SEC 对 Terraform Labs 倒闭案提出创纪录的 5.3B 美元罚款

由于Luna Foundation Guard（LFG）没有参与针对Terraform Labs的诉讼，后者的辩护团队认为LFG应该成为SEC处罚的目标。 Terraform Labs 的法律代表认为 100 万美元的罚款更为合适，比 SEC 寻求的 53 亿美元的罚款减少了 99%。

Securities and Exchange Commission Proposes Record-Breaking $5.3 Billion Penalty in Terraform Labs Case

美国证券交易委员会提议对 Terraform Labs 案件处以创纪录的 53 亿美元罚款

New York, United States - The United States Securities and Exchange Commission (SEC) has issued a proposed fine of $5.3 billion against Terraform Labs and its co-founder, Do Kwon, following their conviction for fraudulent conduct related to the Terra ecosystem collapse. However, attorneys representing Terraform Labs have contested the magnitude of the penalty, seeking a substantial reduction to approximately $1 million.

美国纽约 - 美国证券交易委员会 (SEC) 拟对 Terraform Labs 及其联合创始人 Do Kwon 处以 53 亿美元的罚款，因为他们因与 Terra 生态系统崩溃相关的欺诈行为而被定罪。然而，Terraform Labs 的代表律师对罚款的数额提出异议，寻求将罚款大幅减少至约 100 万美元。

SEC's Case against Terraform Labs

SEC 针对 Terraform Labs 的诉讼

In February 2023, the SEC filed a complaint alleging that Terraform Labs and Kwon misled investors about the stability and risk associated with the algorithmic stablecoin, TerraUSD (UST), and its sister cryptocurrency, Luna. The SEC accused the defendants of making false and misleading statements regarding UST's peg to the U.S. dollar, while also failing to disclose the inherent risks associated with the tokens.

2023 年 2 月，SEC 提起诉讼，指控 Terraform Labs 和 Kwon 在与算法稳定币 TerraUSD (UST) 及其姐妹加密货币 Luna 相关的稳定性和风险方面误导投资者。 SEC 指控被告就 UST 与美元挂钩做出虚假和误导性陈述，同时也未能披露与代币相关的固有风险。

According to the SEC's complaint, Terraform Labs and Kwon orchestrated a "fraudulent scheme" by selling unregistered securities, namely UST and Luna, to unsuspecting investors. The agency asserted that the defendants knew or recklessly disregarded the fact that UST was not sufficiently collateralized and that its value was artificially inflated through market manipulation.

根据 SEC 的投诉，Terraform Labs 和 Kwon 精心策划了一项“欺诈计划”，向毫无戒心的投资者出售未注册的证券（即 UST 和 Luna）。该机构声称，被告知道或鲁莽地忽视了 UST 没有充分抵押的事实，并且其价值通过市场操纵被人为夸大。

Terraform Labs' Response and Contentions

Terraform Labs 的回应和争论

Terraform Labs' legal team has filed a response to the SEC's complaint, strongly contesting the agency's allegations and the proposed $5.3 billion penalty. The attorneys argue that the SEC has overreached in its characterization of the events leading up to the Terra ecosystem collapse and that the proposed fine is excessive and unwarranted.

Terraform Labs 的法律团队已对 SEC 的投诉做出回应，对该机构的指控和拟议的 53 亿美元罚款提出强烈质疑。律师们认为，美国证券交易委员会对导致 Terra 生态系统崩溃的事件的描述有些过分，拟议的罚款数额过高且毫无根据。

Specifically, Terraform Labs attorneys contend that the SEC failed to adequately consider the role of the Luna Foundation Guard (LFG) in the issuance and sale of UST tokens. According to the defense, LFG was the entity primarily responsible for acquiring and managing the collateral backing UST, and that Terraform Labs did not receive the proceeds from the sale of the tokens.

