曼哈顿陪审团认定 Terraform Labs 和 Do Kwon 犯有民事欺诈罪，支持 SEC 误导 TerraUSD 投资者的主张

曼哈顿陪审团裁定 Terraform Labs 及其创始人 Do Kwon 在 SEC 提起的民事欺诈案件中承担责任。 SEC 指控 Terraform 和 Kwon 在 TerraUSD（一种于​​ 2022 年崩盘的稳定币）的稳定性方面误导投资者，并错误地声称该公司的区块链用于韩国流行的移动支付应用程序。经过两周的审判后，判决结果预计将导致民事处罚，并禁止 Kwon 和 Terraform 进入证券行业。

Manhattan Jury Finds Terraform Labs and Founder Do Kwon Liable for Civil Fraud, Upholding SEC Allegations of Misleading Investors in TerraUSD Collapse

曼哈顿陪审团认定 Terraform Labs 及其创始人 Do Kwon 应对民事欺诈负责，维持 SEC 关于在 TerraUSD 崩溃中误导投资者的指控

New York, March 31, 2023 - In a landmark verdict, a Manhattan jury has found Singapore-based Terraform Labs and its founder, Do Kwon, liable for civil fraud charges brought by the U.S. Securities and Exchange Commission (SEC). The SEC had alleged that Terraform Labs and Kwon misled investors about the stability of TerraUSD, a stablecoin designed to maintain its value at $1, in the lead-up to its 2022 collapse that sent shockwaves through the cryptocurrency markets.

纽约，2023 年 3 月 31 日 - 曼哈顿陪审团做出了一项具有里程碑意义的裁决，裁定总部位于新加坡的 Terraform Labs 及其创始人 Do Kwon 对美国证券交易委员会 (SEC) 提出的民事欺诈指控负有责任。美国证券交易委员会指控 Terraform Labs 和 Kwon 在 TerraUSD 的稳定性问题上误导了投资者，TerraUSD 是一种旨在将其价值维持在 1 美元的稳定币，导致其在 2022 年崩盘，给加密货币市场带来了冲击波。

The jury reached its verdict after a two-week trial in federal court, following closing arguments presented earlier in the day. The SEC had accused Terraform Labs and Kwon of deceiving investors in 2021 by making false claims about the stability of TerraUSD and its connection to a popular Korean mobile payment app.

陪审团在联邦法院经过两周的审判并在当天早些时候提出结案陈词后做出了裁决。美国证券交易委员会 (SEC) 指控 Terraform Labs 和 Kwon 在 2021 年欺骗投资者，对 TerraUSD 的稳定性及其与韩国流行移动支付应用程序的连接做出虚假声明。

Kwon, the architect behind TerraUSD and Luna, a more volatile token linked to the stablecoin, has been accused of orchestrating a scheme that led to billions of dollars in losses for investors when the TerraUSD peg to the dollar could not be maintained in May 2022.

Kwon 是 TerraUSD 和 Luna（与稳定币挂钩的波动性更大的代币）背后的设计者，他被指控策划了一项计划，由于 2022 年 5 月 TerraUSD 与美元挂钩无法维持，导致投资者损失数十亿美元。

The SEC sought civil financial penalties and orders barring Kwon and Terraform from the securities industry, and U.S. District Judge Jed Rakoff will consider these penalties in the coming weeks after hearing submissions from both the SEC and the defendants.

美国证券交易委员会寻求民事经济处罚以及禁止 Kwon 和 Terraform 进入证券行业的命令，美国地区法官杰德·拉科夫 (Jed Rakoff) 将在听取美国证券交易委员会和被告的意见后在未来几周内考虑这些处罚。

Terraform Labs expressed disappointment with the verdict, stating that it "continues to maintain that the SEC does not have the legal authority to bring this case at all."

Terraform Labs 对判决表示失望，表示“继续认为 SEC 根本没有提起此案的法律权力”。

SEC Division of Enforcement Director Gurbir Grewal hailed the verdict, emphasizing that "for all of crypto's promises, the lack of registration and compliance have very real consequences for real people." He added that it is "high time for the crypto markets to come into compliance."

美国证券交易委员会执法部门主管 Gurbir Grewal 对这一判决表示欢迎，并强调“尽管加密货币做出了所有承诺，但缺乏注册和合规性对现实中的人们产生了非常现实的后果。”他补充说，“现在是加密货币市场遵守法规的时候了。”

Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which commenced on March 25. Both the United States and South Korea, where Kwon holds citizenship, have initiated extradition proceedings against him on criminal charges.

权于 2023 年 3 月在黑山被捕，他没有出席 3 月 25 日开始的审判。权拥有公民身份的美国和韩国均已以刑事指控对他启动引渡程序。

During the trial, SEC attorney Laura Meehan argued that the success of TerraUSD was a carefully crafted illusion "built on lies." She emphasized that "if you swing big and you miss, and you don't tell people that you came up short, that is fraud."

在审判过程中，SEC 律师 Laura Meehan 辩称，TerraUSD 的成功是“建立在谎言之上”精心打造的幻觉。她强调，“如果你挥杆很大，却错过了，而且你没有告诉人们你的表现不够，那就是欺诈。”

The SEC presented evidence suggesting that Kwon and Terraform secretly arranged for a third party to purchase large amounts of TerraUSD to artificially bolster its price when it briefly lost its peg in May 2021. Kwon, according to the SEC, falsely attributed the subsequent recovery to the resilience of TerraUSD's algorithms.

SEC 提供的证据表明，Kwon 和 Terraform 秘密安排第三方购买大量 TerraUSD，以在 2021 年 5 月短暂失去锚定汇率时人为抬高其价格。据 SEC 称，Kwon 错误地将随后的复苏归因于TerraUSD 算法的弹性。

Additionally, the SEC alleged that Terraform and Kwon made false claims about the adoption of their blockchain on the popular Chai payment app, misrepresenting its role in processing transactions.

此外，SEC 指控 Terraform 和 Kwon 就流行的 Chai 支付应用程序采用其区块链做出了虚假声明，歪曲了其在处理交易中的作用。

Terraform attorney Louis Pellegrino, in his closing arguments, contended that the SEC's case relied on statements taken out of context and that Terraform and Kwon had been transparent about their products and their operations, even in cases where they did not meet expectations. He highlighted Terraform's ongoing efforts to rebuild and "make purchasers whole."

Terraform 律师 Louis Pellegrino 在结案陈词中辩称，SEC 的案件依赖于断章取义的陈述，并且 Terraform 和 Kwon 对他们的产品和运营保持透明，即使在没有达到预期的情况下也是如此。他强调了 Terraform 正在进行的重建和“使购买者完整”的努力。

Despite the jury's finding of liability, Terraform has indicated its intention to challenge the court's previous ruling that cryptocurrencies it developed fall under the purview of securities laws. Once a final judgment is issued in the case, Terraform will have the opportunity to appeal this decision.

尽管陪审团裁定有责任，但 Terraform 已表示打算挑战法院之前的裁决，即其开发的加密货币属于证券法的管辖范围。一旦案件做出最终判决，Terraform 将有机会对该决定提出上诉。

The verdict against Terraform Labs and Do Kwon is a significant development in the regulation of cryptocurrencies. It underscores the SEC's determination to hold accountable those who violate securities laws in the digital asset market and sends a strong message that the lack of compliance in the crypto industry will no longer be tolerated.

针对 Terraform Labs 和 Do Kwon 的判决是加密货币监管的重大进展。它强调了美国证券交易委员会追究数字资产市场中违反证券法者责任的决心，并发出了一个强烈的信息，即加密货币行业的不合规行为将不再被容忍。