SEC to receive record $8.2 billion from enforcement in fiscal 2024, mostly from Terraform Labs
the U.S. Securities and Exchange Commission (SEC) set a new record for enforcement actions and fines in fiscal year 2024, largely due to a massive settlement agreement with cryptocurrency company Terraform Labs. The agency reported in its annual report on November 22 that, despite a 26% decrease in the number of cases to 583 in the year ending September 30, the agency's financial remediation netted $8.2 billion, the "highest amount in SEC history".
More than half of the total came from the SEC's court victory over Terraform and former CEO Do Kwon, who was found guilty of fraud in 2022 for causing billions of dollars in losses due to the collapse of the blockchain ecosystem and paid a settlement of $4.47 billion.
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