs 及其創始人 Do Kwon 被發現對 TerraUSD 崩潰中的民事詐欺負責

Manhattan, New York - In a landmark verdict, a Manhattan jury has found Singapore-based Terraform Labs and its founder, Do Kwon, liable on civil fraud charges. The verdict, which aligns with the allegations of the U.S. Securities and Exchange Commission (SEC), validates claims that Terraform Labs and Kwon misled investors, leading to the catastrophic collapse of their stablecoin, TerraUSD, in 2022. The collapse sent shockwaves throughout the cryptocurrency markets, resulting in substantial losses for investors. The trial, which lasted two weeks, concluded with the jury's verdict in federal court.

紐約曼哈頓 - 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 應對民事欺詐指控承擔責任。該判決與美國證券交易委員會 (SEC) 的指控一致，證實了 Terraform Labs 和 Kwon 誤導投資者，導致其穩定幣 TerraUSD 在 2022 年災難性崩潰的說法。這次崩潰給整個加密貨幣帶來了衝擊波市場，對投資者造成重大損失。審判持續了兩週，最終以聯邦法院陪審團的裁決結束。

Background of the Case

案件背景

The SEC's allegations centered around Terraform Labs' actions in 2021, when the company was accused of deceiving investors regarding the stability of TerraUSD. TerraUSD, a stablecoin designed to maintain a value of $1, failed to uphold its peg to the dollar in May 2022, leading to substantial financial losses for investors. Additionally, the SEC accused Terraform Labs and Kwon of falsely claiming that Terraform's blockchain was utilized in a prominent Korean mobile payment app.

SEC 的指控主要圍繞 Terraform Labs 在 2021 年的行為，當時該公司被指控在 TerraUSD 的穩定性方面欺騙投資者。 TerraUSD 是一種旨在維持 1 美元價值的穩定幣，但在 2022 年 5 月未能堅持與美元掛鉤，導致投資者遭受巨額財務損失。此外，美國證券交易委員會還指控 Terraform Labs 和 Kwon 錯誤地聲稱 Terraform 的區塊鏈被用於韓國著名的行動支付應用程式。

The Verdict and Potential Penalties

判決和可能的處罰

The jury's decision in favor of the SEC opens the door to potential civil financial penalties and orders to bar Kwon and Terraform from the securities industry. U.S. District Judge Jed Rakoff will review the case and consider the appropriate penalties in the coming weeks after hearing from both the SEC and the defendants. It is worth noting that Terraform has expressed its disappointment with the verdict and is currently evaluating its options. The company maintains its stance that the SEC lacks the legal authority to pursue this case.

陪審團支持 SEC 的決定為潛在的民事經濟處罰和禁止 Kwon 和 Terraform 進入證券行業的命令打開了大門。美國地區法官 Jed Rakoff 將在聽取 SEC 和被告的意見後，在未來幾週內審查此案並考慮適當的處罰。值得注意的是，Terraform 對判決表示失望，目前正在評估其選擇。該公司堅持認為 SEC 缺乏追究此案的法律權力。

SEC's Perspective and Future Implications

SEC 的觀點和未來影響

Gurbir Grewal, the Director of the SEC's Division of Enforcement, expressed satisfaction with the verdict, highlighting the real-world consequences resulting from the lack of registration and compliance in the cryptocurrency industry. Grewal emphasized the need for crypto markets to adhere to compliance standards and regulations, signaling a call for increased transparency and accountability. The outcome of this case is likely to have a profound impact on the regulation of cryptocurrencies and their associated projects.

美國證券交易委員會執法部門主管 Gurbir Grewal 對判決表示滿意，並強調了加密貨幣產業缺乏註冊和合規性所造成的現實後果。 Grewal 強調加密市場需要遵守合規標準和法規，呼籲提高透明度和問責制。此案的結果可能會對加密貨幣及其相關項目的監管產生深遠影響。

Kwon's Position and Extradition

權的立場與引渡

Do Kwon, the founder of Terraform Labs, did not attend the trial as he was arrested in Montenegro in March 2023. Both the United States and South Korea, Kwon's home country, have sought his extradition on criminal charges. Kwon's legal representative declined to comment on the jury's decision. The absence of Kwon during the trial and his impending extradition proceedings underscore the gravity of the allegations and the potential legal consequences he may face.

