FTX Completes Landmark $4 Billion Settlement with CFTC

IconCryptoNewsTerminal Staff13 Jul, 2024

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FTX Completes Landmark $4 Billion Settlement with CFTC

FTX, the now-defunct cryptocurrency exchange, has agreed to a $4 billion settlement with the U.S. Commodity Futures Trading Commission (CFTC). The deal, which was disclosed in a bankruptcy court filing on Thursday, will see the CFTC's claim subordinated to other creditors. Under the terms of the agreement, the funds recovered by the CFTC will be directed to the Supplemental Remission Fund, which is used to compensate victims of FTX's collapse. The CFTC has been investigating FTX since its collapse in November 2022, and the settlement represents a significant step forward in the agency's efforts to hold the company accountable for its actions.

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