FTX and CFTC Reach $12.7 Billion Settlement, Including $4 Billion Claim, to Resolve Fraud Case

Jul 16, 2024, 07:06 PM

FTX and the Commodity Futures Trading Commission (CFTC) have reached a $12.7 billion settlement following months of negotiations. This agreement, which has been submitted to a Delaware bankruptcy judge for approval, aims to resolve a fraud civil enforcement action. The settlement would allow the CFTC a $4 billion claim in FTX's bankruptcy proceedings. The case has drawn significant attention, with allegations of wire fraud involving Silvergate Bank and FTX. Silvergate went into voluntary liquidation, which has delayed further investigations.