行业快讯

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

SECURITIES AND EXCHANGE COMMISSION,

Plaintiff,

v.

JUSTIN SUN, TRON FOUNDATION LIMITED, BITTORRENT FOUNDATION LTD., RAINBERRY, INC., AUSTIN MAHONE, and DEANDRE CORTEZ WAY, Defendants.

Case No. 23-2433

JURY TRIAL DEMANDED

FACTS

案件事实

I. Sun and the Tron Foundation Launched TRX and Promoted It as an Investment

I. Sun和Tron基金公司发行了TRX，并将其作为一项投资品进行推广

A. Sun and the Tron Foundation Established the Tron “Ecosystem”

A.Sun与Tron基金公司建立了Tron“生态系统”

27. No later than June 2017, Sun and the Tron Foundation began promoting the Tron “ecosystem”—i.e., a group of blockchain protocols, software code, and crypto assets controlled by Sun and the Tron Foundation—through a series of “whitepapers” that they posted on the internet. The whitepapers often referred simply to “Tron” as a shorthand for the ecosystem that Sun and the Tron Foundation controlled. The whitepapers were aimed at the investing public, including investors in the United States. At all relevant times, Sun and the Tron Foundation controlled and had ultimate authority over the statements made in the whitepapers.

27.直到2017年6月，Sun和Tron基金公司通过在互联网上发布的一系列白皮书开始推广Tron“生态系统”，例如由Sun和Tron基金公司控制的一组区块链协议、软件代码和加密资产。白皮书通常简称为Tron，是Sun和基金公司控制的生态系统的简称。白皮书针对的是包括美国投资者在内的投资公众。在涉案时间内，Sun和 Tron基金公司控制着白皮书，对其发布的声明拥有最终的解释权。

28.On or about August 22, 2017, Sun and the Tron Foundation posted Tron Whitepaper Version 1.7 (the “TRX Whitepaper”) on the internet. The TRX Whitepaper explained that “TRON is a blockchain-based decentralized protocol that aims to construct aworldwide free content entertainment system with the blockchain and distributed storage technology.” The TRX Whitepaper further explained that Tron’s protocol allowed users to publish, store, and own data, and to participate in “a decentralized content entertainment ecosystem.”

28.2017年8月22日左右，Sun和Tron基金公司在互联网上发布了Tron白皮书1.7版（以下简称“TRX白皮书”）。TRX白皮书解释说：“TRON是一个基于区块链的去中心化协议，旨在构建一个采用区块链和分布式存储技术的全球免费内容娱乐系统。”TRX白皮书进一步解释说，Tron的协议允许用户发布、存储和拥有数据，并参与“一个分散化的内容娱乐生态系统。”

29.Additionally, the TRX Whitepaper stated that the Tron Foundation was established “to operate [the] TRON network.”

29.此外，TRX白皮书还指出，Tron基金公司的成立是为了“运营Tron网络”。

B. Sun and the Tron Foundation Marketed TRX as an Investment Before Its ICO

B.Sun和Tron基金公司在TRX首次代币发行前将其作为一项投资进行交易

30. Sun and the Tron Foundation used the TRX Whitepaper to, among other things, entice investors to purchase “TRX” (also known as “TRONIX”), a crypto asset that Sun and the Tron Foundation called the “Official Token of TRON.” The TRX Whitepaper made clear that “[t]hose who wish to enter” the Tron ecosystem “must buy” TRX.

30.Sun和Tron基金公司利用TRX白皮书吸引投资者购买TRX（也称为TRONIX），这是一种加密资产，Sun和Tron基金公司称之为“Tron的官方代币”。TRX白皮书明确指出，“那些希望进入Tron生态系统的人必须购买TRX。”

31. The TRX Whitepaper promoted an upcoming initial coin offering (“ICO”) of TRX, comprising forty percent of the 100 billion total TRX supply. The TRX Whitepaper explained that thirty-five percent of the remaining TRX would be allocated to the “TRON Foundation and the ecosystem,” fifteen percent would be allocated to a “[p]rivate offering,” and ten percent would be allocated to “Peiwo Huanle (Beijing) Technology Co., Ltd.” (“Peiwo”), another Chinese company that Sun founded, owned and controlled.

31.TRX白皮书宣传了TRX的首次代币发行（简称ICO），占1000亿TRX总供应量的40%。TRX白皮书解释说，剩余的TRX的35%将派发给“Tron基金公司和生态系统”，15%将派发给“私募”，10%将派发给“Peiwo Huanle（Beijing）科技有限公司”（简称Peiwo），这也是一家由Sun创立、拥有和控制的中国公司。

32. The TRX Whitepaper also promoted the profit potential for investors in TRX. For example, it stated: Purchasers of TRX could “share [in] dividend growth”; Tron’s ecosystem was designed for TRX “holders who [are] optimistic about TRON on a long-term basis”; “those who hold and lock [TRX] for [the] long[-term] will be rewarded”; “[l]ong-term investment” was “critical;” “stakeholders enjoy . . . sustainable growth”; and “[l]ong-term holding of stakeholders[would] be the benchmark in the ecosystem and better lead the development of the ecology.” (Emphasis added.)

32.TRX白皮书也宣传了TRX投资者的盈利潜力，如：TRX的购买者可以“随着股息增长分红”；Tron的生态系统是为“长期看好Tron的TRX持有者”设计的；“那些长期持有并锁定（TRX）的人将获得奖励”；“长期投资”是“至关重要的”；“利益相关人享受……可持续增长”；“利益相关人的长期持有[将]成为生态系统中的基准，更好地引领生态系统的发展。”

33. The TRX Whitepaper also promoted the executive team whose efforts would supposedly lead to TRX’s success. For example, the TRX Whitepaper listed Sun as the “Founder and Chief Executive Officer” and highlighted Sun’s prior experience working for another crypto asset company, stating that the “market value of [the company] has exceeded ten billion US dollars.” Similarly, the TRX Whitepaper spotlighted other team members, emphasized their credentials, and stated that the “TRON founding team will spare no efforts to realize the development goal proposed in the white paper and expand the growth” of the Tron ecosystem.

33.TRX白皮书也对执行团队进行了宣传，说他们的努力将促使TRX的成功。例如，TRX白皮书将Sun列为“创始人兼首席执行官”，并强调了Sun之前在另一家加密资产公司工作的经验，称“（该公司）的市值已超过100亿美元。”同样，TRX白皮书对其他团队成员进行了重点介绍，强调了他们的资历，并表示“TRON创始团队将不遗余力地实现白皮书中提出的发展目标，推动Tron生态系统的发展”。

34.The TRX Whitepaper and similar, later whitepapers promoting TRX that Sun and the Tron Foundation issued, remain on the internet and available to investors to this day.

34.TRX白皮书和由Sun和Tron基金公司发布的推广TRX的后续白皮书，至今仍保留在互联网上并供投资者使用。

35.From about August through September 2017, Sun and the Tron Foundation conducted the TRX ICO, offering and selling TRX to numerous purchasers who paid crypto assets—including Bitcoin (“BTC”) and Ether (“ETH”)—in exchange for TRX. In the ICO, 40% of the total available supply of TRX was offered, sold, and otherwise distributed, with the remaining TRX allocated for distribution in the proportions listed in the TRX Whitepaper—35% to the Tron Foundation and Tron ecosystem; 15% for distribution in a “private offering”; and 10% to Peiwo. Sun owned and/or controlled the Tron Foundation and Peiwo, and thus he effectively retained control over at least the 45% of TRX allocated to these entities.

