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 <li>The CFTC secured a record $17.1 billion in relief for 2024, largely from cryptocurrency-related enforcement actions.</li>   
 <li>FTX contributed $12.7 billion to the recovery, marking the largest restitution and disgorgement case in CFTC history.</li>   
 <li>Binance settlements added $1.5 billion, highlighting the CFTC’s focus on regulating major crypto players.</li> 
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The United States Commodity Futures Trading Commission (CFTC) has <a href="https://x.com/Cryptotvplus/status/1864595910715392021" target="_blank" rel="noreferrer noopener">announced</a> a record-breaking $17.1 billion in monetary relief for fiscal year 2024. This achievement stems from enforcement actions, especially in cryptocurrency cases. The recovery includes $2.6 billion in civil monetary penalties and $14.5 billion in disgorgement and restitution.&nbsp;&nbsp;   
The largest recovery by CFTC has been through the civil suit against the now-bankrupt crypto exchange FTX. This case yielded $ 12.7 billion in restitution and disgorgement, the highest amount ever by the agency. The enforcement focused on fraud claims against FTX, <a href="https://cryptonewsland.com/alameda-to-repay-voyager-200-million-in-crypto/" target="_blank" rel="noreferrer noopener">Alameda,</a> and business leaders. Sam Bankman-Fried is currently in prison for 25 years.&nbsp;&nbsp;   
Other payments related to FTX include $8.7 billion in restitution and 4 billion dollars in disgorgement. Litigation against other defendants, such as Gary Wang, Caroline Ellison, and Nishad Singh, continues.&nbsp;&nbsp;   
Additionally, the CFTC secured significant penalties from Binance, recovering $150 million from its <a href="https://cryptonewsland.com/ftx-sues-binance-and-changpeng-zhao-for-1-8-billion-over-alleged-fraudulent-transfers/" target="_blank" rel="noreferrer noopener">founder </a>Changpeng Zhao and imposing $1.35 billion in civil monetary penalties. Binance also paid $1.35 billion in disgorgement.&nbsp;&nbsp;   
<h2 class="wp-block-heading" id="h-other-major-crypto-cases-nbsp">Other Major Crypto Cases&nbsp;</h2>   
The CFTC <a href="https://cryptonewsland.com/alameda-to-repay-voyager-200-million-in-crypto/" target="_blank" rel="noreferrer noopener">highlighted</a> other notable cryptocurrency cases in its announcement. One major example is the case of Stephen Ehrlich, the former CEO of Voyager, who faced charges of commodity pool fraud and non-registration. The court sided with the CFTC as the litigation continues.&nbsp;&nbsp;   
The agency also achieved a summary judgment against Seneca Ventures, a fraudulent Ponzi-like scheme. The defendants were ordered to pay $110.9 million in penalties, $83.7 million in restitution, and $36.9 million in disgorgement.&nbsp;&nbsp;   
Another enforcement action targeted a scammer who fraudulently misappropriated $2.3 million intended for digital asset trading.&nbsp;&nbsp;   
The CFTC has reaffirmed its commitment to consumer protection and the preservation of markets and related products under its purview. Chairman Rostin Behnam has emphasized on its function in tackling misconduct as technologies shape a new landscape within the market.&nbsp;&nbsp;   
These enforcement efforts support the CFTC’s mission to protect the financial system in its domain by eliminating fraud.&nbsp;&nbsp; 
The post <a href="https://cryptonewsland.com/cftc-reports-record-17-1b-recovery-in-fiscal-2024-fueled-by-crypto-crackdowns/">CFTC Reports Record $17.1B Recovery in Fiscal 2024, Fueled by Crypto Crackdowns</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.

CFTC Reports Record $17.1B Recovery in Fiscal 2024, Fueled by Crypto Crackdowns

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