?
2022年12月21日，加密货币交易平台FTX交易公司创始人、
原首席执行官萨姆·班克曼- 弗里德（左）离开巴哈马拿骚的一家法院
权道亨不会是最后一个“崩塌”的“币圈偶像”。据韩国金融监管机构金融委员会去年发布的一项调查，韩国20~39岁人口中，约23%持有加密货币，相当于近五分之一的韩国年轻人在“炒币”。
In the last year, the Korean Financial Supervisory Authority's Financial Committee published a survey in which about 23 per cent of the Korean population aged 20-39 held encrypted currency, which is equivalent to nearly one fifth of the young Koreans who are “frogging currency.”
文/《环球》杂志记者 沈敏
编辑/胡艳芬
“眼见他起高楼，眼见他宴宾客，眼见他楼塌了。”
“to see him rise up, to see his guests, to see his house collapsing.”
这几句戏词，可用来高度概括近两年来世界上一个个破灭的“币圈神话”。这其中，韩国人权道亨的迅速崛起和陨落，可谓经典案例。
These phrases can be used to give a high profile to one of the world's defunct currency myths over the past two years. Among them, the rapid rise and fall of Korean human rights genres is a classic case.
自比特币2009年横空出世以来，加密货币这个新型金融产业吸引了一波又一波创业者、投资者，也在一次又一次市场震荡中让无数人的财富从“虚拟”变成“虚无”。
Since the advent of Bitcoin in 2009, the new financial industry, crypto-currency, has attracted waves of entrepreneurs, investors and, over and over again, market shocks that have transformed the wealth of countless people from “virtual” to “nil”.
32岁的权道亨，一年前还是受韩国媒体追捧的“天才”。他2018年与人联合创立区块链企业Terraform Labs，打造号称“稳定币”的加密货币TerraUSD及其平台代币Luna，狂揽数亿美元资金，直至去年5月“爆雷”，Luna币值从高峰时上百美元暴跌至不足1美元，全球投资者资产蒸发约400亿美元。权道亨遭韩国跨国通缉，“消失”11个月后，今年3月23日在巴尔干国家黑山准备用假护照飞往迪拜时被捕。现在，韩国和美国均指控他犯有欺诈罪，分别向黑山方面提出引渡请求。如今悬念只在于他将在哪里受审。
A year ago, a 32-year-old “genius” was promoted by Korean media. Terraform Labs, a joint venture founded in 2018, built an encrypted currency called “stable currency” called TerraUSD and its platform, Luna, with hundreds of millions of dollars in money, until last May, when Luna fell from a peak of US$ 100 to less than US$ 1 and the global investor’s assets evaporated to about US$ 40 billion. After 11 months of Korea’s transnational demand for “disappearing”, he was arrested on 23 March, when he was travelling to Dubai with a false passport in Montenegro, a Balkan country.
权道亨不会是最后一个“崩塌”的“币圈偶像”。美国加密货币交易平台FTX公司及其姊妹机构阿拉梅达研究公司去年宣布破产，也让各国监管机构和投资者对加密货币市场的巨大风险心生警惕，但这些教训恐怕也难以阻止草根投资者对加密货币趋之若鹜。
Libertarians are not the last “circumstance idol” to collapse. The collapse last year of FTX, an encrypted currency trading platform in the United States, and its sister agency, Alameda Research, have also alerted national regulators and investors to the enormous risks of an encrypted currency market, but these lessons are also likely to be difficult to prevent grassroots investors from moving toward an encrypted currency.
“时代的产物”
“权道亨和他的故事，是我们这个时代的产物。”韩国明知大学经济学名誉教授赵东根（音译）接受法新社采访时说。“他很懂得怎么去俘获那些渴望一夜暴富的人的心，懂得如何利用他们的焦虑，把它转化为巨额利益。”
“Governance and his story is a product of our time.” Korea knew that Professor Jo Donggen, a professor of economics at the University, was interviewed by Agence France Presse and said, “He knows how to capture the hearts of those who yearn to be rich overnight, and how to use their anxiety to turn it into a huge benefit.”