35.大概从2017年8月到9月，Sun和Tron基金公司进行了TRX 首次代币发行，向众多支付加密资产（包括比特币“BTC”和以太坊“ETH”）以换取TRX的购买者发行和出售TRX。在ICO中，TRX总供应量的40%被发行、销售和以其他方式派发，剩余的TRX按TRX白皮书中列出的比例派发——35%派发给Tron基金公司和Tron生态系统；15%以“私人发售”的方式派发；10%派发给Peiwo。因为Sun拥有和/或控制Tron基金公司和Peiwo，因此他有效地控制着派发给这些实体的至少45%的TRX。

C. Sun and the Tron Foundation Sought to Create a Secondary Market for TRX While Continuing to Promote TRX as an Investment

C.Sun和Tron基金公司寻求为TRX创造一个二级市场，同时将TRX作为一项投资品进行推广

36. The “Trading Platform” is a crypto asset trading platform based in the United States. On or about March 1, 2018, Sun and the Tron Foundation took steps to get the Trading Platform to make TRX available for trading by its customers, including investors in the U.S. That day, the Trading Platform announced publicly on Twitter that TRX was “available for trading.”Thereafter, Sun and the Tron Foundation publicly promoted each time TRX was“listed”—or made available for trading—on a new crypto asset trading platform, including the “listing” on a second U.S.-based platform on or about March 25, 2019. From on or about March 1, 2018 through approximately July 2021, Sun and the Tron Foundation tweeted more than 200 times promoting the availability of TRX for trading on crypto asset trading platforms.

36.“交易平台”是一家位于美国的加密资产交易平台。大约在2018年3月1日，Sun和Tron基金公司采取措施，使得交易平台让包括美国投资者在内的客户可以交易TRX。当天，交易平台在Twitter上公开宣布TRX“可以交易”。此后，每当TRX在一个新的加密资产交易平台上“上市”（又称“可供交易”）时，Sun和Tron基金公司都会公开宣传，包括在2019年3月25日左右在第二个美国平台上“上市”。从2018年3月1日左右到2021年7月左右，Sun和Tron基金公司在推特上发布了超过200次推文，宣传TRX在加密资产交易平台上的可交易性。

37. Sun and the Tron Foundation also made other public statements promoting TRX as an investment. For example, on or about March 17, 2018, Sun and the Tron Foundation posted on the U.S.-based digital publishing platform Medium a link to an article titled “4 Reasons to Invest in Tron, Before the Main Net Launch.” The article explained that ongoing efforts by Sun and the Tron Foundation “will boost the value of TRX” and stated that investors “should invest now, while [they] still can.”The article further advised investors “considering investing in TRX” that “now is one of the best times to do it,” and that “[b]uying TRX now, while its [sic] cheap, could lead to serious returns after the Tron Main Net launches and investors rush to fill their bags.”

37.Sun和Tron基金公司还发表了其他公开声明，宣传TRX是一种投资。例如，在2018年3月17日左右，Sun和Tron基金公司在美国数字出版平台Medium上发布了一篇题为《在Main Net发行之前投资Tron的4个理由》的文章的链接。这篇文章解释说，Sun和Tron基金公司的持续努力“将提升TRX的价值”，建议投资者“应趁着最佳时机及时投资。”这篇文章进一步建议投资者“考虑投资TRX”，“现在是最好的（投资）时机之一”，“现在（投资者）购买TRX，价格便宜，在Tron Main Net（上市）后发行，其他投资者将疯狂跟进购入后，（先期投资者）就会获得可观的回报。”

38. Sun and the Tron Foundation specifically targeted investors in the United States. For example, on or about September 18, 2018, the Tron Foundation tweeted, “[y]ou can now buy $TRX directly with USD on @BittrexExchange.” That tweet linked to a Global Coin Report post stating, “[T]his is the first time that Tron has been paired with the USD in the United States.”

38.Sun和Tron基金公司的目标投资者在美国。例如，在2018年9月18日左右，Tron基金公司在推特上写道：“你现在可以在@BittrexExchange上直接用美元购买$TRX。”这篇推特链接到Global Coin Report的一篇报道写道，“这是Tron首次在美国与美元挂钩。”

39. That same day, Sun tweeted, “#TRX already can be traded on @BittrexExchange, $USD markets, $USD/ $TRX. First #TRX fiat trading pair in US. Go #TRON. Go #TRONICS. #TRON to the future.”

39.同日，Sun在推特上写道：“#TRX已经可以在@BittrexExchange、$USD市场、$USD/ $TRX上进行交易。Go #TRON.和Go #TRONICS.是一对美国首个#TRX法币交易（标的）。#TRON的前景一片光明！”

40. On or about December 15, 2019, Sun retweeted a post from another individual, which stated that investors in the United States could trade TRX “pretty much everywhere, especially with a VPN.”【1】Sun’s retweet announced, “[w]e will make $TRX available for all [U.S.] users! More options are on the way!”Sun and the Tron Foundation worked with crypto asset trading platforms to made TRX widely available for trading by investors in the United States, who can still trade TRX on at least four U.S.-based platforms.

40.在2019年12月15日左右，Sun转发了另一个人的帖子，该帖子称美国的投资者几乎可以在任何地方（尤其是通过VPN）交易TRX。Sun的转发宣布，“我们将为所有美国用户提供$TRX！更多的选择机会将会出现！”Sun和Tron基金公司与加密资产交易平台合作，使得TRX广泛用于美国投资者交易，他们可以在至少四个美国平台上持续交易TRX。

41.Sun and the Tron Foundation regularly publicized their ongoing efforts to increase TRX’s value. For instance, in an interview posted on November 30, 2017 to the Medium page of a popular investor in crypto assets, Sun promoted TRX’s availability for trading on four crypto asset trading platforms, and represented that “team is working hard on getting on bigger exchanges.”

41.Sun和Tron基金公司定期宣传他们为提高TRX价值而持续努力。例如，在一篇2017年11月30日发布于一家受广受欢迎的加密资产投资者媒体页面上的采访中，Sun宣传了TRX可以在四个加密资产交易平台上交易，并表示“团队正在努力进军更大的交易所。”

42.In the same interview, Sun described a six-stage “roadmap” for future development, committing his team to a nearly eight-year development schedule. “The roadmap is on the official website, there are six stages, Exodus, Odyssey, Great Voyage, Apollo Star, Trek, Eternity. For now, we plan to make Peiwo APP compatible with TRX and complete the development of our own main chain. After the own main chain is done, we will optimize the network based [sic] different kinds of online entertainments applications.”

42.在同一次采访中，Sun描述了未来发展的六个阶段的“路线图”，将团队投入到近八年的发展计划中。“路线图在官方网站上有六个阶段，即Exodus, Odyssey, Great Voyage, Apollo Star, Trek, Eternity。目前，我们计划让Peiwo APP兼容TRX，完成我们自己的主链开发。在自己的主链完成后，我们将基于不同类型的在线娱乐应用来优化网络。”

43.Sun and the Tron Foundation also widely publicized their efforts to manage the supply of TRX to ensure price appreciation for the benefit of TRX investors. For example, on or about June 26, 2018, Sun tweeted that “#TRON completed Coin Burn of 1 billion #TRX,” with a link to a Tron Foundation Medium post explaining that “‘Coin burn’ refers to removing tokens from the total supply” and “encourages a fair distribution of cryptocurrency, helps to control inflation and reward[s] token holders” because reducing the total supply of TRX would typically increase the value of TRX remaining in the market.

43.Sun和Tron基金公司也广泛宣传了他们管理TRX供应的努力，以确保TRX投资者收益的上涨。例如，在2018年6月26日左右，Sun在推特上发布“#TRON完成了10亿的硬币燃烧#TRX”，并附上了TRON 基金公司媒体报道的链接，解释道“'硬币燃烧'是指从总供应中删除代币”，并“鼓励公平派发加密货币，这有助于控制通货膨胀并奖励代币持有者”，因为减少TRX的总供应通常会增加TRX在市场上的价值。

44. Later, on or about December 19, 2017, the Tron Foundation posted an “Announcement to Our Investors” (emphasis added) on its Medium page, stating that “[t]he 34.2518% TRX held by Tron Foundation . . . had already being locked [sic] up until January 1st, 2020,” and assuring investors that “Tron Foundation TRX will not be withdrawn or traded.” The Tron Foundation concluded this post by stating, “[w]e are working hard in order to provide security and supervision of all our investors, supporters and believers.”

