The CFTC has reported a $17.1 billion record-breaking in monetary relief for fiscal year 2024, largely due to its handling of enforcement actions involving cryptocurrency cases.
This impressive amount includes $2.6 billion in civil monetary penalties (CMP) and $14.5 billion in restitution and disgorgement, according to the announcement made on December 5.
The majority of this recovery has come from the CFTC’s successful investigation and prosecution of the FTX crypto exchange, which filed for bankruptcy in November 2022.
The case against FTX, its parent company Alameda Research, and top executives such as founder Sam Bankman-Fried, resulted in $12.7 billion in restitution and disgorgement, setting a new record for the largest recovery for both victims and sanctions in the CFTC’s history.
This historic case involved claims of fraud and resulted in an order for $8.7 billion in restitution and $4 billion in disgorgement, solidifying the CFTC’s role in enforcing regulations in the fast-paced and ever-evolving world of cryptocurrency.
