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FTX, the failed cryptocurrency exchange at the center of disgraced former CEO Sam Bankman-Fried’s fraud, has been ordered to pay customers $12.7 billion.FTX to pay $8.7 billion in restitution to victims of Bankman-Fried’s fraud, in addition to $4 billion “gains received in connection with the violations.”
“FTX’s massive fraud collapsed 21 months ago, and in that time, the CFTC investigated, filed a complaint, and achieved what many thought was impossible at the time of the collapse—a resolution to compensate victims for the losses they suffered,” McGinley explained. Restitution comes after Castel found that FTX had violated the Commodity Exchange Act and CFTC regulations. His order “imposes injunctions against further violations of the CEA and CFTC regulations, as well as trading and registration prohibitions, and requires FTX and Alameda to cooperate with the CFTC in its ongoing litigation,” the CFTC said.
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