US Regulators Extract $19,000,000,000 From Crypto Firms Through Enforcement Actions This Year: CoinGecko
A new report from crypto data aggregator CoinGecko reveals that US regulators have so far secured more than $19 billion in settlements from the digital asset industry in 2024.
CoinGecko says the largest crypto enforcement action by monetary value as of October 9th was against bankrupt crypto exchange FTX and its affiliated trading firm Alameda Research.
The Commodity Futures Trading Commission (CFTC) obtained a $12.7 billion judgment in its suit against FTX and Alameda. The amount will be used to repay an estimated $11.2 billion that the former crypto empire owes to its customers and creditors.
The second-highest settlement is with defunct blockchain company Terraform Labs, which agreed to pay $4.5 billion after a jury unanimously found the company and its founder Do Kwon liable in a fraud case filed by the U.S Securities and Exchange Commission (SEC).
Bankrupt crypto lender Genesis also paid $2 billion in settlements after the Office of the New York Attorney General accused the firm and other defendants of concealing more than $1.1 billion in losses from investors of the Gemini Earn investment program.
CoinGecko says US regulators have so far secured eight settlements in 2024 worth $19.45 billion. The amount represents an increase of 78.9% from 2023.
“Given that US regulators show no signs of slowing down crypto industry scrutiny, 2024 may potentially be on track to record more lawsuit settlements than last year.”
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