Terraform Labs SEC 案件的里程碑式判决为加密行业树立了监管先例

曼哈顿的一个陪审团裁定 Terraform Labs 和 Do Kwon 在美国证券交易委员会提起的民事诉讼中承担欺诈投资者的责任。美国证券交易委员会指控 Terraform Labs 在 UST 稳定币的稳定性方面误导了投资者，并对其技术在韩国支付系统 Chai 中的使用做出了虚假声明。 Terraform Labs 宣布他们不同意判决，并正在考虑上诉。美国证券交易委员会执法主管 Gurbir Grewal 表示，此案是投资者因 Terraform Labs 的行为而可能面临损失的“灾难性例子”。

Landmark Verdict in Terraform Labs SEC Case Sets Regulatory Precedent for Cryptocurrency Industry

Terraform Labs SEC 案件的里程碑式判决为加密货币行业树立了监管先例

April 5, 2024

2024 年 4 月 5 日

Manhattan, New York

纽约曼哈顿

In a groundbreaking verdict that sent shockwaves through the cryptocurrency world, a Manhattan jury unanimously found Terraform Labs and its co-founder, Do Kwon, liable for defrauding investors and misleading the public about the stability of their flagship stablecoin, UST. The verdict, issued on Tuesday, marks a watershed moment in the regulation of the burgeoning cryptocurrency industry and is likely to have far-reaching implications for the future of digital assets.

在一项震撼整个加密货币世界的开创性判决中，曼哈顿陪审团一致认定 Terraform Labs 及其联合创始人 Do Kwon 应对欺骗投资者以及误导公众对其旗舰稳定币 UST 的稳定性负有责任。周二发布的判决标志着新兴加密货币行业监管的分水岭，并可能对数字资产的未来产生深远影响。

SEC's Sweeping Allegations

SEC 的全面指控

The allegations against Terraform Labs and Kwon were brought by the US Securities and Exchange Commission (SEC), a government agency tasked with regulating the securities markets. The SEC alleged that Terraform Labs and Kwon engaged in a multi-year scheme to deceive investors about UST and its underlying technology, Chai, a South Korean payment platform.

针对 Terraform Labs 和 Kwon 的指控是由美国证券交易委员会 (SEC) 提出的，该委员会是一个负责监管证券市场的政府机构。 SEC 指控 Terraform Labs 和 Kwon 参与了一项多年计划，旨在就 UST 及其基础技术（韩国支付平台 Chai）欺骗投资者。

According to the SEC's complaint, Terraform Labs and Kwon falsely represented that UST was a stablecoin pegged to the US dollar, when in reality it was backed by a volatile cryptocurrency called LUNA. The SEC also alleged that Terraform Labs and Kwon made false claims about Chai's adoption and usage, inflating the value of both UST and LUNA.

根据 SEC 的投诉，Terraform Labs 和 Kwon 错误地表示 UST 是一种与美元挂钩的稳定币，而实际上它是由一种名为 LUNA 的波动性加密货币支持的。 SEC 还指控 Terraform Labs 和 Kwon 对 Chai 的采用和使用做出虚假声明，夸大了 UST 和 LUNA 的价值。

Jury's Findings

陪审团的调查结果

After a week-long trial, the jury found Terraform Labs and Kwon liable on all charges. The jury concluded that UST was a security, not a commodity, and that Terraform Labs and Kwon had violated federal securities laws by misleading investors about the risks associated with investing in UST.

经过一周的审判后，陪审团裁定 Terraform Labs 和 Kwon 对所有指控负有责任。陪审团得出的结论是，UST 是一种证券，而不是商品，Terraform Labs 和 Kwon 误导投资者了解投资 UST 的相关风险，从而违反了联邦证券法。

Terraform Labs Denounces Verdict, Vows to Fight

Terraform Labs 谴责判决，誓言抗争

Terraform Labs immediately denounced the verdict, vowing to appeal the decision and continue fighting the SEC's allegations. In a statement released shortly after the verdict was announced, Terraform Labs expressed disappointment and claimed that the evidence presented at trial did not support the jury's findings. The company also questioned the SEC's authority to bring the case, arguing that UST was not a security.