44.随后，大约在2017年12月19日，Tron基金公司在其媒体页面上发布了一份《致投资者公告》，称“由Tron基金公司持有的34.2518% TRX……已经被锁定到2020年1月1日”，并向投资者保证“Tron 基金公司TRX不会被撤回或进行交易。”Tron基金公司在总结这篇报道时说：“为了给我们所有的投资者、支持者和信任者们提供安全和监督，我们正在努力工作。”

45．Then, on or about June 26, 2019, the Tron Foundation posted to Medium an “Announcement on $20 Million TRX Buy-back Plan and 2020 TRX Holding Plan,” which detailed a plan to “conduct by far the largest TRX buy-back . . . with the widest coverage in the secondary market, which will last for a year and will be conducted in several batches with no less than $20 million.” The stated purpose of this plan was “to promote community ctivity and market stability.” The Medium post also assured investors that “[t]he [Tron] Foundation will continue to increase our TRX holdings in the secondary market to manifest our confidence in the development of the TRON ecosystem.”

45.接下来，在2019年6月26日左右，Tron基金公司在媒体上发布了一份《关于2000万美元TRX回购计划和2020年TRX持有计划的公告》，详细介绍了一项“正在进行的迄今为止最大的TRX回购计划……（该计划）在二级市场覆盖范围最广，并将持续一年，分多轮进行且金额不低于2000万美元。”该计划的发布目的是“促进社区活跃性和市场稳定”。媒体的帖子也向投资者保证，“基金公司将继续增加我们在二级市场的TRX持有量，以表明我们对TRON生态系统发展的信心。”

46. On or about June 27, 2019, Sun tweeted about the $20 million TRX buyback and included a link to an article on cointelegraph.com reiterating the details previously posted to Medium.

46. 在2019年6月27日左右，Sun在推特上发布了2000万美元TRX回购的信息，并附上了cointelegraph.com上一篇文章的链接，重申了之前发布在媒体上的细节。

47. TRX was offered and sold as a security, specifically as an investment contract. All TRX purchasers, including those who tendered value for TRX other than cash or crypto assets, invested in a common enterprise alongside Sun and the Tron Foundation, who at all times retained significant TRX holdings. Because the value of TRX rose or fell together for all holders, all TRX holders profited or suffered losses in amounts proportionate to their TRX holdings. As such, their fortunes—including the realization of future profits—were inextricably tied to Sun’s fortunes and to each other’s. And, given widespread promotional statements by Sun and the Tron Foundation emphasizing the Foundation’s TRX holdings, TRX purchasers reasonably expected their fortunes to be inextricably tied to those of Sun, the Tron Foundation, and each other.

47.TRX被当作一种证券，特别是作为一种投资合同发行和出售的。所有TRX的购买者，包括那些为TRX提供现金或加密资产以外价值的人，都与Sun和Tron基金公司共同投资于一家企业，此企业一直持有大量的TRX股份。因为所有持有者的TRX价值是一起涨跌的，因此所有持有者都以自己持有的TRX之比例来获得利润或者承担损失。因此，TRX股份的持有者的财富，包括未来利润的实现，都与Sun的财富密不可分，TRX股份持有者相互之间的财富同样密不可分——他们荣辱与共。而且，考虑到Sun和Tron基金公司在广泛的宣传声明中强调基金公司持有的TRX股份，TRX的购买者合理地期待他们的财富与Sun、Tron基金公司以及TRX持有者之间的财富是密不可分，荣辱与共的。

48. All TRX purchasers’ and holders’ prospective profits also depended largely on efforts by Sun and the Tron Foundation to develop the Tron protocol, make TRX available for trading on crypto asset trading platforms, and promote TRX to potential investors so as to increase its secondary market price for all holders. And, given Sun and the Tron Foundation’s promotional statements, TRX purchasers and holders reasonably expected that the value of their investment would largely rise or fall on these efforts to increase TRX’s valueFrom at least March 2018 through February 2019, Sun and the Tron Foundation offered and sold TRX in three types of unregistered securities transactions, described below.

48.所有TRX购买者和持有者的潜在利润也在很大程度上取决于Sun和Tron基金公司所做出的努力，其中包括开发Tron协议、使TRX可以在加密资产交易平台上交易、向潜在投资者推广TRX从而为所有持有者提高二级市场价格。而且，鉴于Sun和Tron基金公司的宣传声明，TRX的购买者和持有人有理由期待，他们的投资价值将在Sun和Tron基金公司增加TRX价值的努力中大幅上升或下降。最早从2018年3月到2019年2月，Sun和Tron基金公司以如下所述的三种未经注册登记的证券交易类型发行和出售TRX。

49. No registration statement was ever filed with the SEC or in effect with respect to any of these offers and sales of TRX, and no exemption from registration was available for these offers and sales of TRX. Thus, the offers and sales of TRX described below violated theregistration provisions of the federal securities laws.

（Sun和Tron基金公司）既没有向SEC提交注册声明，也没有就任何这些TRX的发行和出售提交有效的注册声明，也没有对这些TRX的发行和销售提供注册豁免。因此，下文所述的TRX的发行和出售违反了联邦证券法的注册规定。

A. Offers and Sales of TRX on a U.S.-Based Crypto Asset Trading Platform

A.在美国加密资产交易平台上发行和出售TRX

50. From on or about March 12, 2018, through February 11, 2019, Sun and the Tron Foundation offered and sold approximately 542.6 million TRX to investors, including U.S. persons who placed their orders on the Trading Platform while in the United States. Those sales generated net proceeds of more than $31.9 million for Sun and the Tron Foundation.

50.从2018年3月12日前后起，到2019年2月11日，Sun和Tron 基金公司向投资者（包括身处美国期间在交易平台下订单的美国人）提供并出售了约5.426亿TRX。这些销售为Sun和Tron基金公司带来了超过3190万美元的净收益。

B. Offers and Sales of TRX in the Tron “Emoji Contest”

B.在Tron“Emoji大赛”中发行和出售TRX

51. Between August 13, 2018, and August 28, 2018, Sun and the Tron Foundation offered and sold 50,000 TRX through an online bounty program, pursuant to which Sun and the Tron Foundation transferred TRX to certain participants in exchange for completing specific tasks promoting TRX or the Tron Foundation. They referred to this specific bounty program as an “emoji contest,” which required participants to “TELL A STORY ABOUT TRON WITH EMOJIS” by posting and sharing on Facebook and/or Twitter original compositions using“TRON elements” and emojis.

51.在2018年8月13日至2018年8月28日期间，Sun和Tron基金公司通过在线赏金计划发行并出售了50,000 TRX。根据该计划，Sun和Tron基金公司将TRX转给某些参与者，以换取完成宣传TRX或Tron基金公司的特定任务。他们把这个特殊的赏金计划称为“Emoji大赛”，要求参与者通过在Facebook和/或Twitter上发布和分享使用“TRON元素”和表情符号的原创作品，“用表情符号讲述一个关于TRON的故事”。

52. According to an August 13, 2018 post by the Tron Foundation to its blog on Medium, creators of so-called “outstanding works,” specifically “the top 6 works with the most likes and shares on both Twitter and Facebook” would be rewarded with 31,000 TRX—16,000 TRX to the first place winner, and 3,000 TRX each to five runners-up. Another 5,000 TRX would be distributed to randomly selected participants who met the contest requirements but were not selected as winners based on the number of “likes and shares” received.

