Golden Finance reported that the U.S. Securities and Exchange Commission set a new record for enforcement action penalties and fines in fiscal year 2024, mainly due to a huge settlement agreement with the cryptocurrency company Terraform Labs. The agency said in its annual report on November 22 that in the year ending September 30, although the number of cases decreased by 26% from the previous year to 583, the agency's net financial remediation reached US$8.2 billion, which is "the highest amount in the history of the U.S. Securities and Exchange Commission." More than half of the total amount came from the SEC's victory in court against Terraform and former CEO Do Kwon, who was found guilty of fraud in 2022 due to the collapse of the blockchain ecosystem, resulting in billions of dollars in losses, and paid a settlement of US$4.47 billion.