具体来说，Terraform Labs 律师认为 SEC 未能充分考虑 Luna Foundation Guard (LFG) 在 UST 代币发行和销售中的作用。辩方称，LFG 是主要负责获取和管理 UST 抵押品支持的实体，而 Terraform Labs 并未收到销售代币的收益。

"The SEC failed to designate Luna Foundation Guard (LFG) as a defendant or relief defendant, which was necessary for it to seek disgorgement against LFG," Terraform Labs attorneys argued in a court filing. "Since Terraform Labs did not receive the LFG funds, an order to disgorge them would be invalid under this provision. Since LFG was the one that executed the token sales that generated these funds, they rightfully belong to LFG and not TFL."

Terraform Labs 律师在一份法庭文件中辩称：“SEC 未能将 Luna Foundation Guard (LFG) 指定为被告或救济被告，而这对于其寻求对 LFG 追缴赃款是必要的。” “由于 Terraform Labs 没有收到 LFG 资金，根据这一条款，归还这些资金的命令将无效。由于 LFG 是执行产生这些资金的代币销售的机构，因此它们理应属于 LFG 而不是 TFL。”

Terraform Labs Requests $1 Million Penalty

Terraform Labs 请求 100 万美元罚款

In light of these contentions, Terraform Labs' legal team has requested that the court impose a civil penalty of no more than $1 million on the company, representing a 99% reduction from the SEC's proposed fine. The defense argues that this penalty is more appropriate and proportionate to the alleged wrongdoing and that a larger fine would be unduly burdensome and would hinder Terraform Labs' ability to continue operating and developing its products and services.

鉴于这些争议，Terraform Labs 的法律团队请求法院对该公司处以不超过 100 万美元的民事罚款，比 SEC 提议的罚款减少了 99%。辩方辩称，这一处罚对于所指控的不当行为更为适当和相称，而且更大的罚款将造成过度负担，并会阻碍 Terraform Labs 继续运营和开发其产品和服务的能力。

Background of the Terra Ecosystem Collapse

Terra生态系统崩溃的背景

The Terra ecosystem collapse in May 2022 sent shockwaves through the cryptocurrency market and led to the bankruptcy of several major cryptocurrency companies, including BlockFi, Celsius, and FTX. The collapse was triggered by a loss of confidence in UST, which was supposed to be pegged to the U.S. dollar. However, when the market value of Luna dropped precipitously, UST's peg was broken and its value plummeted to near zero, leading to a widespread sell-off of both tokens and the collapse of the entire ecosystem.

2022 年 5 月的 Terra 生态系统崩溃给加密货币市场带来了冲击，并导致包括 BlockFi、Celsius 和 FTX 在内的几家主要加密货币公司破产。这次崩盘是由于人们对 UST 失去信心而引发的，UST 本来应该与美元挂钩。然而，当Luna的市值急剧下跌时，UST的挂钩被打破，其价值暴跌至接近于零，导致这两种代币的广泛抛售和整个生态系统的崩溃。

Ongoing Proceedings and Implications

正在进行的程序和影响

The SEC's case against Terraform Labs and Do Kwon is ongoing, and it is unclear when a final decision will be reached. The outcome of the case could have significant implications for the cryptocurrency industry, as it will set a precedent for the regulation of algorithmic stablecoins and other decentralized financial products.

美国证券交易委员会针对 Terraform Labs 和 Do Kwon 的案件正在进行中，目前尚不清楚何时会做出最终决定。该案的结果可能会对加密货币行业产生重大影响，因为它将为算法稳定币和其他去中心化金融产品的监管树立先例。

In addition to the SEC's case, Do Kwon is also facing criminal charges in South Korea and has been detained in Montenegro since March 2023. The Montenegrin government is currently considering extradition requests from both the United States and South Korea.

除了 SEC 的案件外，Do Kwon 还在韩国面临刑事指控，并自 2023 年 3 月以来一直被拘留在黑山。黑山政府目前正在考虑美国和韩国的引渡请求。