52.根据2018年8月13日Tron基金公司在媒体上发布的博客，所谓的“杰出作品”的创作者，特别是“在Twitter和Facebook上获得最多赞和分享的前6名作品”将获得31,000 TRX的奖励，其中16,000 TRX奖励奖励给第一名，3000TRX奖励给5名亚军，这些获奖者都将获得奖励。另外，5000 TRX将随机派发给符合比赛要求但没有根据收到的“喜欢和分享”数量被选为获胜者的参与者们。

53. Sun posted a link to the Medium announcement on his own Twitter feed, writing “#TRON EMOJI CONTEST: No text, no sound, creatively tell your story with the #TRON emoji, check out the details and earn $TRX #TRX.”

53.Sun在自己的推特上发布了媒体公告的链接，并写道：“#TRON EMOJI大赛：无须提供文字，无须提供声音，仅仅用#TRON EMOJI就可以创造性地讲述你的故事，查看细节并获得$TRX #TRX。”

54.To enter the “emoji contest,” participants had to upload their submissions to Twitter and/or Facebook with the hashtag #TRONFUN, and tag (or “@”) ten friends as well as @tronfoundation. Friends tagged in the winning submissions would also receive TRX, with 4,000 TRX to be shared equally by the ten friends of the first place winner, and 100 TRX to be distributed to each of the ten friends tagged by the five runners-up.

54.为了参加“Emoji大赛”，参与者必须将他们的作品上传到Twitter和/或Facebook上，加上标签#TRONFUN，并标记或者@10位朋友并@tronfoundation。在获奖作品中被标记的朋友也会收到TRX，其中4000 TRX将由第一名获胜者的10个朋友平分，100 TRX将派发给5名亚军所标记的10个朋友。

55. The announcement also stated that “[w]orks and pictures of the winners will be posted on TRON official website and official Twitter account.”

55.公告还表示：“获奖者的作品和照片将在TRON官网和官方推特账户上发布。”

56. By entering the “emoji contest,” participants provided Sun and the Tron Foundation with valuable consideration—the online promotion of the Tron platform and TRX ecosystem, promotional artwork to feature on the Tron website, and the Twitter and Facebook handles of entrants and their tagged friends—in exchange for an opportunity to receive TRX.

56.通过参加“Emoji大赛”，参与者向Sun和Tron基金公司提供了有价值的参考经验，包括Tron平台和TRX生态系统的在线推广，Tron网站上的宣传艺术作品，以及参赛者及其标记朋友的Twitter和Facebook处理方式，以换取获得TRX的机会。

57.In total, Sun and the Tron Foundation distributed 50,000 TRX to winners of the “emoji contest.”

57.Sun和Tron基金公司总共向“Emoji大赛的”的获胜者派发了5万TRX。

58.Neither Sun nor his entities took any steps to exclude U.S. persons from receiving TRX in this offering, and at least one of the winners who received TRX was a resident of this District.

58.Sun及其商业实体均未采取任何措施排除美国人在本次发行中获得TRX，其中至少有一位获得TRX的获奖者是本地区的居民。

C. Offers and Sales of TRX in the “niTRON Sharing Campaign”

C.“niTRON分享活动”中TRX的发行和销售

59.Between December 12, 2018, and December 16, 2018, Sun and the Tron Foundation offered and sold 28,588 TRX through an online bounty program that requiredparticipants to retweet and comment on the Tron Foundation’s tweet announcing the contest, and include the hashtag “#niTRON.”

59.在2018年12月12日至2018年12月16日期间，Sun和Tron基金公司通过在线悬赏计划发行并销售了28,588个TRX，该计划要求参与者转发和评论Tron基金公司宣布比赛的推文，同时要求标记“#niTRON”。

60. According to the Tron Foundation’s tweeted announcement, three second prize winners—to be selected from among all contest entrants—would be awarded 6,666 TRX each, while five third prize winners would each receive 1,718 TRX. Two first prize winners would receive tickets to attend the 2019 “niTron Summit,” a Tron-sponsored gathering at the Yerba Buena Art Center in San Francisco to “discuss the current technological progress within the industry, the future of blockchain, and best practices to inspire others to empower the development of blockchain.”

60.根据Tron基金公司的推特公告，从所有参赛者中选出的3名二等奖获得者，每人将获得6666 TRX；5名三等奖获得者，每人将获得1718 TRX；2名一等奖获得者，将获得参加2019年“niTron峰会”的门票，这是一场由tron赞助的聚会，在旧金山Yerba Buena艺术中心举行，旨在“讨论行业内当前的技术进步、区块链的未来，以及激励他人促进区块链发展的最佳实践。”

61.By entering the niTRON sharing contest, participants provided Sun and the Tron Foundation with valuable consideration—the promotion of the Tron Foundation and the niTRON summit on Twitter—in exchange for an opportunity to receive TRX.

61.通过参加“niTRON分享活动”，参与者向Sun和Tron基金公司提供了宝贵的参考经验，包括在twitter上宣传Tron基金公司和niTRON峰会，以换取获得TRX的机会。

62.Neither Sun nor his entities took any steps to exclude U.S. persons from receiving TRX in this offering, and at least one of the winners who received TRX was a U.S. person.

62.Sun及其商业实体均未采取任何措施排除美国人在本次发行中获得TRX，至少有一位获得TRX的获奖者是美国人。

A.Sun Acquires Rainberry and Incorporates It into the Tron Ecosystem

A.Sun收购Rainberry公司并将其纳入Tron生态系统

63.In or about June 2018, Sun purchased BitTorrent, Inc., a company based in San Francisco, California. BitTorrent, Inc.’s technology allowed users to download and transfer digital data and files. Sun changed the company’s name to Rainberry, although its promotional materials often continue to refer to it as BitTorrent. Sun then used Rainberry and the BitTorrent Foundation, which he formed in October 2018, to offer and sell both the BitTorrent Token, a new crypto asset abbreviated as “BTT,” and TRX.

63.大约在2018年6月，Sun收购了BitTorrent股份有限公司，这是一家位于加利福尼亚州旧金山的公司。BitTorrent公司的技术允许用户下载并传输数字数据和文件。Sun将公司的名字改为Rainberry公司，尽管它的宣传材料经常继续称它为BitTorrent。Sun随后利用Rainberry公司和他于2018年10月成立的BitTorrent基金公司，发行和销售BitTorrent代币（一种缩写为“BTT”的新加密资产）和TRX。

64.In a “Letter to the Community” posted to the Tron Foundation’s Medium page on July 24, 2018, Sun announced “that TRON has successfully acquired BitTorrent and allBitTorrent products. From this day on, BitTorrent . . . will become part of the TRON ecosystem. . . . Through this acquisition, BitTorrent and TRON will combine forces, with the TRON US team merging with the BitTorrent team. BitTorrent possesses world-class technical talent and solid experience in decentralized protocol technology. Combining the robust capabilities of the two teams will take the technology behind the TRON ecosystem to a whole new level.” (Emphasis added).

64.2018年7月24日，在Tron基金公司的媒体页面上发布的一封《致社区的信》中，Sun宣布“Tron已成功收购BitTorrent及所有BitTorrent产品。从这一天起，BitTorrent……将成为TRON生态系统的一部分……通过此次收购，BitTorrent和TRON将合并，TRON美国团队与BitTorrent团队合并。BitTorrent拥有世界一流的技术人才和丰富的去中心化协议技术经验。两个团队的强大能力结合起来，将会把TRON生态系统背后的技术提升到一个全新的水平。”

65. Sun, the Tron Foundation, and the BitTorrent Foundation posted similar announcements to their respective Twitter accounts.

65.Sun、Tron基金公司和BitTorrent基金公司在各自的Twitter账户上发布了类似的声明。

66. Consistent with Sun’s July 24, 2018 announcement, Rainberry’s operations became intertwined with those of the Tron Foundation. Rainberry employees and executives—who had previously used email addresses with the “@BitTorrent” domain—were provided with“@tron.network” email addresses, and many Rainberry employees were tasked with working on projects related to the Tron Foundation.