在Terra\Luna崩盘前，权道亨打造出的个人形象，俨然就是韩国许多年轻人理想中的典型“90后”精英。他1991年出生，中学就读于韩国名校大元外国语高中，这所学校以培养大批美国常春藤名校“种子选手”而闻名。权道亨在一本自传中写道，他在高中时创办了一份英文学生报纸，参加过多项英文辩论竞赛。他随后入读美国斯坦福大学计算机系，毕业后在苹果、微软等知名科技企业实习，然后回到亚洲创业。
Before the fall of Terra\Luna, the personal image created by Doogen was a typical “post-90” elite of many young Koreans. He was born in 1991 and attended a high school at Daewon Foreign Language High School, a school known for training a large number of “seed players” at Ivy League schools in the United States. He wrote in a autobiography that he had created an English-language student newspaper in high school and participated in several English-language debates.
2018年，他拉上申贤成（音译，亦名丹尼尔·申），共同创立Terraform Labs。申的关系网中包括韩国财阀三星集团，在投资界颇有人气，权道亨也很快在韩国风生水起。Terraform Labs推出的加密货币TerraUSD号称是可与美元挂钩的“稳定币”，可避免市场剧烈波动带来的损失。TerraUSD和Luna很快受到追捧，交易平台也得到许多知名投资机构的注资。
In 2018, he joined forces to create Terraform Labs. The network includes the three-star group of South Korea’s financial valves, which has a strong presence in the investment world, and a quick rise in power enthusiasts in South Korea. Terraform Labs’ introduction of an encrypted currency called TerraUSD, a “stable currency” pegged to the dollar, avoids the losses caused by sharp market fluctuations.
按照韩国检察机关后来的调查，权、申等9名Terraform Labs前任或现任高管涉嫌“非法融资”4145亿韩元（约合3.142亿美元），而权道亨作为首席执行官，持有其中914亿韩元（约合6900万美元）资金。
According to a subsequent investigation by the Korean Public Prosecution Service, nine former or current senior managers, Terraform Labs and others, were suspected of “illegal financing” of 41.45 billion won (approximately $314.2 million), of which Waldogen, as Chief Executive Officer, held 91.4 billion won (approximately $69 million).
据韩国广播公司4月9日报道，韩国检方已成功冻结丹尼尔·申等Terraform Labs高管在韩资产，包括房产和进口高档车，指控他借Terra\Luna项目非法获利1540亿韩元（约合1.167亿美元）；但权道亨在落网前不久已把名下大部分资产兑换成比特币，转移到一个海外加密货币交易平台，如今在韩国境内已“几乎没有资产”可冻结。
The Korean Broadcasting Corporation reported on 9 April that the Korean prosecution had successfully frozen the assets of the top executives of Terraform Labs and Daniel Shin in Korea, including real estate and the importation of high-end vehicles, accusing him of profiting illegally from the Terra\Luna project by 14.4 billion won (approximately $116.7 million); but, shortly before his fall, he had converted most of his assets into bitcoin and transferred them to an overseas encrypted currency trading platform, which now has “never assets” to freeze in South Korea.
其实，即使在权道亨最风光的时候，也不是没有人质疑他的“成功”。
In fact, even at the best of power genres, no one questioned his “success”.