Terraform Labs 立即谴责了这一判决，并发誓将对这一决定提出上诉，并继续对抗 SEC 的指控。在判决宣布后不久发布的一份声明中，Terraform Labs 表示失望，并声称审判中提供的证据并不支持陪审团的调查结果。该公司还质疑 SEC 提起诉讼的权力，认为 UST 不是证券。

SEC Hails Verdict as a Victory for Investors

美国证券交易委员会 (SEC) 称赞判决是投资者的胜利

The SEC hailed the verdict as a significant victory for investors and the cryptocurrency industry as a whole. Gurbir Grewal, Director of the SEC's Enforcement Division, stated that the verdict sends a clear message that companies operating in the cryptocurrency space will be held accountable for their actions.

美国证券交易委员会称赞这一判决对投资者和整个加密货币行业来说是一次重大胜利。美国证券交易委员会执法部门主管 Gurbir Grewal 表示，该判决发出了一个明确的信息，即在加密货币领域运营的公司将对其行为负责。

Grewal emphasized that the case was a "catastrophic example" of the losses that investors can face when companies engage in fraud and misrepresentation. He warned other cryptocurrency entities that they would face similar consequences if they engaged in similar misconduct.

格雷瓦尔强调，此案是一个“灾难性的例子”，说明当公司进行欺诈和虚假陈述时，投资者可能面临损失。他警告其他加密货币实体，如果他们从事类似的不当行为，他们将面临类似的后果。

Verdict Sets Regulatory Precedent

判决开创了监管先例

Legal experts believe that the verdict in the Terraform Labs case will have a profound impact on the regulation of the cryptocurrency industry. The verdict clearly establishes that the SEC has the authority to regulate digital assets and that companies operating in this space will be held to the same standards as traditional financial institutions.

法律专家认为，Terraform Labs案的判决将对加密货币行业的监管产生深远影响。该判决明确规定，美国证券交易委员会有权监管数字资产，并且在该领域运营的公司将遵守与传统金融机构相同的标准。

The verdict is also likely to spur additional regulatory action from both the SEC and other government agencies. The SEC has already announced plans to increase its scrutiny of the cryptocurrency industry, and the verdict in the Terraform Labs case is likely to provide additional impetus for these efforts.

该判决还可能促使美国证券交易委员会和其他政府机构采取额外的监管行动。美国证券交易委员会已经宣布计划加强对加密货币行业的审查，而 Terraform Labs 案件的判决可能会为这些努力提供额外的动力。

Do Kwon Faces Criminal Charges

Do Kwon 面临刑事指控

In addition to the civil lawsuit filed by the SEC, Do Kwon is also facing criminal charges in both the United States and South Korea. The criminal charges stem from the collapse of LUNA, which led to billions of dollars in losses for investors.

除了美国证券交易委员会提起的民事诉讼外，Do Kwon 还面临美国和韩国的刑事指控。这些刑事指控源于 LUNA 的倒闭，该倒闭给投资者带来了数十亿美元的损失。

Kwon has been arrested in Montenegro and is currently awaiting extradition to the United States. The extradition process has been delayed due to legal challenges, but it is expected to proceed in the coming months.

权已在黑山被捕，目前正在等待引渡到美国。由于法律挑战，引渡程序已被推迟，但预计将在未来几个月内进行。

If extradited to the United States, Kwon will face a number of criminal charges, including securities fraud and wire fraud. He has pleaded not guilty to all charges.

如果被引渡到美国，权将面临多项刑事指控，包括证券欺诈和电汇欺诈。他对所有指控均表示不认罪。

Aftermath of Verdict

判决后的影响

The verdict in the Terraform Labs case and the ongoing criminal charges against Do Kwon have sent shockwaves through the cryptocurrency industry. Investors have lost billions of dollars, and confidence in the stability of digital assets has been shaken.

Terraform Labs 案的判决以及对 Do Kwon 的持续刑事指控在加密货币行业引起了震动。投资者损失数十亿美元，对数字资产稳定性的信心动摇。

The verdict is a major setback for Terraform Labs and Kwon, and it remains to be seen how the company and its co-founder will recover from this legal onslaught. However, the verdict is also a victory for the SEC and for investors who have been victimized by fraud in the cryptocurrency industry. The verdict sends a clear message that companies operating in this space will be held accountable for their actions, and it is likely to have a significant impact on the regulation of the cryptocurrency industry in the years to come.

这一判决对 Terraform Labs 和 Kwon 来说是一个重大挫折，该公司及其联合创始人将如何从这场法律攻击中恢复过来还有待观察。不过，这一判决对于 SEC 以及遭受加密货币行业欺诈行为受害者的投资者来说也是一次胜利。该判决发出了一个明确的信息，即在该领域运营的公司将对其行为负责，并且很可能对未来几年加密货币行业的监管产生重大影响。