66.与Sun 2018年7月24日的声明一致，Rainberry公司的业务与TRON基金公司的业务交织在一起。之前使用“@BitTorrent”域名的Rainberry公司员工和高管，现在拥有了“@tron.network”的电子邮件地址，许多Rainberry公司员工的任务是从事与Tron基金公司相关的项目。

67.Sun and the Tron Foundation also began referring to key Rainberry personnel as “Tron” employees on social media, and Rainberry personnel and Sun, on behalf of the Tron Foundation, the BitTorrent Foundation, and Rainberry, began appearing at events like the“niTron Summit,” discussed above, to publicize Tron and TRX alongside BitTorrent and BTT.

67.Sun和Tron基金公司也开始在社交媒体上称Rainberry公司的主要员工为“Tron”员工，而代表Tron基金公司、BitTorrent基金公司和Rainberry公司公司的Rainberry公司公司的员工和Sun开始出席上面讨论的“niTron峰会”（niTron Summit）等活动，宣传Tron和TRX以及BitTorrent和BTT。

B. The Sun Defendants Promoted BTT as an Investment

B.包括Sun在内的所有被告将BTT作为一种投资品进行推广

68. At all relevant times following his acquisition of BitTorrent, Inc., Sun had ultimate authority over the BitTorrent Foundation and Rainberry’s social media accounts—including the @BitTorrent Twitter and Medium accounts—and directed, controlled, and approved posts made on these platforms.

68.在收购BitTorrent公司之后的所有时间里，Sun对BitTorrent基金公司和Rainberry公司的社交媒体账户（包括@BitTorrent Twitter和媒体账户）拥有最终决定权，并管理在这些平台上发布的帖子。

69. On or about January 3, 2019, the BitTorrent Foundation and Rainberry announced, by tweet from the BitTorrent Foundation’s @BitTorrent Twitter account, the “new BitTorrent $BTT” crypto asset, which “will be exclusively available to non-U.S. accounts on #BinanceLaunchpad, the token sale platform [operated] by leading cryptocurrency exchange @binance!”

69.在2019年1月3日左右，BitTorrent基金公司和Rainberry公司通过BitTorrent基金公司的@BitTorrent Twitter账户发布的推文宣布，“新的BitTorrent $BTT”加密资产“将在#BinanceLaunchpad仅供非美国用户使用，#BinanceLaunchpad是由领先的加密货币交易所@binance运营的代币销售平台！”

70.In a YouTube video posted on January 4, 2019, Sun—appearing with a Rainberry executive from Rainberry’s San Francisco headquarters—explained that the offer and sale of BTT was an effort to “monetize BitTorrent with the Bitcoin together.” In this same video, Sun acknowledged that issuing a new BTT crypto asset was intended to bring BitTorrent’s users and their “billions of devices” into the Tron ecosystem. Sun also stated that his goal was to get the“tens of millions of [BitTorrent] users . . . interested in BTT or even crypto and then they will get the TRX wallet and then they will also get into the Tron community.”

70.在2019年1月4日发布的一段YouTube视频中，Sun与Rainberry公司旧金山总部的一名高管一起出现。Sun解释说，发行和出售BTT是为了“将BitTorrent与比特币一起货币化”。在同一段视频中，Sun承认发行新的BTT加密资产的目的是将BitTorrent的用户及其“数十亿设备”带入Tron生态系统。Sun还表示，他的目标是让“数千万（BitTorrent）用户……对BTT甚至加密货币感兴趣，然后他们会获得TRX钱包，进而他们也会进入Tron社区。”

71.The Sun Defendants scheduled the first offer and sale of BTT for late January 2019. Around that time, the Sun Defendants posted to BitTorrent’s website a new whitepaper (the “BTT Whitepaper”) to promote BTT to investors. Sun controlled and had ultimate authority over the statements made in the BTT Whitepaper.

71.包括Sun在内的所有被告，计划在2019年1月下旬首次发行和出售BTT。大约在这个时间段里，包括Sun在内的所有被告，都在BitTorrent的网站上发布了一份新的白皮书（即BTT白皮书），向投资者推广BTT。Sun控制着BTT白皮书中的声明，并对此拥有最终决定权。

72.The BTT Whitepaper stated that “[i]n 2018, BitTorrent formed a strategic partnership with TRON,” and that the “TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token, called BTT.” The BTT Whitepaper further explained that BTT would be “made available as a divisible token, allowing for granular pricing.”

72.BTT白皮书称，“在2018年，BitTorrent与TRON建立了战略合作伙伴关系”，“TRON基金公司和BitTorrent基金公司正在推出一种新的加密代币，名为BTT。”BTT白皮书进一步解释说，BTT将“以作为可分割的代币的形式提供，允许分散定价”。

73. The BTT Whitepaper also promoted the initial offering of BTT. It explained that 990 billion BTT would be offered and sold, and that the tokens would be distributed as follows: 6% for public sale; 2% for private sale; 9% for “[s]eed sale”; 10.1% for “Tron airdrop tokens”;10% for “BitTorrent protocol airdrop tokens”; 19% for the “BitTorrent Team and the BitTorrent Foundation”; 20% for the Tron Foundation; 19.9% for the “BitTorrent ecosystem”’ and 4% for “[p]artnership tokens.”

73.BTT白皮书还宣传了BTT的首次发行，说是将发行并出售9900亿BTT，并且对代币的派发做了如下安排：6%用于公开出售；2%为私人出售；“种子出售”占9%；10.1%用于“Tron空投代币”；10%为“BitTorrent协议空投代币”；19%派发给“BitTorrent团队和BitTorrent基金公司”；20%派发给Tron基金公司；19.9%派发给“BitTorrent生态系统”；19.9%派发给“合作伙伴代币”。

74.On or about January 29, 2019, the Sun Defendants publicly offered or caused to be offered BTT for the first time through a so-called initial exchange offering (“IEO”).

74.在2019年1月29日前后，包括Sun在内的所有被告首次通过所谓的首次交易所发行（以下简称IEO）公开发行BTT。

75.Like ICOs, IEOs are offerings of crypto assets to raise capital. However, IEOs are conducted by crypto asset trading platforms on behalf of crypto asset issuers—usually for a fee—and immediately provide a secondary market for crypto asset purchasers.

75.与ICO一样，IEO也是通过发行加密资产来筹集资金的。然而，IEO是由加密资产交易平台代表加密资产发行者进行的，通常需要收费，并要及时为加密资产购买者提供二级市场。

76. Only holders of TRX or of another specifically-identified crypto asset were eligible to purchase BTT in the IEO, and all BTT tokens offered in the IEO were sold in less than fifteen minutes.

76.只有TRX或其他经特定识别的加密资产的持有者，才有资格在IEO中购买BTT，并且IEO中发行的所有BTT代币都会在15分钟内售出。

77. Soon after the IEO, on or about January 28, 2019, Sun tweeted: “For those [who] didn’t get #BTT in the public sale, stay tuned for the #TRX airdrop! Own[ing] $TRX will secure your chance to get $BTT! #TRON #BitTorrent.”

77.IEO之后不久，大约在2019年1月28日，Sun在推特上写道：“对于那些没有在公开销售中获得#BTT的人，请继续关注#TRX空投！拥有$TRX将确保您有机会获得$BTT！#TRON #BitTorrent。”

78.As with TRX, the BTT Whitepaper, and similar, later whitepapers promoting BTT, remained on the internet and available to investors from February 2019 through the present.

78.与TRX一样，BTT白皮书以及后来用于推广BTT的类似的白皮书，从2019年2月到现在，一直在互联网上留存并供投资者使用。

C. The Sun Defendants Sought to Create a Secondary Market for BTT Trading While Continuing to Promote It as an Investment

C.包括Sun在内的所有被告试图为BTT交易创造一个二级市场，同时继续将其作为一种投资产品进行推广

79.After the BTT IEO, the Sun Defendants, acting through the BitTorrent Foundation, applied for and secured listings for BTT on various crypto asset trading platforms, including the Trading Platform.