去年Terra\Luna崩盘前，加密货币交易平台Swan.com的首席执行官科里·克里普斯滕就在推特上评价权道亨“很有伊丽莎白·霍尔姆斯那种味道”。霍尔姆斯是一度“爆红”的新创企业家，“人设”是天才型学霸，号称打造出“革命性”的血液检查医疗产品，得到美国众多政商名流的背书与融资，后来被曝光是一场骗局。“凡是表现得骄傲自大到吓人的程度，99.99%都是诈骗。” 克里普斯滕说。
Prior to the fall of Terra\Luna last year, the chief executive officer of the encrypted currency exchange platform Swan.com, Corrie Kripsten, commented on Twitter that the power doom was “probably Elizabeth Holmes-like.” Holmes was a once-breeding creative entrepreneur, a “brainbrained” genius, known as the “revolutionary” blood-screening medical product, which was endorsed and financed by a large number of American businessmen, and was later exposed as a fraud. “To the extent of pride, 99.99 per cent was fraud.” Kripsten said.
《韩国经济新闻》也在近期报道中评论，权道亨“就像霍尔姆斯，另一个上过斯坦福的精英”。
The Korean Economic News also commented in a recent report that Kwon Doom was “like Holmes, another elite who had gone to Stanford”.
批评者认为，权道亨后来的表现也印证了这种怀疑。在去年5月“爆雷”前，权道亨就悄悄潜出韩国，所以在遭受损失的投资者向韩国法院起诉他后，韩国警方发现找不到人，于是同年9月发布通缉令，并请求国际刑警组织发布红色通缉令协助追捕。权道亨则在网络上不时现身，接受媒体采访，宣称自己并未“逃匿”，但在黑山落网时，他被查出携带了不止一份伪造的身份证件。
Critics argue that this suspicion was also confirmed by the subsequent performance of the Quakers. Before the “blasting” last May, the Quakers snuck out of Korea, so after losing investors sued him before the Korean courts, the Korean police, after finding no one, issued a wanted notice in September of the same year and requested Interpol to issue a red warrant to assist in the pursuit.
“一个有责任心的成年人和企业家会留下来解释。而权道亨不惜使用假护照躲避当局追踪，这暴露了他的本质。”赵东根说。
“A responsible adult and an entrepreneur will stay behind to explain it. He is exposed by the use of false passports to hide from the authorities.” Jo Donggen says.
溃败早注定
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麻省理工学院“加密货币经济学实验室”创始人克里斯蒂安·卡塔利尼告诉法新社记者，Terra\Luna的溃败有迹可循，其运行机制有天然缺陷。按照他的解释，一般的稳定币需以现金或黄金等现实资产作担保，TerraUSD却被设计为一种“算法稳定币”，靠一系列算法和激励机制与价格浮动的.Luna币挂钩，两者可随市场需求量涨跌，并能进行相互兑换，以使TerraUSD保持兑换1美元的稳定币值。“当整个生态系统处于增长阶段的时候，这种模式可以运行一段时间，但注定会在某个点上进入一个死亡螺旋。”卡塔利尼说。
Christian Catalini, founder of MIT's “Classified Monetary Economics Laboratory”, told Agence France-Presse (AFP) journalists that the collapse of Terra\Luna was documented and that its operating mechanisms were naturally flawed. According to his interpretation, the normal stable currency was guaranteed by real assets such as cash or gold, but TerraUSD was designed as an “arimental stabilizer” by a series of algorithms and incentive mechanisms linked to price fluctuations.Luna, which could rise and fall with market demand and be exchanged to keep TerraUSD stable at a dollar. “When the entire ecosystem is in the growth phase, this model can operate for a period of time, but is destined to enter a death spiral at one point.” Catalini said.
2021年至2022年初，加密货币市场迎来投资热潮，Luna币值随之暴涨，流通中的Luna币总市值一度达到400亿美元之巨。权道亨的名声也水涨船高，活跃于推特等社交媒体，个性张狂的他对批评者不屑一顾，曾扬言“我不与穷人争辩”，他的粉丝则自称“疯子”（Lunatics）。
Between 2021 and the beginning of 2022, the price of the encoded money market rose sharply, with the total value of the luna in circulation rising to $40 billion at a time. The reputation of the powerful tycoons rose, and they were active in social media, such as Twitter, with individual crazes scorning critics, saying “I don’t argue with the poor” and his fans calling themselves “Lunatics.”
