Terraform Labs 创始人 Do Kwon 因 TerraUSD 崩溃而承担欺诈责任

Terraform Labs 及其创始人在具有里程碑意义的陪审团裁决中被判对民事欺诈负责总部位于新加坡的 Terraform Labs 及其创始人 Do Kwon 被判对与加密货币稳定币 TerraUSD 崩溃有关的民事欺诈负责。陪审团的决定证实了 SEC 的说法，即 Terraform Labs 误导了投资者，导致财务损失并引发了对行业监管和透明度的担忧。

Singapore-Based Terraform Labs and Founder Do Kwon Found Liable for Civil Fraud in TerraUSD Collapse

总部位于新加坡的 Terraform Labs 及其创始人 Do Kwon 被发现对 TerraUSD 崩溃中的民事欺诈负责

Manhattan, New York - In a landmark verdict, a Manhattan jury has found Singapore-based Terraform Labs and its founder, Do Kwon, liable on civil fraud charges. The verdict, which aligns with the allegations of the U.S. Securities and Exchange Commission (SEC), validates claims that Terraform Labs and Kwon misled investors, leading to the catastrophic collapse of their stablecoin, TerraUSD, in 2022. The collapse sent shockwaves throughout the cryptocurrency markets, resulting in substantial losses for investors. The trial, which lasted two weeks, concluded with the jury's verdict in federal court.

纽约曼哈顿 - 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 应对民事欺诈指控承担责任。该判决与美国证券交易委员会 (SEC) 的指控一致，证实了 Terraform Labs 和 Kwon 误导投资者，导致其稳定币 TerraUSD 在 2022 年灾难性崩溃的说法。这次崩溃给整个加密货币带来了冲击波市场，给投资者造成重大损失。审判持续了两周，最终以联邦法院陪审团的裁决结束。

Background of the Case

案件背景

The SEC's allegations centered around Terraform Labs' actions in 2021, when the company was accused of deceiving investors regarding the stability of TerraUSD. TerraUSD, a stablecoin designed to maintain a value of $1, failed to uphold its peg to the dollar in May 2022, leading to substantial financial losses for investors. Additionally, the SEC accused Terraform Labs and Kwon of falsely claiming that Terraform's blockchain was utilized in a prominent Korean mobile payment app.

SEC 的指控主要围绕 Terraform Labs 在 2021 年的行为，当时该公司被指控在 TerraUSD 的稳定性方面欺骗投资者。 TerraUSD 是一种旨在维持 1 美元价值的稳定币，但在 2022 年 5 月未能坚持与美元挂钩，导致投资者遭受巨额财务损失。此外，美国证券交易委员会还指控 Terraform Labs 和 Kwon 错误地声称 Terraform 的区块链被用于韩国著名的移动支付应用程序。

The Verdict and Potential Penalties

判决和可能的处罚

The jury's decision in favor of the SEC opens the door to potential civil financial penalties and orders to bar Kwon and Terraform from the securities industry. U.S. District Judge Jed Rakoff will review the case and consider the appropriate penalties in the coming weeks after hearing from both the SEC and the defendants. It is worth noting that Terraform has expressed its disappointment with the verdict and is currently evaluating its options. The company maintains its stance that the SEC lacks the legal authority to pursue this case.

陪审团支持 SEC 的决定为潜在的民事经济处罚和禁止 Kwon 和 Terraform 进入证券行业的命令打开了大门。美国地区法官 Jed Rakoff 将在听取 SEC 和被告的意见后，在未来几周内审查此案并考虑适当的处罚。值得注意的是，Terraform 对判决表示失望，目前正在评估其选择。该公司坚持认为 SEC 缺乏追究此案的法律权力。

SEC's Perspective and Future Implications

SEC 的观点和未来影响

Gurbir Grewal, the Director of the SEC's Division of Enforcement, expressed satisfaction with the verdict, highlighting the real-world consequences resulting from the lack of registration and compliance in the cryptocurrency industry. Grewal emphasized the need for crypto markets to adhere to compliance standards and regulations, signaling a call for increased transparency and accountability. The outcome of this case is likely to have a profound impact on the regulation of cryptocurrencies and their associated projects.

美国证券交易委员会执法部门主管 Gurbir Grewal 对判决表示满意，并强调了加密货币行业缺乏注册和合规性所造成的现实后果。 Grewal 强调加密市场需要遵守合规标准和法规，呼吁提高透明度和问责制。此案的结果可能会对加密货币及其相关项目的监管产生深远影响。

Kwon's Position and Extradition

权的立场和引渡

Do Kwon, the founder of Terraform Labs, did not attend the trial as he was arrested in Montenegro in March 2023. Both the United States and South Korea, Kwon's home country, have sought his extradition on criminal charges. Kwon's legal representative declined to comment on the jury's decision. The absence of Kwon during the trial and his impending extradition proceedings underscore the gravity of the allegations and the potential legal consequences he may face.