79.在BTT IEO之后，包括Sun在内的所有被告，通过BitTorrent基金公司为BTT在各种加密资产交易平台申请上市。

80.Social media posts by each of the Sun Defendants created a reasonable expectation of profit for BTT investors. For instance, immediately following the BTT IEO, onJanuary 31, 2019, Sun tweeted that he had “[t]ak[en] the humble approach and ke[pt] the initial sale price low” to “benefit the community and reward them with decent return!” The Sun Defendants also promoted opportunities to profit from “staking” BTT on various platforms, including more than 40 tweets from January 2020 through May 2021, further promoting BTT as an investment【2】.

80.包括Sun在内的所有被告，在社交媒体上发布的每一个帖子为BTT投资者创造了合理的利润预期。例如，2019年1月31日，在BTT IEO之后，Sun在推特上说，“这次采取了低调做法，把首次出售价定得很低，目的是让社区受益并给他们足够的回报，”包括Sun在内的所有被告也在各种平台上宣传了从“staking”BTT获利的机会，包括从2020年1月到2021年5月的40多条推文，进一步将BTT作为一种投资产品推广。

81.Later, around March 1, 2019, in a chat broadcast on Telegram,【3】Sun stated that he chose to offer and sell the new BTT tokens, rather than more TRX, to avoid “diluting the value of TRX.” Sun also emphasized that his goal was to “increase[e] the value of TRX and BTT.”

81.后来，在2019年3月1日左右，在Telegram上的聊天广播中，Sun表示，他选择发行和出售新的BTT代币，而非更多的TRX，是为了避免“稀释TRX的价值”。Sun还强调，他的目标是“提高TRX和BTT的价值”。

82. Sun’s social media posts and public statements also highlighted increases in BTT’s price and trading volume, thus promoting BTT trading. For example, on May 6, 2019, after TRX fell from a list of “top 10 cryptocurrencies,” Sun stoked continued interest in TRX and BTT on Twitter, tweeting: “#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2.” On May 29, 2019, Sun tweeted: “Mission completed. It is just a beginning. More to come,” with a link to a post announcing that TRX had returned to the top 10 and BTT had entered the top 30 cryptocurrencies.

82.Sun的社交媒体帖子和公开声明也强调了BTT的价格提升和交易量的增加，从而促进了BTT的交易。例如，2019年5月6日，在TRX跌出“十大加密货币”名单之后，Sun在Twitter上发推文吸引人们对TRX和BTT保持持续的兴趣，他发推文说：“#TRON将在6月重返前十！#BitTorrent将在第二季度进入前30名。”2019年5月29日，Sun在推特上写道：“任务完成。这只是一个开始，接下来还有更多”，并附上了一个帖子的链接，宣布TRX已重返前10名，BTT已进入加密货币前30名。

83. The Sun Defendants announced other perceived milestones for BTT trading in the secondary market. For example, in May 2019, Sun tweeted: “$BTT hit the 2nd place with the highest price increase over the last 24 hours among the TOP100 #Cryptos by MarketCapitalization!” Similarly, in February 2021, @BitTorrent tweeted that “$BTT Price Hits New High. $BTT grew + 151% in 24 hours, +232% in 7 days. #BTT to the [sic] Mars,” with two rocket emojis.

83.包括Sun在内的所有被告，宣布了BTT在二级市场交易的其他里程碑式的业绩。例如，在2019年5月，Sun在推特上写道：“在过去24小时内，在市值排名前100位的加密货币中，$BTT以最高的价格涨幅排名第二！”同样，在2021年2月，@BitTorrent在推特上写道：“$BTT价格创下新高。BTT在24小时内增长了151%，7天内增长了232%。#BTT（将要）去火星，”还附上两个火箭表情符号。

84. The @BitTorrent Twitter account also promoted BTT’s “ROI” or “return on investment” on social media, for example by retweeting a post on July 2, 2019 comparing BTT’s “current ROI” of “11.16x” to lower ROIs of other tokens also offered through IEOs. Later, on July 19, 2021, Rainberry promoted BTT’s secondary market performance, highlighting that“[a]ccording to CryptoRank Platform, #BitTorrent is Top 3 gainer with 751% profits in 2021.”

84.@BitTorrent Twitter账户也在社交媒体上宣传了BTT的ROI（即投资回报率），例如，2019年7月2日转发了一篇文章，将当前投资回报率为11.16倍的BTT的与通过IEO发行的其他代币的较低投资回报率进行了比较。随后，在2021年7月19日，Rainberry公司宣传了BTT的二级市场表现，强调“根据CryptoRank平台（的统计），#BitTorrent在2021年以751%的利润排名前三。”

85. In addition to promoting the BTT secondary market, the Sun Defendants also worked to make BTT available for trading on numerous crypto asset trading platforms. “Listing applications” submitted to multiple crypto asset trading platforms, including the Trading Platform, listed the BitTorrent Foundation as the applicant.

85.除了宣传BTT二级市场之外，包括Sun在内的所有被告还致力于使BTT在众多加密资产交易平台上交易。向多个加密资产交易平台提交的“上市申请（之人）”将BitTorrent基金公司列为申请人。

86.The Sun Defendants’ efforts to promote and grow a robust secondary market for trading in BTT were successful. According to a December 20, 2019 tweet by @BitTorrent, as of that date at least 39 crypto asset trading platforms had made available BTT for trading.

86.包括Sun在内的所有被告，对推动和发展一个活跃的BTT二级交易市场所做出的努力非常成功。根据@BitTorrent于2019年12月20日发布的推文，截至当日，至少有39个加密资产交易平台提供BTT交易。

87.The availability of BTT on numerous trading platforms allowed investors in the U.S. to purchase and sell BTT, which they did. On January 5, 2019, Sun posted a livestream to YouTube in which he encouraged U.S. investors to “use the Bitcoin . . . or any cryptocurrency to buy the BTT in the future,” despite apparent restrictions on U.S. investors’ participation in the BTT IEO. On May 11, 2021, the @BitTorrent Twitter account posted a link to a video by “Mike Tha Investor” with information “for those who doesn’t [sic] know how to buy #BTT in the U.S.”

87.BTT在许多交易平台上的可交易性使得美国的投资者可以买卖BTT，他们也确实这样做了。2019年1月5日，Sun在YouTube上发布了一段直播视频，鼓励美国投资者“使用Bitcoin……或任何加密货币在未来购买BTT，”尽管美国投资者参与BTT IEO明显受到限制。2021年5月11日，@BitTorrent推特账号发布了一段由“Mike Tha Investor”制作的视频链接，并附上了“给那些不知道如何在美国购买#BTT的人”的信息。

88.BTT was offered and sold as a security, specifically as an investment contract. All BTT purchasers, including those who tendered value for BTT other than cash or cryptoassets, invested in a common enterprise alongside the Sun Defendants, who at all times retained significant BTT holdings. Because the value of BTT rose or fell together for all holders, all BTT holders profited or suffered losses in amounts proportionate to their BTT holdings. As such, their fortunes—including the realization of future profits—were inextricably tied to those of the Sun Defendants and each other’s.

88.BTT被当作一种证券，特别是作为一种投资合同被发行和出售的。所有BTT购买者，包括那些为BTT提供现金或加密资产以外价值的人，与包括Sun在内的所有被告，一起投资于一家共同企业，该企业一直持有大量BTT股份。因为持有BTT之人，其价值是共进退的，即所有BTT的持有者以各自所持BTT的比例获得利润或分担损失。因此，持有BTT之人的财富，包括未来利润的实现，与Sun的财富密不可分，也和每个人的财富密不可分。

89.BTT purchasers’ and holders’ prospective profits also depended largely on the efforts of the Sun Defendants to develop the BitTorrent protocol, grow public interest in BTT and TRX, take steps to make BTT available for trading on crypto asset trading platforms, and promote BTT to potential investors so as to increase its secondary market price for all holders. And, given the Sun Defendants’ promotional statements, BTT purchasers and holders reasonably expected that the value of their investment would largely rise or fall on these efforts to increase BTT’s valueFrom at least February 2019 through October 2021, the Sun Defendants offered and sold BTT in the 9 types of unregistered securities transactions described below.

