Do Kwon 在曼哈顿联邦法院不认罪，案件进入审判程序

美国当地时间1月2日，Terra前创始人、Terraform Labs联合创始人Do Kwon正式出现在美国法庭的公众视野中。

Terra co-founder Do Kwon has officially appeared in a US court following his extradition from Montenegro. At a hearing in the Manhattan Federal Court on Monday, Kwon pleaded not guilty to the charges against him, setting the stage for the upcoming trial.

Terra 联合创始人 Do Kwon 从黑山引渡后正式出现在美国法院。周一在曼哈顿联邦法院举行的听证会上，权对针对他的指控表示无罪，为即将到来的审判奠定了基础。

As reported by Odaily, Montenegrin Prime Minister Milojko Spajic announced on Tuesday that the country has completed the extradition process of Terraform Labs co-founder Do Kwon to the United States.

据 Odaily 报道，黑山总理 Milojko Spajic 周二宣布，该国已完成 Terraform Labs 联合创始人 Do Kwon 到美国的引渡程序。

"This extradition demonstrates our unwavering commitment to international justice and the rule of law," Spajic wrote in a post on the X platform.

斯帕吉奇在 X 平台上的一篇帖子中写道：“这次引渡表明了我们对国际正义和法治的坚定承诺。”

Kwon is facing prosecution in both New York and Seoul for the 2022 collapse of the TerraUSD stablecoin, which was valued at $40 billion at the time. He was arrested in Montenegro last year for traveling on a fake passport.

Kwon 因 2022 年 TerraUSD 稳定币崩溃而在纽约和首尔面临起诉，该稳定币当时估值为 400 亿美元。去年，他因持假护照旅行而在黑山被捕。

In April, Terraform and its founder Do Kwon were found guilty of fraud following a civil trial over charges brought by the U.S. Securities and Exchange Commission (SEC). Terraform has agreed to pay $4.5 billion to settle with the SEC.

4 月，Terraform 及其创始人 Do Kwon 在美国证券交易委员会 (SEC) 提起的民事审判中被判犯有欺诈罪。 Terraform 已同意支付 45 亿美元与 SEC 达成和解。

Background: Terra collapse, Do Kwon extradition and trial preview

背景：泰拉崩溃、Do Kwon 引渡和审判预览

Terra's Collapse

泰拉的崩溃

The Terra ecosystem experienced an unprecedented collapse in May 2022, with the value of its two core cryptocurrencies, TerraUSD (UST) and LUNA, nearly dropping to zero, resulting in a loss of approximately $40 billion.

Terra生态系统在2022年5月经历了前所未有的崩溃，其两种核心加密货币TerraUSD（UST）和LUNA的价值几乎跌至零，造成约400亿美元的损失。

At the time, UST was the leading representative of algorithmic stablecoins, maintaining a 1:1 peg to the US dollar through algorithms and market incentives. Meanwhile, LUNA was the governance token that supported UST's stability.

当时，UST是算法稳定币的领先代表，通过算法和市场激励维持与美元1:1的挂钩。同时，LUNA是支撑UST稳定性的治理代币。

However, early in May, with Terra's protocol upgrade and capital flight, UST lost its peg to the US dollar, and its price fell rapidly, causing market panic. In response to this crisis, Terraform Labs attempted to support the price of UST through reserves, but failed.

但5月初，随着Terra协议升级和资本外逃，UST失去与美元挂钩，价格迅速下跌，引发市场恐慌。为了应对这场危机，Terraform Labs尝试通过储备来支撑UST的价格，但失败了。

Concurrently, the dual-currency mechanism of the Terra protocol led to the minting of a large number of new LUNA, further driving down the price of LUNA and creating a vicious cycle.

同时，Terra协议的双币机制导致大量新LUNA的铸造，进一步压低了LUNA的价格，形成恶性循环。

Ultimately, the price of LUNA plummeted from a high of about $119 to almost zero, and the entire ecosystem collapsed. The failure of Terra also triggered a chain reaction in the market, affecting other cryptocurrencies like Bitcoin and causing the funds of millions of investors to vanish completely.