然而，到2022年5月初，Luna暴跌99%，几乎在一夕之间拖垮TerraUSD，许多投资者血本无归，还在业内引发多米诺骨牌效应，甚至导致FTX“爆雷”破产。受连累的还有新加坡三箭资本公司、美国旅行者数字公司等机构。
However, by the beginning of May 2022, Luna fell by 99%, dragged down TerraUSD almost overnight, and many investors lost their lives, triggered a domino effect in their businesses, and even led to the collapse of the FTX “blaster.” Institutions such as the Singapore Three Arrow Capital Corporation, the American Traveler Digital Corporation, etc.
美国证券交易委员会今年2月对权道亨和Terraform Labs提起民事诉讼，指控其涉嫌发售未登记证券，指认权道亨“导演了涉及数十亿美元加密货币资产的证券欺诈骗局”。
In February of this year, the United States Securities and Exchange Commission instituted civil proceedings against Quakers and Terraform Labs, accusing them of selling unregistered securities and designating Quakers as “directing securities fraud schemes involving billions of dollars of encrypted monetary assets”.
在韩国，权道亨和他的公司面临电子欺诈和逃税指控。到底权道亨等人是如何操控骗局“非法获利”的，有待调查和审判来厘清。
In South Korea, there are charges of electronic fraud and tax evasion against the Quakers and their companies. How the Quakers and others manipulate the scheme’s “illicit profit” remains to be investigated and tried.
权道亨落网后，美国纽约市曼哈顿地区法院提出了对他的8项刑事控告，涉及证券欺诈、电子欺诈、商品欺诈等。美方指控权道亨涉嫌在传统媒体及社交媒体就Terra区块链相关信息，包括其所用技术和应用范围等方面做误导性宣传，欺骗投资者，并诱导普通用户购买TerraUSD和Luna币。
Following his fall, the Manhattan District Court of New York City in the United States filed eight criminal charges against him, involving securities fraud, electronic fraud, and commodity fraud. The American side accused him of misleading propaganda in traditional and social media about the Terra block chain, including the technology and scope of application used, defrauding investors and enticing ordinary users to purchase TerraUSD and Luna.
美方还指控权道亨涉嫌非法操纵市场，与一家美国加密货币交易所联手作假，“修改”TerraUSD市场价。2021年5月，他答应修订一项贷款条件，以对这种联手作假行为所造成的损失进行“补偿”。
In May 2021, the American party promised to amend the terms of a loan in order to “compensate” the damage caused by such a partnership.
“风口”上翻船
负责权道亨案的纽约曼哈顿地区检察署，同时也负责对FTX创始人萨姆·班克曼-弗里德涉欺诈案进行起诉。后者已从巴哈马被引渡至美国，在缴纳了2.5亿美元保释金后暂获自由。地区检察官达米安·威廉姆斯强调，加密货币企业把总部设在海外以逃避监管，但逃脱不了司法追究。“Web3不是法外之地。诈骗就是诈骗，不管是在区块链还是在华尔街。”
The District Attorney's Office in Manhattan, New York, in charge of the Quakers case, is also responsible for prosecuting the fraud of Sam Bankman-Fried, founder of FTX. The latter has been extradited from the Bahamas to the United States, where he has been released on bail of $250 million. The District Attorney, Damien Williams, has stressed that an encrypted money company, which has its headquarters abroad to avoid supervision, cannot escape justice. “Web3 is not an extra-judicial place. Fraud is fraud, whether in the chain of blocks or Wall Street.”