89.BTT的购买者和持有人的预期利润也在很大程度上取决于包括Sun在内的所有被告所做出的努力，其中包括开发BitTorrent协议，提高公众对BTT和TRX的兴趣，采取措施使BTT在加密资产交易平台上交易，并向潜在投资者推广BTT，以提高所有持有者的二级市场价格。而且，鉴于包括Sun在内的所有被告的宣传声明，BTT的购买者和持有人有理由期待，他们的投资价值将在包括Sun在内的所有被告增加BTT价值的努力中大幅上升或下降。最早从2019年2月到2021年10月，包括Sun在内的所有被告以如下所述的9种未经注册登记的证券交易中发行和出售BTT。

90.No registration statement was ever filed with the SEC or in effect with respect to, and no exemption from registration was available for, any of these offers and sales of BTT. Thus, the offers and sales of BTT set forth below violated the registration provisions of the federal securities laws.

90.BTT的任何发行和出售都没有向SEC提交注册登记，也没有注册豁免。因此，下列BTT的发行和销售违反了联邦证券法的注册规定。

A. Offers and Sales of BTT in Monthly “Airdrops”

A.BTT的每月发行与出售——“空投”

91.From on or about February 11, 2019, through June 13, 2020, the Sun Defendants offered and sold BTT through monthly so-called “airdrops” to TRX holders.

91.从2019年2月11日左右到2020年6月13日，包括Sun在内的所有被告，通过每月所谓的“空投”向TRX持有人发行和出售BTT。

92. In the crypto asset space, an airdrop typically refers to the distribution of crypto assets to certain recipients, purportedly without requiring them to pay cash consideration for the asset. With respect to BTT, however, the recipients had to purchase and hold TRX to be eligiblefor airdrops of BTT. Indeed, anyone who purchased and held TRX in a Tron digital wallet or on a participating crypto asset trading platform received BTT regardless of their geographic location or country of citizenship.

92.在加密资产领域，“空投”通常是指将加密资产派发给特定接收者，这不需要他们为该资产支付现金对价。然而，就BTT而言，接受者必须购买并持有TRX才有资格“空投”BTT。事实上，任何在Tron数字钱包中购买和持有TRX的人或参与加密资产交易平台的人，无论其身处何地或国籍如何，都会收到BTT。

93. On January 4, 2019, before the BTT IEO, Sun and the Tron Foundation both “teased” the BTT monthly airdrop program to their followers, tweeting, “Keep decentralizing the web, tokenizing the world’s largest decentralized file sharing protocol. Wanna know more about #BTT @BitTorrent, #BinanceLaunchpad, #niTROnSummit & #BTT airdrop plan? See you there at 8:00am, Jan 5th, 2019(PST) (4 hours later). #TRON to the future. #TRX.”

93.2019年1月4日，在BTT IEO之前，Sun和Tron基金公司都向他们的粉丝“发布”了BTT的每月空投计划，并在推特上写道：“继续网络去中心化，使世界上最大的去中心化文件共享协议货币化。想知道更多关于#BTT @BitTorrent, #BinanceLaunchpad, #niTROn峰会和#BTT空投计划的信息吗？2019年1月5日上午8点（太平洋标准时间）见（4小时之后）。”

94.On January 20, 2019, the BitTorrent Foundation “unveil[ed] more details regarding BitTorrent (BTT) airdrops for TRON (TRX) holders” in a post to the @BitTorrent Medium page. Sun and the Tron Foundation each tweeted a link to the January 20, 2019, Medium post, simultaneously announcing the plan to “initiate [the] first airdrop of BitTorrent $BTT to the TRON $TRX holders on February 11th, 2019.”

94. 2019年1月20日，BitTorrent基金公司在@BitTorrent Medium页面上“公布了有关TRON（TRX）持有者BitTorrent（BTT）空投更多的细节”。Sun和Tron基金公司分别在推特上发布了2019年1月20日媒体帖子的链接，同时宣布计划“于2019年2月11日向Tron $TRX持有者首次空投BitTorrent $BTT”。

95.The January 20, 2019, Medium post announced, “On February 11th, 2019, BitTorrent Foundation will initiate its first airdrop of BitTorrent (BTT) to TRON (TRX) holders. The snapshot”—a complete record of TRX ownership as of a specific point in time prior to the airdrop used to identify qualifying airdrop recipients—“will be taken when TRON’s block height reaches 6.6 million*. Based on this snapshot, BitTorrent Foundation will initiate its first airdrop of 10,890,000,000 BitTorrent (BTT), corresponding to 1.1% of total supply.”

95.2019年1月20日，媒体帖子宣称，“2019年2月11日，BitTorrent基金公司将首次向TRON（TRX）持有者空投BitTorrent（BTT）。”“快照”——在空投之前一个特定时间点的TRX所有权的完整记录，用于确认合格的空投接收者——“将在TRON的区块高度达到660万*时拍摄。基于此快照，BitTorrent基金公司将启动第一次空投108.9亿BitTorrent（BTT），这相当于总供应量的1.1%。”

96.The January 20, 2019, Medium post further announced, “Over the next 12 months following this initial airdrop, 11,880,000,000 BTT will be offered to TRX holders, corresponding to 1.2% of total supply. In 2020, the BitTorrent Foundation will airdrop12,870,000,000 BTT, corresponding to 1.3% of the total supply, and over the next six years, the percentage airdropped will increase by 0.1% per year, reaching 1.7% in 2025.”

96.2019年1月20日，媒体帖子进一步宣布，“在首次空投后的12个月内，将向TRX持有者提供118.8亿BTT，相当于总供应量的1.2%。2020年，BitTorrent基金公司将空投128.7亿BTT，占总供应量的1.3%，在未来六年内，空投的比例将以每年0.1%的速度增长，到2025年将达到1.7%。”

97.To receive BTT in these airdrops, recipients had to hold TRX tokens in “official wallets relaying on TRON’s network,” or in accounts on crypto asset trading platforms“supporting the airdrops.” As explained in the January 20, 2019, Medium post, “If you are holding TRX, you will be eligible for BTT airdrops. All official wallets relaying on TRON’s network and carrying TRX will be eligible for BTT airdrops corresponding to the amount they are holding. No minimum of TRX is required to qualify for BTT airdrops.”

97.为了在这些空投中接收BTT，接收者必须在“TRON网络上的官方钱包”或“支持空投”的加密资产交易平台上的账户中持有TRX代币。正如2019年1月20日媒体帖子中所解释的那样，“如果您持有TRX，您将有资格参与BTT空投。所有在TRON网络上并携带TRX的官方钱包将有资格参与与其持有金额相对应的BTT空投。参与BTT空投没有TRX最低标准。”

98. On February 11, 2019, @BitTorrent posted an update to its Medium page announcing that the “BitTorrent (BTT) Airdrop program for TRON (TRX) holders [has been] initiated.” According to this post, “all the addresses running on TRON’s blockchain that have a TRX balance greater than or equal to 1 TRX” and all investors with “TRX stored on an exchange or a wallet supporting the official airdrop program” would receive 0.1097681177 BTT for each TRX held.

