Terraform 實驗室：紙牌屋還是加密貨幣傷亡？ SEC 指控詐欺和投資者損失

Terraform Labs: House of Cards or Crypto Casualty?

Terraform 實驗室：紙牌屋還是加密貨幣傷亡？

The Securities and Exchange Commission (SEC) is painting a grim picture of Terraform Labs and its founder, Do Kwon, accusing them of constructing a "house of cards" and misleading investors about the stability of their cryptocurrency, TerraUSD.

美國證券交易委員會 (SEC) 給 Terraform Labs 及其創始人 Do Kwon 描繪了一幅嚴峻的畫面，指責他們構建了一個“紙牌屋”，並在其加密貨幣 TerraUSD 的穩定性方面誤導了投資者。

Stability or Illusion?

穩定還是幻覺？

The SEC alleges that Terraform and Kwon falsely claimed that TerraUSD, a stablecoin designed to maintain a $1 peg, was a safe and reliable investment. They assert that Terraform secretly propped up the price by purchasing large amounts of the token, creating an illusion of stability.

SEC 指控 Terraform 和 Kwon 錯誤地聲稱 TerraUSD 是一種旨在維持與 1 美元掛鉤的穩定幣，是一項安全可靠的投資。他們聲稱 Terraform 透過購買大量代幣來秘密抬高價格，製造穩定的假象。

Blockchain Hype or Falsehood?

區塊鏈炒作還是謊言？

The SEC also accuses Terraform of exaggerating the usage of its blockchain in the popular Korean mobile payment app, Chai. They claim that Kwon and Terraform falsely touted the blockchain as the backbone of Chai's payment processing, when in reality, its role was minimal.

美國證券交易委員會也指責 Terraform 在韓國流行的行動支付應用程式 Chai 中誇大其區塊鏈的使用。他們聲稱 Kwon 和 Terraform 錯誤地將區塊鏈吹捧為 Chai 支付處理的支柱，而實際上，它的作用微乎其微。

Investor Losses: A House of Cards Crumbles

投資者損失：紙牌屋倒塌

The SEC estimates that investors lost over $40 billion when TerraUSD's peg to the dollar collapsed in May 2022. The subsequent chaos in the crypto market caused bankruptcies and dragged down the value of other cryptocurrencies, including Bitcoin.

美國證券交易委員會估計，2022 年 5 月 TerraUSD 與美元掛鉤的崩盤導致投資者損失超過 400 億美元。隨後加密市場的混亂導致破產，並拖累了包括比特幣在內的其他加密貨幣的價值。

Kwon's Absence: Guilty by Design?

權缺席：故意有罪？

Do Kwon, who is currently awaiting extradition to South Korea from Montenegro, will not attend the trial. The SEC's absence raises questions about whether his extradition is a strategic move to avoid accountability or a reflection of the complexities of international legal processes.

目前正在等待從黑山引渡到韓國的 Do Kwon 將不會出席審判。美國證券交易委員會的缺席引發了人們的疑問：引渡他是為了逃避責任的策略性舉措，還是國際法律程序複雜性的反映。

SEC's Case: A Cut-and-Dry Prosecution?

SEC 的案例：一成不變的起訴？

Terraform and Kwon deny wrongdoing, claiming that the SEC has taken statements out of context. The defense's strategy hinges on challenging the SEC's interpretation of the facts and arguing that Terraform's actions were not fraudulent but rather the result of market volatility.

Terraform 和 Kwon 否認有不當行為，聲稱 SEC 斷章取義。辯方的策略取決於挑戰 SEC 對事實的解釋，並辯稱 Terraform 的行為不是欺詐，而是市場波動的結果。

Legal Implications: Setting a Precedent

法律影響：開創先例

The outcome of this case could have significant implications for the crypto industry. A victory for the SEC would strengthen its authority to regulate digital assets, while a defeat would provide ammunition for those who argue that the SEC is overreaching in its pursuit of crypto companies.

此案的結果可能對加密產業產生重大影響。 SEC 的勝利將加強其監管數位資產的權威，而失敗將為那些認為 SEC 在追蹤加密公司方面過度擴張的人提供彈藥。

Damages: A Costly Mistake

損害：一個代價高昂的錯誤

U.S. District Judge Jed Rakoff has ruled that Terraform unlawfully sold digital assets without registering them as securities. The judge has not yet determined the amount of damages that Terraform must pay, but the company has acknowledged that a penalty could exceed its assets.

美國地區法官 Jed Rakoff 裁定 Terraform 在未將數位資產註冊為證券的情況下非法出售數位資產。法官尚未確定 Terraform 必須支付的損害賠償金額，但該公司承認罰款可能超過其資產。

Terraform's Fate: Bankruptcy or Resurgence?

Terraform 的命運：破產還是復興？

Terraform filed for bankruptcy protection in January, leaving investors wondering if the company can recover from this legal storm. The outcome of the SEC's lawsuit and the extradition of Do Kwon will likely shape Terraform's future and the broader crypto landscape.

Terraform 一月申請破產保護，讓投資人懷疑該公司是否能從這場法律風暴中恢復過來。 SEC 訴訟的結果和 Do Kwon 的引渡可能會影響 Terraform 的未來和更廣泛的加密貨幣格局。