Crypto firms paid $19 billion in settlements to U.S. regulators so far in 2024, up 78.9% from last year

Odaily News A recent report from CoinGecko shows that so far in 2024, the amount of litigation settlements between cryptocurrency companies and US regulators has exceeded $19 billion, accounting for nearly two-thirds of all settlements to date. In the eight settlements in 2024, the settlement income received by regulators increased by 78% compared with 2023 ($10.87 billion), and increased by 8,327% compared with 2022. The total settlement amount includes confiscation, recovery of illegal income, civil penalties, settlements and pre-judgment interest, but does not include personal lawsuits against executives. CoinGecko research analyst Lim Yu Qian said that the collapse of Celsius and Terraform Labs in mid-2022 was "a key event marking the shift of cryptocurrency from a bull market to a bear market, culminating in the collapse of FTX, which triggered a new round of regulatory scrutiny in the United States." The year is not over yet, and Qian believes that there may be more settlements in 2024. "Even with a few months left, the value of settlements in 2024 increased by 78.9% from 2023. Given that U.S. regulators show no signs of slowing down their review of the crypto industry, 2024 may see more litigation settlements than last year." Earlier, according to Coingecko statistics, the amount of settlements between cryptocurrency companies and U.S. regulators has reached US$32 billion so far, with the largest amounts being FTX and Alameda, with settlements of US$12.7 billion, followed by Celcius ($4.7 billion), Terraform Labs ($4.5 billion), and Binance ($4.3 billion).