最终，LUNA 的价格从约 119 美元的高位暴跌至几乎为零，整个生态系统崩溃了。 Terra的失败也引发了市场的连锁反应，影响了比特币等其他加密货币，导致数百万投资者的资金彻底消失。

Since then, algorithmic stablecoins have nearly disappeared from the market, which has also directly led to subsequent primary market crashes such as 3AC.

此后，算法稳定币几乎从市场上消失，这也直接导致了3AC等后续一级市场的崩盘。

Extradition to the United States or South Korea?

引渡到美国还是韩国？

Do Kwon became the subject of a tug-of-war in the first half of this year, as both the United States and South Korea sought to extradite him for trial in their respective countries.

今年上半年，道权成为拉锯战的对象，美国和韩国都试图将他引渡到各自国家接受审判。

In March, it was reported that Do Kwon would ultimately be extradited to South Korea, but the decision was postponed by the Supreme Court of Montenegro and finally confirmed in December that he would be extradited to the United States.

今年3月，有报道称道权最终将被引渡到韩国，但这一决定被黑山最高法院推迟，并最终于12月确认将被引渡到美国。

Earlier, there were rumors circulating in the market that when Do Kwon was arrested by Montenegrin police, a Trezor hardware cold wallet was found in his rectum, which allegedly contained more than 10,000 Bitcoins. Today, these Bitcoins are worth over $1 billion.

此前，市场上有传言称，Do Kwon被黑山警方逮捕时，在他的直肠内发现了一个Trezor硬件冷钱包，据称里面装有超过1万枚比特币。如今，这些比特币的价值超过 10 亿美元。

A look ahead to the trial process

审判过程的展望

In court, Do Kwon pleaded not guilty to the charges against him. So, what happens next?

在法庭上，Do Kwon 对针对他的指控表示无罪。那么，接下来会发生什么？

A plea of not guilty is a formal statement made by the defendant in a criminal case within the US judicial system, indicating that they deny committing the crime in question.

无罪抗辩是美国司法系统内刑事案件中被告人做出的正式声明，表明他们否认犯有相关罪行。

This does not directly result in the defendant being found not guilty but instead requires the prosecution to present sufficient evidence to prove the charges. The case will then proceed to the trial stage, where the court will determine the defendant's guilt after the trial.

这并不直接导致被告被判无罪，而是要求检方提供足够的证据来证明指控。案件随后将进入审判阶段，法庭将在审判后确定被告有罪。

The next hearing in the case is scheduled for January 8.

该案的下一次听证会定于 1 月 8 日举行。

In essence, we will witness a court drama similar to the one that unfolded earlier this year with SBF. Many insider details of Terra's collapse will be revealed, from the appearance of witnesses to the final verdict. Odaily will continue to follow up and report on the case for you.

本质上，我们将见证一场与今年早些时候 SBF 上演的法庭戏剧类似的法庭戏剧。从证人出庭到最终判决，泰拉崩溃的许多内幕细节都将被揭露。 Odaily将继续为您跟进报道。

He could be sentenced to 130 years, but he smiled

他可能被判130年，但他微笑着

Do Kwon has been charged with multiple offenses. According to a press release from the U.S. Department of Justice's Office of Public Affairs, the main charges against Do Kwon are as follows:

Do Kwon 被指控犯有多项罪行。根据美国司法部公共事务办公室的新闻稿，对Do Kwon的主要指控如下：

False Statements Made by Do Kwon:

Do Kwon 的虚假陈述：

Stablecoin Misrepresentation: Kwon falsely advertised the effectiveness of the “Terra Protocol” system, which purportedly used a computer algorithm to maintain the value of Terraform’s so-called “stablecoin” TerraUSD (UST) at $1-1 UST. But Kwon knew that after the Terra Protocol failed to restore UST’s $1 peg in May 2021

稳定币虚假陈述：Kwon 虚假宣传“Terra Protocol”系统的有效性，据称该系统使用计算机算法将 Terraform 所谓的“稳定币”TerraUSD (UST) 的价值维持在 1-1 UST 之间。但 Kwon 知道，在 Terra 协议于 2021 年 5 月未能恢复 UST 与 1 美元挂钩之后