美国证券交易委员会 (SEC) 对 Terraform Labs 发起民事欺诈审判，Do Kwon 因 UST 倒闭而受审

在 SEC 针对 Terraform Labs 及其创始人的民事欺诈审判中，SEC 指控该公司和 Kwon 歪曲了 TerraUSD 的稳定性，导致投资者损失超过 400 亿美元。 SEC 声称 TerraUSD 是通过第三方秘密购买支撑的，并且 Terraform 错误地宣传了其区块链在韩国支付应用程序中的使用。被告否认这些指控，Terraform 的律师引用了精心挑选的证据，Kwon 的律师强调失败并不构成欺诈。

SEC Commences Civil Fraud Trial Against Terraform Labs and Do Kwon

SEC 开始对 Terraform Labs 和 Do Kwon 进行民事欺诈审判

By Jody Godoy

乔迪·戈多伊

New York, New York - The Securities and Exchange Commission (SEC) initiated a civil fraud trial against Terraform Labs and its founder, Do Kwon, on Monday, alleging that they misled investors about the stability of TerraUSD (UST), a stablecoin that collapsed in 2022, causing significant market turmoil.

纽约州纽约 - 周一，美国证券交易委员会 (SEC) 对 Terraform Labs 及其创始人 Do Kwon 发起民事欺诈审判，指控他们在 TerraUSD (UST) 的稳定性方面误导了投资者，而 TerraUSD (UST) 是一种已经崩溃的稳定币2022年，造成市场大幅动荡。

SEC's Allegations

美国证券交易委员会的指控

Devon Staren, an attorney for the SEC, asserted that Terraform Labs and Kwon constructed a "house of cards" by falsely representing UST's stability. The SEC also accused them of making misleading claims about the use of Terraform's blockchain in a popular South Korean mobile payment application.

美国证券交易委员会 (SEC) 律师德文·斯塔伦 (Devon Staren) 声称，Terraform Labs 和 Kwon 错误地代表了 UST 的稳定性，从而构建了一座“纸牌屋”。美国证券交易委员会还指控他们对在韩国流行的移动支付应用程序中使用 Terraform 区块链做出误导性声明。

"Terra was a fraud, a house of cards, and when it collapsed, investors lost nearly everything," Staren declared during the trial.

“泰拉是一个骗局，是一座纸牌屋，当它倒塌时，投资者几乎失去了一切，”斯塔伦在审判期间宣称。

Terraform's Defense

地形防御

Louis Pellegrino, an attorney representing Terraform Labs, contended that the SEC's case is based on selective evidence and the testimony of individuals seeking whistleblower rewards if the SEC prevails. David Patton, Kwon's attorney, emphasized that Kwon never portrayed Terra's cryptocurrency as risk-free.

Terraform Labs 的律师路易斯·佩莱格里诺 (Louis Pellegrino) 辩称，SEC 的案件是基于选择性证据以及如果 SEC 胜诉则寻求举报人奖励的个人的证词。 Kwon 的律师 David Patton 强调，Kwon 从未将 Terra 的加密货币描述为无风险。

"Failure doesn't equal fraud," Patton argued.

“失败并不等于欺诈，”巴顿辩称。

Kwon's Absence and Legal Proceedings

权先生的缺席和法律诉讼

Kwon is not present at the trial, which is projected to last approximately two weeks. He was apprehended in Montenegro in March 2023 and is awaiting extradition to South Korea, where he faces criminal charges. A Montenegrin court recently postponed his extradition due to concerns raised by the prosecutor's office.

权没有出席审判，预计审判将持续大约两周。他于 2023 年 3 月在黑山被捕，正在等待引渡到韩国，他在韩国面临刑事指控。由于检察官办公室提出的担忧，黑山法院最近推迟了对他的引渡。

Federal prosecutors in New York have also indicted Kwon with fraud and are pursuing his extradition to the United States.

纽约联邦检察官也以欺诈罪起诉权某，并正在寻求将他引渡到美国。

TerraUSD and Luna's Collapse

TerraUSD 和 Luna 的崩溃

Kwon created TerraUSD and Luna, a volatile token that was closely linked to UST. The SEC estimates that investors lost over $40 billion in both tokens combined when UST's peg to the dollar failed in May 2022.

Kwon 创建了 TerraUSD 和 Luna，这是一种与 UST 密切相关的波动性代币。美国证券交易委员会估计，2022 年 5 月 UST 与美元挂钩失败后，这两种代币的投资者损失总计超过 400 亿美元。

The collapse of UST and Luna precipitated a decline in the value of other cryptocurrencies, including Bitcoin, and caused widespread disruption in the crypto market, leading to several bankruptcies in 2022.

UST 和 Luna 的崩溃导致包括比特币在内的其他加密货币价值下跌，并对加密市场造成广泛破坏，导致 2022 年出现多起破产事件。

SEC's Alleged Manipulations

SEC 涉嫌操纵行为

The SEC alleges that Kwon and Terraform Labs secretly orchestrated the purchase of substantial amounts of UST by a third party to maintain its price when the stablecoin briefly lost its peg in May 2021. According to the SEC, Kwon falsely attributed the recovery to the effectiveness of UST's algorithms.

美国证券交易委员会 (SEC) 指控，当稳定币在 2021 年 5 月短暂失去锚定汇率时，Kwon 和 Terraform Labs 秘密策划由第三方购买大量 UST，以维持其价格。根据 SEC 的说法，Kwon 错误地将其恢复归因于UST 的算法。

The SEC also asserts that Kwon and Terraform Labs falsely claimed that Terraform's blockchain was used to facilitate transactions on the Chai payment app.

SEC 还声称，Kwon 和 Terraform Labs 错误地声称 Terraform 的区块链用于促进 Chai 支付应用程序上的交易。

SEC's Remedies

SEC 的补救措施

The SEC seeks civil penalties and injunctions barring Kwon and Terraform Labs from the securities industry.

美国证券交易委员会寻求民事处罚和禁令，禁止 Kwon 和 Terraform Labs 进入证券行业。

Court's Previous Rulings

法院先前的裁决

In December, U.S. District Judge Jed Rakoff partially ruled in favor of the SEC, determining that Terraform Labs illegally sold digital assets without registering them as securities. However, the judge dismissed the SEC's allegations that Terraform Labs and Kwon illegally offered security-based swaps.

去年 12 月，美国地区法官 Jed Rakoff 做出了部分支持 SEC 的裁决，裁定 Terraform Labs 在未将数字资产注册为证券的情况下非法出售数字资产。然而，法官驳回了 SEC 关于 Terraform Labs 和 Kwon 非法提供基于证券的互换的指控。

The court has not yet established the amount of damages that Terraform Labs must pay. The company, which filed for bankruptcy protection in January, has indicated that any penalties could exceed its assets.

法院尚未确定 Terraform Labs 必须支付的损害赔偿金额。该公司于一月份申请破产保护，并表示任何处罚都可能超过其资产。

Conclusion

结论

The ongoing trial against Terraform Labs and Do Kwon highlights the SEC's efforts to regulate the burgeoning cryptocurrency market and hold accountable those alleged to have engaged in fraudulent practices. The outcome of the trial will have significant implications for the crypto industry and the broader financial landscape.

针对 Terraform Labs 和 Do Kwon 的持续审判凸显了 SEC 监管新兴加密货币市场并追究那些涉嫌参与欺诈行为的人的努力。该审判的结果将对加密货币行业和更广泛的金融格局产生重大影响。