美国证券交易委员会启动历史性审判，指控 Terraform 实验室大规模加密货币欺诈

美国证券交易委员会 (SEC) 已对 Terraform Labs 启动民事审判，指控其欺诈操作导致投资者重大损失。美国证券交易委员会的诉讼指控 Terraform Labs 及其联合创始人 Do Kwon 在其算法稳定币 TerraUSD (UST) 的稳定性方面误导投资者，导致其崩溃以及随后 TerraLUNA 代币和其他加密资产的下跌。

SEC Unravels Terraform Labs' Alleged Crypto Fraud in Landmark Trial

美国证券交易委员会 (SEC) 在具有里程碑意义的审判中揭开了 Terraform Labs 涉嫌的加密货币欺诈案

By WSJ Staff

华尔街日报工作人员

In a Manhattan courtroom, the Securities and Exchange Commission (SEC) has commenced a civil trial against Terraform Labs, alleging that the blockchain firm orchestrated a massive fraud that defrauded investors of billions of dollars.

在曼哈顿法庭，美国证券交易委员会 (SEC) 开始对 Terraform Labs 进行民事审判，指控这家区块链公司策划了大规模欺诈行为，欺骗了投资者数十亿美元。

SEC's Case: A 'House of Cards'

SEC 案例：“纸牌屋”

SEC attorneys depicted Terraform Labs as a "house of cards" that collapsed in 2022, leaving investors with staggering losses. The lawsuit, filed in February 2023, accuses Terra and its co-founder, Do Kwon, of perpetrating a multi-billion dollar fraud involving crypto-asset securities.

SEC 律师将 Terraform Labs 描述为一座于 2022 年倒塌的“纸牌屋”，给投资者带来了惊人的损失。该诉讼于 2023 年 2 月提起，指控 Terra 及其联合创始人 Do Kwon 实施涉及加密资产证券的数十亿美元欺诈行为。

Devon Staren, an SEC lawyer, characterized Terra as an "inherently flawed" system that was destined to fail. The collapse of TerraUSD (UST), the algorithmic stablecoin at the heart of the Terra ecosystem, triggered a chain reaction that devastated TerraLUNA and other tokens, causing widespread losses throughout the cryptocurrency industry.

美国证券交易委员会 (SEC) 律师德文·斯塔伦 (Devon Staren) 将 Terra 描述为一个“存在固有缺陷”的系统，注定会失败。 TerraUSD（UST）是 Terra 生态系统核心的算法稳定币，其崩溃引发了连锁反应，摧毁了 TerraLUNA 和其他代币，给整个加密货币行业造成了广泛损失。

Kwon's Absence and the Trial's Complexity

权的缺席和审判的复杂性

Do Kwon, who is named as a defendant in the lawsuit, was notably absent from the trial's first day. Kwon was arrested in Montenegro in March 2023 for using counterfeit travel documents and sentenced to four months in jail. While he was released on bail on March 23 pending extradition proceedings, his participation in the trial remains uncertain.

诉讼中被指定为被告的 Do Kwon 明显缺席了审判的第一天。权于 2023 年 3 月因使用伪造旅行证件在黑山被捕，并被判处四个月监禁。虽然他于 3 月 23 日获得保释，等待引渡程序，但他是否参与审判仍不确定。

The SEC's case hinges on allegations that Terra and Kwon misled investors about the stability of UST. The agency contends that these misrepresentations played a significant role in the broader instability that ensued. The trial, originally scheduled for January, was postponed to March in anticipation of Kwon's potential appearance, but his role in the proceedings remains unclear.

SEC 的案件取决于 Terra 和 Kwon 在 UST 稳定性方面误导投资者的指控。该机构认为，这些失实陈述在随后发生的更广泛的不稳定中发挥了重要作用。原定于一月进行的审判因预计权可能出庭而推迟至三月，但他在诉讼程序中的角色仍不清楚。

Partial Victory for SEC

SEC 取得部分胜利

In a significant legal development, Judge Jed Rakoff issued a partial ruling in favor of the SEC in December 2023. The court found that Terraform Labs had engaged in the unregistered sale of securities, a crucial element of the SEC's case. However, the court also ruled in favor of Kwon and Terraform Labs on the issue of whether they offered and sold security-based swaps. This mixed ruling underscores the complex legal landscape surrounding cryptocurrency activities and regulatory compliance.

在一项重大法律进展中，Jed Rakoff 法官于 2023 年 12 月做出了有利于 SEC 的部分裁决。法院发现 Terraform Labs 参与了未经注册的证券销售，这是 SEC 案件的一个关键要素。然而，法院在 Kwon 和 Terraform Labs 是否提供和销售基于证券的掉期交易问题上也做出了有利于 Kwon 和 Terraform Labs 的裁决。这一混合裁决凸显了围绕加密货币活动和监管合规性的复杂法律环境。

Landmark Cases Shaping Crypto Regulation

塑造加密货币监管的标志性案例

The Terraform Labs trial is one of several pivotal cases that will shape the legal framework for the cryptocurrency industry in 2024. Former FTX CEO Sam Bankman-Fried is scheduled to be sentenced on March 28 after pleading guilty to seven felony charges. In another high-profile case, former Binance CEO Changpeng Zhao is awaiting sentencing on April 30 after pleading guilty to a felony charge. These proceedings reflect the heightened regulatory scrutiny and legal challenges facing the cryptocurrency sector.

Terraform Labs 的审判是塑造 2024 年加密货币行业法律框架的几个关键案件之一。前 FTX 首席执行官 Sam Bankman-Fried 在承认七项重罪指控后，计划于 3 月 28 日被判刑。在另一起备受瞩目的案件中，币安前首席执行官赵长鹏在承认重罪指控后，正在等待 4 月 30 日的宣判。这些诉讼反映了加密货币行业面临的更严格的监管审查和法律挑战。

The SEC's lawsuit against Terraform Labs serves as a warning to the industry that it will not tolerate fraudulent practices. The outcome of the trial will have far-reaching implications for the regulation of cryptocurrencies and the future of blockchain technology.

美国证券交易委员会对 Terraform Labs 的诉讼是对业界的警告，即美国证券交易委员会不会容忍欺诈行为。该试验的结果将对加密货币的监管和区块链技术的未来产生深远的影响。