FTX Settles with CFTC for $12.7 Billion
Cryptocurrency exchange FTX and the U.S. Commodity Futures Trading Commission (CFTC) have settled a significant legal dispute.
The settlement amount between FTX and CFTC totals $12.7 billion, marking the resolution of a 19-month legal battle.
Both FTX and CFTC have filed their agreement for settlement, pending final approval from the court.
The settlement includes $8.7 billion in penalties and $4 billion in restitution, agreed upon by Sam Bankman-Fried's FTX and the regulatory body.
The Delaware bankruptcy court is scheduled to review and potentially approve the settlement on August 6.
This settlement represents a significant milestone for FTX and highlights the ongoing regulatory landscape in the cryptocurrency industry.
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