More than half of the SEC's fiscal relief for fiscal year 2024 comes from Terraform Labs

Odaily News The U.S. SEC set a new record ($8.2 billion) in fines and penalties received in enforcement actions in fiscal year 2024, mainly due to a huge settlement with the crypto company Terraform Labs. More than half of the fines came from the SEC's litigation victory against Terraform and its former CEO Do Kwon, who was found liable for fraud for billions of dollars in losses caused by the collapse of the blockchain ecosystem in 2022 and paid a settlement of $4.47 billion. Without Terraform's fine, the SEC would have collected $3.72 billion, which would have been the worst year for financial relief since 2013, when it collected $3.4 billion in fines and penalties. In addition, the agency collected a total of $2.1 billion in fines and set a record of $6.1 billion in illegal profit returns. (Cointelegraph) Yesterday, the U.S. SEC recently announced that its enforcement efforts in fiscal year 2024 hit a record high, highlighting its efforts to maintain market integrity and investor protection. The agency revealed: "A total of 583 enforcement actions were filed in fiscal year 2024, and $8.2 billion in financial remedies were obtained, the highest amount in SEC history." Compared with 2023, the number of enforcement actions initiated by the SEC increased by 14%.