里程碑式的判决：Terraform Labs、Do Kwon 在 TerraUSD 崩溃中负有责任

4 月 5 日，曼哈顿陪审团裁定 Terraform Labs 及其创始人 Do Kwon 应对民事欺诈负责。陪审团同意 SEC 的指控，即他们在 TerraUSD 的稳定性方面误导了投资者，TerraUSD 是一种旨在维持 1 美元价值的稳定币。监管机构还指控 Terraform 和 Kwon 谎称其区块链用于韩国流行的移动支付应用程序。

Landmark Verdict in TerraUSD Collapse: Terraform Labs and Do Kwon Held Liable for Civil Fraud

TerraUSD 崩溃的里程碑式判决：Terraform Labs 和 Do Kwon 因民事欺诈承担责任

In a landmark verdict that sent shockwaves through the cryptocurrency industry, a jury in Manhattan's federal court has found Terraform Labs, a Singapore-based blockchain company, and its founder, Do Kwon, liable on civil fraud charges. The verdict, delivered on April 5, 2023, concluded a two-week trial that examined the events leading up to the catastrophic collapse of TerraUSD (UST), the stablecoin developed by Terraform, in May 2022.

在一项震惊整个加密货币行业的里程碑式判决中，曼哈顿联邦法院的陪审团裁定总部位于新加坡的区块链公司 Terraform Labs 及其创始人 Do Kwon 应对民事欺诈指控承担责任。该判决于 2023 年 4 月 5 日做出，结束了为期两周的审判，该审判审查了导致 Terraform 开发的稳定币 TerraUSD (UST) 在 2022 年 5 月灾难性崩溃的事件。

Misleading Investors: The SEC's Case

误导投资者：美国证券交易委员会的案例

The United States Securities and Exchange Commission (SEC) filed a lawsuit against Terraform and Kwon in May 2022, alleging that they fraudulently misled investors about the stability of UST and the capabilities of Terraform's blockchain technology. The SEC claimed that Terraform and Kwon made false statements about the stability of UST and its ability to maintain a constant value of $1.00. The SEC further alleged that Terraform falsely represented that its blockchain was utilized by Chai, a popular Korean mobile payment application, when in reality, its usage was limited.

美国证券交易委员会 (SEC) 于 2022 年 5 月对 Terraform 和 Kwon 提起诉讼，指控他们在 UST 的稳定性和 Terraform 区块链技术的功能方面欺骗性地误导投资者。 SEC 声称 Terraform 和 Kwon 对 UST 的稳定性及其维持 1.00 美元恒定价值的能力做出了虚假陈述。 SEC 进一步指控 Terraform 错误地表示其区块链被韩国流行的移动支付应用程序 Chai 使用，而实际上，其使用受到限制。

Defense Arguments: Terraform's Response

辩护论点：Terraform 的回应

Terraform's attorneys argued that the SEC's case relied on statements taken out of context and that the company and Kwon had acted in good faith in their representations about UST and Terraform's blockchain. Louis Pellegrino, an attorney for Terraform, argued that the SEC had failed to prove that Terraform had intentionally misled investors and that the collapse of UST was an unforeseen consequence of market fluctuations and broader economic conditions.

Terraform 的律师辩称，SEC 的案件依赖于断章取义的陈述，并且该公司和 Kwon 在有关 UST 和 Terraform 区块链的陈述中是真诚行事的。 Terraform 的律师路易斯·佩莱格里诺 (Louis Pellegrino) 辩称，SEC 未能证明 Terraform 故意误导投资者，而 UST 的崩溃是市场波动和更广泛的经济状况的不可预见的结果。

Convincing the Jury: The Prosecution's Arguments

说服陪审团：检方的论点

In its closing arguments, the SEC presented compelling evidence that Terraform and Kwon had engaged in a deliberate scheme to deceive investors. SEC attorney Laura Meehan argued that the company's success story was "built on lies" and that Terraform and Kwon had failed to disclose material information about the risks associated with investing in UST. Meehan emphasized that "if you swing big and you miss, and you don't tell people that you came up short, that is fraud."

