The post SEC Nets Record $8.2B in Enforcement Actions for 2024 appeared on BitcoinEthereumNews.com.

The U.S. Securities and Exchange Commission (SEC) has announced that it secured $8.2 billion in enforcement actions in 2024. This is the largest amount the commission has ever recovered, with significant contributions coming from the high-profile Terraform Labs case. Terraform Labs Leads SEC Recoveries According to a November 22 report, the SEC’s enforcement actions for 2024 included 583 cases, a 26% decrease from the previous year. Among these, 431 were standalone actions, 93 were follow-up cases against individuals with orders against them, including criminal convictions and civil injunctions, and another 59 were against companies that had failed to make necessary filings with the agency. Gary Gensler, the regulator’s outgoing chair, emphasized that its main priority is to protect investors, particularly in the cryptocurrency sector, which has faced increasing risks due to its rapid growth. “The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable,” Gensler said. Despite the drop in cases, the SEC recovered $6.1 billion in disgorgement and $2.1 billion in penalties. More than half of the total came from one of the largest cryptocurrency-related fraud incidents involving Terraform Labs, a blockchain technology company co-founded by Do Kwon and Daniel Shin. The SEC had accused the company and Do Kwon of committing large-scale fraud that caused billions of dollars in investor losses when its algorithmic stablecoin TerraUSD (UST) and its associated cryptocurrency, LUNA, collapsed. The two parties were ordered to pay the regulator $4.5 billion following a court battle. The report also revealed actions against other crypto-related scams, such as HyperFund and NovaTech Ltd. The two, purporting to be crypto investment platforms, raised more than $2.2 billion from investors worldwide. All their principals have been charged with operating fraudulent schemes, with HyperFund co-founder Brenda Chunga…

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Filed under: News - @ November 26, 2024 1:18 am