The amount collected by the SEC from enforcement actions related to digital assets in the 2024 fiscal year surged by 3018%, reaching a record $4.7 billion. These calculations were provided by Social Capital Markets.
This was primarily driven by the settlement with Terraform Labs and its former CEO Do Kwon for $4.47 billion.
In the 2024 fiscal year, the Commission initiated 11 cases compared to 30 the previous year.
The total amount collected by the SEC during this period exceeded the cumulative figure for 2013-2023.
The metric includes disgorgement, restitution, civil penalties, settlements, and prejudgment interest, calculated from the moment the agency initiates enforcement proceedings.
“The trend indicates a strategic shift by the SEC towards fewer, larger fines, focusing on high-impact enforcement actions that set precedents for the entire industry,” the report states.
The average size of penalties soared to $426 million, compared to $5-70.7 million in previous years.
On September 9, the FBI reported a 45% increase in losses related to crypto fraud in 2023. These figures are included in the annual report.
According to the document, the agency’s Internet Crime Complaint Center received over 69,000 such reports, with losses amounting to $5.6 billion. Overall, digital assets accounted for 10% of complaints and about half of all losses.
The majority of complaints came from individuals over 60, followed by consumers aged 30-40. According to the report, most concerned cases of investment fraud.
As reported by Chainalysis, cryptocurrency criminals have shifted focus from complex Ponzi schemes to more targeted types like “pig butchering” scams.