The US Commodity Futures Trading Commission (CFTC) has reported a record $17.1 billion in fines and investor relief, primarily due to its enforcement actions against the collapsed crypto exchange FTX and its affiliate, Alameda Research. This includes over $8.7 billion in restitution and $4 billion in disgorgement, marking the largest total in the agency's history.
Alex Mashinsky, founder of the bankrupt crypto lender Celsius, pleaded guilty to two counts of fraud, admitting to misleading customers about the use of their funds and manipulating a crypto token for personal gain. He faces a maximum sentence of 30 years in prison and has agreed to forfeit $48 million. Celsius, which once held $25 billion in assets, collapsed following the Terra Luna stablecoin failure, leading to a bankruptcy that trapped $4.7 billion of customer funds.
In a significant political shift, the cryptocurrency industry funneled over $245 million into the recent elections, helping candidates like Bernie Moreno defeat long-standing incumbents and secure nearly 300 pro-crypto lawmakers in Congress. This strategic investment aimed to eliminate critics and bolster support for crypto-friendly regulations, particularly following the SEC's aggressive stance under Gary Gensler. With the backing of major crypto executives and PACs, the industry is poised to exert unprecedented influence over future legislative agendas.
Gary Wang, co-founder of FTX, was sentenced to time served and three years of supervised release after pleading guilty to multiple fraud charges. He was ordered to forfeit $11 billion and credited for his cooperation with authorities, which included testifying against founder Sam Bankman-Fried. Wang expressed remorse in court, stating he took the "cowardly path" and vowed to make amends.
Nishad Singh, a former executive at FTX, has been spared prison time for his involvement in the theft of approximately $8 billion in customer funds orchestrated by his former boss, Sam Bankman-Fried. Singh previously shared a $35 million penthouse in the Bahamas with Bankman-Fried.
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