US regulators have been cracking down on the crypto industry this year, and it’s paying off big time. They’ve already secured over $19 billion in settlements from crypto companies in 2024 alone.
Biggest Settlements
The biggest settlement so far was against FTX and its sister company Alameda Research. The Commodity Futures Trading Commission (CFTC) slapped them with a $12.7 billion judgment, which will be used to repay customers and creditors who lost money when the exchange went bankrupt.
Coming in second is Terraform Labs, the company behind the failed TerraUSD stablecoin. They agreed to pay $4.5 billion after a jury found them guilty of fraud.
Another big settlement came from Genesis, a bankrupt crypto lender. They paid $2 billion after the New York Attorney General accused them of hiding losses from investors.
Regulators are on the Move
So far in 2024, US regulators have secured eight settlements totaling $19.45 billion. That’s a whopping 78.9% increase from last year. And with regulators showing no signs of slowing down, 2024 could see even more settlements than last year.