在结案陈词中，SEC 提供了令人信服的证据，证明 Terraform 和 Kwon 参与了一项故意欺骗投资者的计划。 SEC 律师 Laura Meehan 辩称，该公司的成功故事“建立在谎言之上”，Terraform 和 Kwon 未能披露有关投资 UST 相关风险的重要信息。米汉强调说，“如果你挥杆很大，却错过了机会，而且你没有告诉人们你的表现不够，那就是欺诈。”

The Consequences: Financial Penalties and Industry Bans

后果：经济处罚和行业禁令

The jury's verdict has significant implications for Terraform, Kwon, and the cryptocurrency industry as a whole. The SEC is seeking substantial civil financial penalties, which could amount to billions of dollars. Additionally, the SEC is requesting orders barring Terraform and Kwon from participating in the securities industry. These penalties could severely damage Terraform's operations and prohibit Kwon from further involvement in the cryptocurrency sector.

陪审团的裁决对 Terraform、Kwon 以及整个加密货币行业具有重大影响。美国证券交易委员会正在寻求巨额民事罚款，金额可能高达数十亿美元。此外，SEC 正在请求禁止 Terraform 和 Kwon 参与证券行业的命令。这些处罚可能会严重损害 Terraform 的运营，并阻止 Kwon 进一步参与加密货币领域。

International Cooperation and Criminal Charges

国际合作和刑事指控

Kwon, who was arrested in Montenegro in March 2023, did not attend the trial. Both the US and South Korea, where Kwon is a citizen, have sought his extradition on criminal charges related to the UST collapse. The outcome of these extradition requests will determine whether Kwon will face further legal consequences for his actions.

权于 2023 年 3 月在黑山被捕，他没有出席审判。权是公民的美国和韩国都因与科技大学垮台有关的刑事指控而寻求引渡他。这些引渡请求的结果将决定权是否会因其行为面临进一步的法律后果。

Market Impact and Regulatory Scrutiny

市场影响和监管审查

The collapse of UST and the subsequent verdict against Terraform and Kwon have had a profound impact on the cryptocurrency market. The UST collapse caused a ripple effect that dragged down the value of other cryptocurrencies, including Bitcoin, and contributed to a wider market downturn. The verdict also intensifies regulatory scrutiny of the cryptocurrency industry, as it underscores the need for greater transparency and accountability in the rapidly evolving digital asset landscape.

UST 的崩溃以及随后针对 Terraform 和 Kwon 的判决对加密货币市场产生了深远的影响。 UST 的崩溃引发了连锁反应，拖累了包括比特币在内的其他加密货币的价值，并导致了更广泛的市场低迷。该判决还加强了对加密货币行业的监管审查，因为它强调了在快速发展的数字资产领域需要提高透明度和问责制。

Terraform's Bankruptcy and Ongoing Investigations

Terraform 的破产和正在进行的调查

Terraform itself filed for bankruptcy protection in January 2023, citing the collapse of UST as the primary cause of its financial difficulties. The company's bankruptcy proceedings and the ongoing investigations by both the SEC and other regulatory agencies will further shed light on the events leading up to the UST collapse and the potential culpability of Terraform and its executives.

Terraform 本身于 2023 年 1 月申请破产保护，称 UST 的倒闭是其财务困难的主要原因。该公司的破产程序以及 SEC 和其他监管机构正在进行的调查将进一步揭示导致 UST 崩溃的事件以及 Terraform 及其高管的潜在罪责。

Lessons Learned and Future Considerations

经验教训和未来的考虑

The verdict against Terraform and Kwon serves as a cautionary tale for investors, developers, and regulators alike. It highlights the importance of due diligence, transparency, and robust regulatory oversight in the cryptocurrency industry. As the industry continues to evolve and new technologies emerge, it is crucial to learn from past mistakes and implement safeguards to protect investors and the integrity of the financial system.

针对 Terraform 和 Kwon 的判决对投资者、开发商和监管机构来说都是一个警示。它强调了加密货币行业尽职调查、透明度和强有力的监管监督的重要性。随着行业的不断发展和新技术的出现，从过去的错误中吸取教训并实施保障措施以保护投资者和金融体系的完整性至关重要。