所谓Web3或Web 3.0，即第三代互联网，是一种运行在区块链技术上的去中心化互联网，力求使用户实现创造、拥有、支配自己数字资产并通过相关协议享有相关收益的目的，而不再受大型技术企业、平台挟制。同样基于区块链技术的加密货币不同于传统货币由各国央行发行，被认为是符合Web3经济体系发展需求的交易介质，是眼下的“风口”产业之一，备受西方新一代投资者的欢迎。普通投资者不一定理解加密货币的运行机制，却不妨碍他们对这种新潮金融产品趋之若鹜。
The so-called Web3 or Web 3.0, the third generation of the Internet, is a de-centralized Internet operating in block-chain technology that seeks to enable users to create, own, dominate their digital assets and enjoy the relevant benefits through the relevant agreements, rather than be held hostage by large technology firms and platforms. An encrypted currency based on block-chain technologies, unlike traditional currencies issued by central banks, is considered to meet the development needs of the Web3 economic system, and is one of the “window” industries that is now popular with the new generation of Western investors.
据韩国金融监管机构金融委员会去年发布的一项调查，韩国20～39岁人口中，约23%持有加密货币，相当于近1/5的韩国年轻人在“炒币”。去年第一季度，韩国四大加密货币交易所新开了250万个账户，33%的户主在20～29岁年龄段，31%在30～39岁年龄段。
According to a survey published last year by the Financial Committee of the Korea Financial Supervisory Authority, about 23 per cent of the Korean population aged 20-39 hold encrypted currency, equivalent to nearly one-fifth of the young Koreans in “fibre money.” In the first quarter of last year, the four South Korean secret money exchanges opened 2.5 million new accounts, 33 per cent of the heads of households were in the 20-29 age group and 31 per cent in the 30-39 age group.
许多年轻人希望借“炒币”暴富，摆脱经济压力、实现阶层跃迁。然而，像任何新兴产业一样，因为涉及巨大的经济利益，相关监管规范又还未同步跟进，产生了不少问题。受FTX破产等事件影响，韩国去年着手起草《数字资产基本法》，希望对本国加密货币市场加强监管。
As in any emerging industry, however, because of the enormous economic benefits involved, regulations have yet to be followed up. As a result of events such as the bankruptcy of FTX, South Korea last year began drafting the Digital Assets Basic Law, which seeks to strengthen regulation of the country’s encrypted currency market.
一旦被“忽悠”上了船，等风暴来临，大部分普通投资者只能随船倾覆、下沉，而像班克曼-弗里德、权道亨这样的始作俑者，要让他们承担责任、付出代价，却需要耗费国家大量资源。Luna“爆雷”后，权道亨还相信自己能够“东山再起”，打算推出一款新的加密货币，并宣称要把它打造成“十大最具价值加密货币之一”。
Once on board the ship and when the storm strikes, most ordinary investors can only sink with the ship, while those who started it, such as Bankman-Frid, and the powerful dohem, take responsibility and pay for it at the expense of the country’s resources. After Luna’s “blast”, the powerful dohes also believe that they can “get back on track” and intend to launch a new encrypted currency and claim that they are going to create “one of the ten most valuable encoded currencies”.
炒作虚拟资产“爆雷”的故事仍然层出不穷，比如爆火后暴跌的“元宇宙炒房”，即在虚拟游戏中购置虚拟房地产，就吸引不少知名企业和演艺人员“跟风”并产生巨亏。尽管教训累累，怀着暴富幻想的“入坑”者仍旧源源不断，下一个“权道亨”恐怕就在不远处。
The story of the virtual asset “blasting” remains endless, as in the case of the “concording house” that collapsed after the fire, namely, the acquisition of virtual real estate in virtual games, which attracts a number of prominent business and performers to “show the wind” and great losses. Despite the lessons learned, the “blowing pit” of wildly rich illusions continues to flourish, and the next “right-go-go-go-go-go-round” is probably not far away.
来源：2023年4月19日出版的《环球》杂志 第8期
Source: Global magazine, No. 8, 19 April 2023
《环球》杂志授权使用，如需转载，请与本刊联系。
Universal magazine is authorized for use and should be reprinted, please contact the journal.
更多内容敬请关注《环球》杂志官方微博、微信：“环球杂志”。
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