This is evident from a new report from crypto data aggregator CoinGecko US regulators have secured more than $19 billion in settlements from the digital assets industry so far by 2024.
Coin gecko say The largest crypto enforcement action measured by monetary value as of October 9 was against the bankrupt crypto exchange FTX and its affiliated trading firm Alameda Research.
The Commodity Futures Trading Commission (CFTC) has obtained a $12.7 billion judgment in its lawsuit 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 cryptocurrency lender Genesis also paid $2 billion in settlements after the New York attorney general’s office accused the company and other defendants of hiding more than $1.1 billion in losses from investors in the Gemini Earn investment program.
CoinGecko says US regulators have reached eight settlements so far in 2024 worth $19.45 billion. The amount represents an increase of 78.9% compared to 2023.
“Given that US regulators show no signs of slowing down on their oversight of the crypto industry, 2024 may be on track to settle more lawsuits than last year.”
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Generated image: Midjourney