Terraform Labs 创始人 Do Kwon 于 2023 年 3 月在黑山被捕，因此没有出席审判。美国和 Kwon 的祖国韩国都因刑事指控寻求引渡他。权的法律代表拒绝对陪审团的决定发表评论。权在审判期间缺席以及他即将进行的引渡程序突显了指控的严重性以及他可能面临的潜在法律后果。

Market Consequences and Bankruptcies

市场后果和破产

The collapse of TerraUSD and its close association with Luna, another token, had a cascading effect on the cryptocurrency market. The value of various cryptocurrencies, including bitcoin, plummeted as a result. The turmoil caused by the collapse led several companies to file for bankruptcy in 2022. Terraform Labs itself filed for bankruptcy protection in January. The repercussions of this event highlight the interconnectedness of cryptocurrencies and the vulnerability of the wider crypto market to such collapses.

TerraUSD 的崩溃及其与另一种代币 Luna 的密切联系对加密货币市场产生了连锁反应。结果，包括比特币在内的各种加密货币的价值暴跌。倒闭引发的混乱导致多家公司在 2022 年申请破产。Terraform Labs 本身也在 1 月份申请了破产保护。这一事件的影响凸显了加密货币的相互关联性以及更广泛的加密市场对此类崩溃的脆弱性。

Closing Arguments and Allegations

结案陈词和指控

During the closing arguments, SEC attorney Laura Meehan emphasized that Terraform Labs' success story was built on falsehoods and deception. She stated that failure to disclose shortcomings and misrepresenting the situation amounted to fraud. The SEC alleged that Kwon and Terraform secretly orchestrated the purchase of large amounts of TerraUSD to artificially prop up its price when it deviated from its peg in May 2021. The recovery was falsely attributed to the reliability of TerraUSD's algorithms, according to the regulator. Furthermore, the SEC accused Kwon and Terraform of falsely marketing their blockchain technology as employed by the Chai payment app for processing and settling transactions between customers and merchants.

在结案陈词中，SEC 律师 Laura Meehan 强调，Terraform Labs 的成功故事建立在谎言和欺骗之上。她表示，未披露缺陷和歪曲情况就构成欺诈。美国证券交易委员会指控，Kwon 和 Terraform 秘密策划购买大量 TerraUSD，以在 2021 年 5 月偏离锚定汇率时人为支撑其价格。监管机构称，价格回升被错误地归因于 TerraUSD 算法的可靠性。此外，SEC 指控 Kwon 和 Terraform 虚假营销 Chai 支付应用程序使用的区块链技术，用于处理和结算客户和商家之间的交易。

Defense Arguments and Future Actions

辩护论点和未来行动

Louis Pellegrino, an attorney representing Terraform, argued in the closing statements that the SEC's case relied on statements taken out of context. Pellegrino maintained that Terraform and Kwon had been forthcoming about their products and their functioning, even when they encountered failures. Pellegrino emphasized that Terraform remains committed to rebuilding and compensating affected purchasers. However, it remains to be seen how the company will navigate the legal landscape following the jury's verdict.

Terraform 的代表律师路易斯·佩莱格里诺 (Louis Pellegrino) 在结案陈词中辩称，SEC 的案件依赖于断章取义的陈述。 Pellegrino 坚称，Terraform 和 Kwon 一直坦诚地介绍他们的产品及其功能，即使他们遇到了失败。 Pellegrino 强调，Terraform 仍然致力于重建和补偿受影响的购买者。然而，在陪审团做出裁决后，该公司将如何应对法律环境仍有待观察。

Conclusion

结论

The jury's finding of Terraform Labs and its founder, Do Kwon, being liable for civil fraud charges in connection with the collapse of TerraUSD has significant implications for the cryptocurrency industry. The verdict underscores the importance of transparency and adherence to regulatory standards in an industry that has witnessed rapid growth. As the SEC seeks financial penalties and industry bans, the fallout from this case will continue to shape the legal framework surrounding cryptocurrencies. The impact on investors, the broader crypto market, and the regulatory landscape will undoubtedly be closely monitored as the penalties are determined and potential appeals are considered.

陪审团裁定 Terraform Labs 及其创始人 Do Kwon 对与 TerraUSD 崩溃有关的民事欺诈指控承担责任，这对加密货币行业具有重大影响。该判决强调了透明度和遵守监管标准对于快速增长的行业的重要性。随着美国证券交易委员会寻求经济处罚和行业禁令，此案的影响将继续影响加密货币的法律框架。随着处罚的确定和潜在上诉的考虑，对投资者、更广泛的加密市场和监管环境的影响无疑将受到密切监控。