98.2019年2月11日，@BitTorrent在其媒体页面上进行了更新，宣布“TRON（TRX）持有者的BitTorrent（BTT）空投计划已经启动。”根据这篇帖子的声明，“所有TRX余额大于或等于1 TRX在TRON区块链上运行的地址”，以及所有“TRX存储在交易所或储存在支持官方空投计划的钱包”的投资者，每持有一个TRX将获得0.1097681177 BTT。

99.Following the first monthly BTT airdrops to TRX holders on February 11, 2019, from March 2019 through February 2020, the Sun Defendants airdropped an additional 990,000,000 additional BTT to TRX holders on or about the 11th day of each month.

99.继2019年2月11日首次向TRX持有人空投比特币后，从2019年3月至2020年2月，包括Sun在内的所有被告，在每月11日左右向TRX持有人空投额外的9.9亿BTT。

100.Two subsequent monthly airdrops of 1,072,500,000 BTT took place on April 11 and May 11, 2020, before the @BitTorrent Medium page announced on June 13, 2020 the premature end of the airdrop program: “Today, after 16 rounds of BTT airdrops, BitTorrent Speed enjoys over 12 million monthly active users. After discussions among the BitTorrent Foundation, community developers, and community representatives, it is the community’s beliefthat the monthly BTT airdrop to TRX holders has achieved its goals, and will discontinue with immediate effect.”

100.随后在2020年4月11日和5月11日进行了两次每月空投1,072,500,000比特币的空投计划。2020年6月13日，@BitTorrent Medium页面宣布空投计划提前结束：“今天，经过16轮BTT空投，BitTorrent Speed每月活跃用户超过1200万。经过BitTorrent基金公司、社区开发者和社区代表的讨论后，社区一致认为每月向TRX持有者空投BTT已经达到了目标，并将立即停止。”

101. According to the June 13, 2020 post to @BitTorrent’s Medium page, “[t]hrough May 11, 2020, BTT [] completed 16 rounds of airdrops to TRX holders, airdropping a total of 25,987,500,000 BTT out of the total pool of 99,990,000,000 BTT, allowing millions of TRX holders to use BTT within the BitTorrent ecosystem.”

101.2020年6月13日在@BitTorrent的媒体页面上的帖子声称，“截至2020年5月11日，BTT向TRX持有者完成了16轮的空投，在999.9亿BTT的总池中空投了25,987,500,000 BTT，使数百万TRX持有者能够在BitTorrent生态系统中使用BTT。”

102. Anyone who purchased and held TRX in an “official” wallet at the time of each monthly “snapshot” received BTT regardless of their geographic location or country of citizenship. U.S. persons were not excluded from receiving, and in fact did receive, BTT through the monthly airdrop program.

102.任何在每个月“快照”时购买并持有“官方”钱包中的TRX的人，无论其身处何地或国籍如何，都会收到比特币。通过每月空投计划，美国人并没有被排除在接收BTT的范围之外，事实上他们确实收到了BTT。

103.In addition to the monthly airdrop program, the January 20, 2019 post to @BitTorrent’s Medium page announced “plans to airdrop additional 99,990,000,000 BTT, during online and offline events, corresponding to 10% of the total supply.” Sun, the BitTorrent Foundation, and Rainberry ultimately offered and sold some of these additional BTT through a number of bounty programs, detailed below.

103.除了每月的空投计划之外，2019年1月20日，@BitTorrent的媒体页面宣布“计划在线上和线下活动期间再空投999.9亿比特币，相当于总供应量的10%。”Sun本人、BitTorrent基金公司和Rainberry公司，最终通过一些赏金计划发行并出售了这些额外的BTT，详情如下。

104. On February 27, 2019, in an “Ask Me Anything” (or “AMA”) session held on the English language Telegram channel of a crypto asset trading platform, Sun explained the purpose of the monthly BTT airdrop to TRX holders: “This is a program to give our users early access to our product, and to encourage them to stick with us for the long term. We are not only airdropping to TRX holders, but also giving the BTT token to BitTorrent users through the clients. We expect over 100M active users will get to know about cryptocurrency and the first one they will experience will be BTT.”

104.2019年2月27日，在加密资产交易平台英文电报渠道举行的“Ask Me Anything”（“AMA”）会议上，Sun向TRX持有者解释了每月BTT空投的目的：“这是一个让我们的用户提前使用我们产品的计划，并鼓励他们长期坚持。我们不仅空投给TRX持有者，还通过客户端向BitTorrent用户提供BTT代币。我们预计超过1亿的活跃用户将会了解加密货币，并且他们体验到的第一个加密货币将会是BTT。”

105. Sun emphasized the airdrop program’s potential to bring BitTorrent’s 100 million users into the crypto asset community: “We will provide BTT as an early access mechanism to the 100 million active users and most of them are not cryptocurrency users. However, the 100 million users are the targeted users, and they share a lot of similarities with crypto users. Firstly, they are interested in decentralized technologies and are using peer-to-peer technology. Secondly, the majority of BitTorrent users are males between 25 and 35 years old, which is also a group very interested in cryptocurrency. Therefore, when the 100 million users receive BTT airdrops, they will start to wonder what BTT is, and what cryptocurrency is, and start to investigate.”

105.Sun强调了空投计划将BitTorrent的1亿用户带入加密资产社区的潜力：“我们将为1亿活跃用户提供BTT作为早期访问机制，其中大多数不是加密货币用户。然而，这1亿用户是目标用户，他们与加密用户有很多相似之处。首先，他们对去中心化技术感兴趣，并且正在使用点对点技术。其次，大多数BitTorrent用户是25 - 35岁的男性，这也是一个对加密货币非常感兴趣的群体。因此，当1亿用户收到BTT空投时，他们就会开始琢磨BTT是什么，什么是加密货币，并开始开展调查。”

106.Sun also explained that the decision to target BitTorrent’s users with a new token, BTT, instead of TRX, was intended to avoid “diluting” TRX’s value for existing holders. “The BitTorrent user base is huge (~100M MAU), so we can’t provide enough TRX to then bootstrap the economy without diluting the value of TRX,” said Sun in his February 27, 2019, AMA. “Since BTT is a TRC-10 token, TRX and BTT are like a razor and a blade. It’s really important for me to give access to BTT to the TRON community and reward the TRX holders so we decided to create a 6 years long program to airdrop 10% of the total circulating supply which is pretty unique within the crypto space. The more successful BTT is, the more successful TRX will be,” (emphasis added).

106.Sun还解释说，决定采用新的代币BTT而不是TRX来瞄准BitTorrent用户，是为了避免“稀释”现存持有者的TRX价值。Sun在2019年2月27日的AMA上表示：“BitTorrent的用户群非常庞大（月活跃用户约1亿），所以我们无法在不稀释TRX价值的情况下提供足够的TRX来引导经济。”“由于BTT是TRC-10代币，所以TRX和BTT就像剃刀和刀片一样。对我来说，让BTT进入TRON社区并奖励TRX持有者非常重要，所以我们决定创建一个为期6年的计划，空投总流通供应量的10%，这在加密领域是非常独特的。BTT越成功，TRX也会越成功。”

107.By acquiring and holding TRX tokens in exchange for the opportunity to receive BTT through monthly airdrops, would-be BTT airdrop recipients provided the Sun Defendants with valuable consideration—(i) increased demand for TRX, (ii) further growth in TRX trading volume and liquidity on the secondary market, (iii) upward pressure on TRX’s secondary marketprice, (iv) promotion of BTT and the BitTorrent platform to TRX’s existing base of engaged crypto asset investors, and (v) the rapid development of a secondary market for BTT.

107. 通过购买和持有TRX代币以换取通过每月空投获得BTT的机会，潜在的BTT空投接受者为包括Sun在内的所有被告提供了以下有价值的参考经验：（i）增加对TRX的需求，（ii）TRX在二级市场的交易量和流动性的进一步增长，（iii）TRX的价格在二级市场的上升压力，（iv）向TRX现有的参与加密资产的基础投资者推广BTT和BitTorrent平台，（v）BTT二级市场的迅速发展。