Terraform Labs 創辦人 Do Kwon 於 2023 年 3 月在黑山被捕，因此沒有出席審判。美國和 Kwon 的祖國韓國都因刑事指控尋求引渡他。權的法律代表拒絕對陪審團的決定發表評論。權在審判期間缺席以及他即將進行的引渡程序突顯了指控的嚴重性以及他可能面臨的潛在法律後果。

Market Consequences and Bankruptcies

市場後果和破產

The collapse of TerraUSD and its close association with Luna, another token, had a cascading effect on the cryptocurrency market. The value of various cryptocurrencies, including bitcoin, plummeted as a result. The turmoil caused by the collapse led several companies to file for bankruptcy in 2022. Terraform Labs itself filed for bankruptcy protection in January. The repercussions of this event highlight the interconnectedness of cryptocurrencies and the vulnerability of the wider crypto market to such collapses.

TerraUSD 的崩盤及其與另一種代幣 Luna 的密切聯繫對加密貨幣市場產生了連鎖反應。結果，包括比特幣在內的各種加密貨幣的價值暴跌。倒閉引發的混亂導致多家公司在 2022 年申請破產。Terraform Labs 本身也在 1 月申請了破產保護。這一事件的影響凸顯了加密貨幣的相互關聯性以及更廣泛的加密市場對此類崩盤的脆弱性。

Closing Arguments and Allegations

結案陳詞和指控

During the closing arguments, SEC attorney Laura Meehan emphasized that Terraform Labs' success story was built on falsehoods and deception. She stated that failure to disclose shortcomings and misrepresenting the situation amounted to fraud. The SEC alleged that Kwon and Terraform secretly orchestrated the purchase of large amounts of TerraUSD to artificially prop up its price when it deviated from its peg in May 2021. The recovery was falsely attributed to the reliability of TerraUSD's algorithms, according to the regulator. Furthermore, the SEC accused Kwon and Terraform of falsely marketing their blockchain technology as employed by the Chai payment app for processing and settling transactions between customers and merchants.

在結案陳詞中，SEC 律師 Laura Meehan 強調，Terraform Labs 的成功故事建立在謊言和欺騙之上。她表示，未揭露缺陷和歪曲情況就構成詐欺。美國證券交易委員會指控，Kwon 和 Terraform 秘密策劃購買大量 TerraUSD，以在 2021 年 5 月偏離錨定匯率時人為支撐其價格。監管機構稱，價格回升被錯誤地歸因於 TerraUSD 演算法的可靠性。此外，SEC 指控 Kwon 和 Terraform 虛假行銷 Chai 支付應用程式使用的區塊鏈技術，用於處理和結算客戶和商家之間的交易。

Defense Arguments and Future Actions

辯護論點與未來行動

Louis Pellegrino, an attorney representing Terraform, argued in the closing statements that the SEC's case relied on statements taken out of context. Pellegrino maintained that Terraform and Kwon had been forthcoming about their products and their functioning, even when they encountered failures. Pellegrino emphasized that Terraform remains committed to rebuilding and compensating affected purchasers. However, it remains to be seen how the company will navigate the legal landscape following the jury's verdict.

Terraform 的代表律師 Louis Pellegrino 在結案陳詞中辯稱，SEC 的案件依賴於斷章取義的陳述。 Pellegrino 堅稱，Terraform 和 Kwon 一直坦誠地介紹他們的產品及其功能，即使他們遇到了失敗。 Pellegrino 強調，Terraform 仍然致力於重建和補償受影響的購買者。然而，在陪審團做出裁決後，該公司將如何應對法律環境仍有待觀察。

Conclusion

結論

The jury's finding of Terraform Labs and its founder, Do Kwon, being liable for civil fraud charges in connection with the collapse of TerraUSD has significant implications for the cryptocurrency industry. The verdict underscores the importance of transparency and adherence to regulatory standards in an industry that has witnessed rapid growth. As the SEC seeks financial penalties and industry bans, the fallout from this case will continue to shape the legal framework surrounding cryptocurrencies. The impact on investors, the broader crypto market, and the regulatory landscape will undoubtedly be closely monitored as the penalties are determined and potential appeals are considered.

陪審團裁定 Terraform Labs 及其創始人 Do Kwon 對與 TerraUSD 崩潰有關的民事詐欺指控承擔責任，這對加密貨幣行業具有重大影響。該判決強調了透明度和遵守監管標準對於快速成長的行業的重要性。隨著美國證券交易委員會尋求經濟處罰和行業禁令，此案的影響將繼續影響加密貨幣的法律框架。隨著處罰的確定和潛在上訴的考慮，對投資者、更廣泛的加密市場和監管環境的影響無疑將受到密切監控。