🚨 FTX and Alameda Ordered to Pay $12.7B to Creditors

⚖️ A New York judge has officially approved a consent order requiring FTX and its affiliate, Alameda Research, to pay $12.7 billion to creditors.

🗒 This decision, which concludes a 20-month lawsuit led by the CFTC, does not impose civil penalties but bans both firms from trading digital assets or acting as market intermediaries.

👀 FTX, which filed for bankruptcy in late 2022, severely impacted investor wealth. Sam Bankman-Fried, founder of both FTX and Alameda, was sentenced to 25 years in prison in March, ordered to forfeit $11 billion, and convicted of multiple fraud and money laundering charges.