数十亿美元的加密货币试验：失败还是欺诈？

Multi-Billion Dollar Crypto Trial: Is It Failure or Fraud?

数十亿美元的加密货币试验：失败还是欺诈？

The Securities and Exchange Commission (SEC) has launched an all-out assault on Terraform Labs and its erstwhile founder, Do Kwon. The SEC, staunchly defending its right to pursue the case, asserts, "This isn't a question of tech problems or missteps. It's fraud." Defense attorneys, on the other hand, maintain that the charges stem from a failed enterprise. Let's delve into the details.

美国证券交易委员会 (SEC) 对 Terraform Labs 及其前创始人 Do Kwon 发起了全面攻击。美国证券交易委员会坚决捍卫其追查此案的权利，并断言：“这不是技术问题或失误的问题。这是欺诈。”另一方面，辩护律师坚称这些指控源于一家失败的企业。让我们深入研究一下细节。

The House That Crashed

倒塌的房子

As Bloomberg reports, the SEC's legal eagles have accused Terraform Labs and Do Kwon of perpetrating a fraud in absentia. Devon Staren, a SEC attorney, condemned Terra as a "scam," an illusory facade that collapsed, leaving investors penniless. The SEC estimates that by May 2022, Terra's value had plummeted, triggering a systemic collapse that cost investors upwards of $40 billion.

据彭博社报道，美国证券交易委员会的法律鹰派指控 Terraform Labs 和 Do Kwon 缺席欺诈。美国证券交易委员会 (SEC) 律师德文·斯塔伦 (Devon Staren) 谴责 Terra 是一个“骗局”，一个虚幻的外表，最终崩溃了，让投资者身无分文。美国证券交易委员会估计，到 2022 年 5 月，Terra 的价值已经暴跌，引发系统性崩溃，导致投资者损失超过 400 亿美元。

House of Cards or Mismanaged Misadventure?

《纸牌屋》还是管理不善的灾难？

Devon Staren of the SEC likened Terraform Labs to a "house of cards" that toppled upon its investors in 2022, precipitating massive losses in the crypto realm. The spectacular implosion of TerraUSD (UST) unleashed a wave of financial ruin, underscoring the severity of the situation.

美国证券交易委员会 (SEC) 的 Devon Staren 将 Terraform Labs 比作一座“纸牌屋”，它于 2022 年推倒了投资者，导致加密领域遭受巨额损失。 TerraUSD（UST）的惊人内爆引发了一波金融灾难，凸显了情况的严重性。

Louis Pellegrino, representing Terraform, contends that the SEC's case rests on cherry-picked evidence and testimonies from witnesses motivated by the prospect of whistleblower rewards. David Patton, Kwon's lawyer, maintains that the crypto visionary never depicted Terra's digital currency as risk-free.

Terraform 的代表路易斯·佩莱格里诺 (Louis Pellegrino) 认为，SEC 的案件基于出于举报人奖励前景而精心挑选的证据和证人的证词。 Kwon 的律师 David Patton 坚称，这位加密货币梦想家从未将 Terra 的数字货币描述为无风险。

Kwon's Absence: An Impediment to Justice?

权的缺席：正义的障碍？

Strikingly, the trial commenced without Do Kwon, who skipped the first day's proceedings. Kwon, apprehended in Montenegro in March 2023 for using bogus travel documents, was subsequently released pending extradition. His participation in the trial remains uncertain, further complicating the legal proceedings.

引人注目的是，审判在没有权道权的情况下开始，他跳过了第一天的诉讼程序。权于 2023 年 3 月因使用伪造旅行证件在黑山被捕，随后被释放，等待引渡。他是否参与审判仍不确定，这使法律程序进一步复杂化。

A Tangled Web of Unregistered Securities and Swaps

未注册证券和掉期的错综复杂的网络

The SEC lawsuit alleges that Terraform Labs and Kwon misled investors about the stability of their algorithmic stablecoin, TerraUSD (UST), causing widespread instability. In December 2023, Judge Jed Rakoff ruled partially in the SEC's favor, upholding that Terraform Labs had dealt in unregistered securities. However, the court also sided with Kwon and the platform on the issue of offering security-based swaps, underscoring the intricate legal landscape surrounding crypto operations.

SEC 诉讼指控 Terraform Labs 和 Kwon 在其算法稳定币 TerraUSD (UST) 的稳定性方面误导投资者，导致广泛的不稳定。 2023 年 12 月，法官 Jed Rakoff 做出了部分有利于 SEC 的裁决，维持 Terraform Labs 从事未注册证券交易。然而，在提供基于证券的互换问题上，法院也支持 Kwon 和该平台，这凸显了围绕加密货币操作的复杂法律环境。

What Lies Ahead?

什么样的未来？

The court will determine the next hearing date in the Terra case during today's session. Given Judge Rakoff's involvement in another trial, a new date may not be announced immediately. Many observers speculate that the SEC's primary objective is to extract compensation from Terra.

法院将在今天的开庭期间确定 Terra 案的下一次听证会日期。鉴于拉科夫法官正在参与另一项审判，新的日期可能不会立即宣布。许多观察家推测 SEC 的主要目标是向 Terra 索取赔偿。

The Ripple Effect

连锁反应

The ongoing Terraform Labs trial, along with other high-profile cases involving industry heavyweights like Sam Bankman-Fried and Changpeng Zhao, will undoubtedly shape the legal landscape for cryptocurrencies in 2024. These proceedings highlight the heightened regulatory scrutiny and legal challenges confronting the crypto sector.

正在进行的 Terraform Labs 审判，以及涉及 Sam Bankman-Fried 和赵长鹏等行业重量级人物的其他备受瞩目的案件，无疑将塑造 2024 年加密货币的法律格局。这些诉讼凸显了加密行业面临的更严格的监管审查和法律挑战。