Other

"Judge approves $12.7 billion settlement between FTX and CFTC, bringing 20-month-long lawsuit to an end"

2024-08-08 [vendor] FTX CFTC settlement
Primary Source ↗

Incident Details

FTX will pay $8.7 billion in restitution and another $4 billion in disgorgement to settle the lawsuit from the CFTC, which was filed shortly after FTX collapsed in November 2022. All $12.7 billion, or what is available of it among FTX’s remaining assets, will go to creditors rather than to the agency.Defendants Sam Bankman-Fried, Caroline Ellison, and Gary Wang, as well as the FTX and Alameda Research companies, will be prohibited from commodities trading, including trading bitcoin, ether, USDT, or other assets considered “digital asset commodities” by the CFTC. However, with Bankman-Fried already beginning a 25-year prison sentence, and Ellison and Wang due to be sentenced, this may be low on their list of worries.

Technical Details

Initial Attack Vector
Regulatory / legal action
Vendor / Product
FTX CFTC settlement

Timeline

  1. 2024-08-08 Breach occurred
  2. 2024-08-08 Publicly disclosed