SEC 对 Jump Trading 处以 1.23 亿美元罚款，原因是其在支撑 TerraUSD 稳定币方面的作用

美国证券交易委员会 (SEC) 最近对 Jump Trading 处以 1.23 亿美元巨额罚款，原因是该公司在大幅脱钩期间为 TerraUSD 稳定币提供了支撑。这一事件引发了关于市场操纵和加密行业风险的新争论。让我们来分析一下发生了什么，为什么它很重要，以及它对数字资产的未来意味着什么。

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Jump Trading's role in propping up the TerraUSD (UST) stablecoin during its dramatic depeg last year, hitting the firm's crypto unit, Tai Mo Shan, with a hefty $123 million fine. This incident, which sparked fresh debates about market manipulation and the risks inherent in the crypto industry, has now culminated in a legal resolution. Let's unpack the key details of this development.

美国证券交易委员会 (SEC) 已结束对 Jump Trading 在去年戏剧性脱钩期间支撑 TerraUSD (UST) 稳定币的调查，该公司的加密货币部门 Tai Mo Shan 被处以 1.23 亿美元巨额罚款。这一事件引发了关于市场操纵和加密货币行业固有风险的新辩论，现已最终以法律解决方案告终。让我们来揭开这一发展的关键细节。

Following the TerraUSD (UST) stablecoin's loss of peg to the U.S. dollar in May 2021, the stablecoin appeared to recover on its own, stabilizing back at $1. However, behind the scenes, Tai Mo Shan intervened by purchasing $20 million worth of UST to restore the peg, according to an SEC complaint. These actions misled investors about the stability of UST and its related token, Luna, the SEC said.

TerraUSD (UST) 稳定币于 2021 年 5 月失去与美元挂钩后，该稳定币似乎自行复苏，稳定在 1 美元。然而，根据 SEC 的一份投诉，大帽山在幕后进行干预，购买了价值 2000 万美元的 UST 以恢复与美元挂钩。 SEC 表示，这些行为误导了投资者对 UST 及其相关代币 Luna 稳定性的认识。

The SEC and Tai Mo Shan, named after the highest peak in Hong Kong, reached a settlement where the subsidiary will pay $123 million in penalties, which includes over $86 million in disgorgement (representing profits plus interest) and $36 million as a civil penalty. Tai Mo Shan's actions deceived investors into believing Terraform Labs' arbitrage mechanism worked effectively during the depeg, according to the SEC.

美国证券交易委员会与以香港最高峰命名的大帽山达成和解，该子公司将支付 1.23 亿美元的罚款，其中包括超过 8,600 万美元的没收收益（代表利润加利息）和 3,600 万美元的民事罚款。据 SEC 称，大帽山的行为欺骗了投资者，让他们相信 Terraform Labs 的套利机制在脱钩期间有效发挥作用。

The $86 million disgorgement reflects the profits Tai Mo Shan reportedly earned after stepping in with $20 million to stabilize UST. In return, the subsidiary received locked Luna tokens, which it later sold on the market to the tune of $86 million. While the SEC initially accused Tai Mo Shan of profiting $1.28 billion from these transactions in an earlier complaint, the final settlement focused on the $123 million penalty.

据报道，大帽山以 2000 万美元介入稳定 UST 后获得了 8,600 万美元的返还利润。作为回报，该子公司收到了锁定的 Luna 代币，随后在市场上出售了价值 8600 万美元的代币。虽然 SEC 最初在早些时候的投诉中指控大帽山从这些交易中获利 12.8 亿美元，但最终和解的重点是 1.23 亿美元的罚款。

Terraform Labs' founder, Do Kwon, had previously hailed TerraUSD's recovery as a triumph of the algorithmic stabilization mechanism, calling it a "black swan event" that the system withstood under extreme stress. But the SEC claims that Kwon failed to disclose Tai Mo Shan's role in stabilizing UST, misleading investors into believing the system worked as intended.

Terraform Labs 的创始人 Do Kwon 此前曾称赞 TerraUSD 的复苏是算法稳定机制的胜利，称这是系统在极端压力下承受的“黑天鹅事件”。但美国证券交易委员会声称，Kwon 未能披露大帽山在稳定 UST 方面的作用，误导投资者相信该系统按预期发挥作用。

Jump Crypto's president, Kanav Kariya, invoked the Fifth Amendment during a previous deposition when questioned about the deal. As part of the settlement, Tai Mo Shan has agreed to pay the penalty without admitting or denying the SEC's findings.

Jump Crypto 总裁 Kanav Kariya 在之前的证词中被问及该交易时援引了第五修正案。作为和解协议的一部分，大帽山同意支付罚款，但不承认或否认 SEC 的调查结果。

“Tai Mo Shan should have known that purchasing UST and artificially supporting its price misled the market regarding the stability of UST’s peg and the effectiveness of Terraform’s algorithm designed to maintain that stability,” the SEC said in its order.

美国证券交易委员会在其命令中表示：“大帽山应该知道，购买 UST 并人为支撑其价格，误导了市场对 UST 挂钩稳定性以及 Terraform 旨在维持这种稳定性的算法有效性的认识。”

In a separate development, Terraform Labs reached a settlement with the SEC, agreeing to pay over $4 billion in fines following the collapse of its ecosystem. Earlier this year, the firm received approval from a U.S. bankruptcy judge to begin its wind-down process in September.

在另一项进展中，Terraform Labs 与 SEC 达成和解，同意在其生态系统崩溃后支付超过 40 亿美元的罚款。今年早些时候，该公司获得美国破产法官的批准，将于 9 月份开始其清算程序。