Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingThe CFTC has reached a final settlement against former FTX executives Ellison and Wang, imposing a five-year trading ban
The U.S. Commodity Futures Trading Commission (CFTC) has ended its civil enforcement case against former FTX insiders Caroline Ellison and Gary Wang, imposing a five-year trading ban on them and no longer seeking additional financial penalties after years of cooperating with the investigation.
On August 18, 2025, the U.S. District Court for the Southern District of New York issued a supplementary consent order against Ellison and Wang. Ellison was also sentenced to a ten-year CFTC registration ban, while Wang's registration ban lasted eight years. Both will need to continue to cooperate with regulators.
Cooperative attitude affects final CFTC sanctions
The above transaction and registration restrictions will be effective from December 23, 2022, when the court issued an original consent order, finding Ellison and Wang responsible for relevant violations in the FTX fraud case. Ellison, a former CEO of Alameda Research, was found guilty of two CFTC fraud charges;FTX co-founder and former chief technology officer Wang was found guilty of one fraud charge. Both are permanently prohibited from violating the anti-fraud provisions of the Commodity Exchange Act.
The CFTC passed the new order without requiring it to pay damages, illegal gains or civil fines. The agency pointed out that they provided significant assistance in the FTX investigation and parallel criminal proceedings, while the two men also had to jointly bear a $11.02 billion criminal confiscation order. This result is similar to the previous disposal of Nishad Singh, former FTX engineering director: Singh was sentenced to a five-year trading ban and an eight-year registration ban in April 2025, and was required to hand over $3.7 million in illegal proceeds.
Ellison and Wang helped build the case against Bankman-Fried
Ellison and Wang pleaded guilty to federal criminal charges in December 2022 and became core cooperating witnesses against Sam Bankman-Fried. Wang testified that software permissions allowed Alameda to obtain FTX client funds; Ellison described the trading company's use of client assets and Bankman-Fried's role in directing operations. Their cooperation helped prosecutors successfully convict Bankman-Fried, which ultimately led to a 25-year prison sentence.
Ellison was sentenced to two years in prison in September 2024. She served approximately 11 months in prison before being transferred to community imprisonment and was released in January 2026, for a total of approximately 14 months. In November 2024, Wang was sentenced to serving his sentence (i.e., released in court) because prosecutors recognized his extensive cooperation.
Before the CFTC imposed restrictions, the U.S. Securities and Exchange Commission (SEC) had also advanced civil judgments against Ellison, Wang and Singer, including a ten-year ban on executives and directors for Ellison and an eight-year ban on Wang and Singer.
FTX enforcement actions are concluded, creditors gradually recover funds
As FTX's financial clean-up work continues to advance, relevant individual cases are gradually being concluded. The CFTC has previously issued a US$12.7 billion judgment against FTX and Arameida, including US$8.7 billion in damages and US$4 billion in illegal proceeds, earmarked for victim compensation. At the same time, the FTX bankruptcy liquidation case has entered a deeper distribution stage. The latest round of creditor repayments is scheduled to take place on July 31, 2025, and recovered assets will continue to be returned to qualified claimants.
Bankman-Fried's criminal sentence remains valid, and the Second Circuit Court of Appeals upheld his conviction and 25-year sentence in June 2025. For Ellison and Wang, the August supplementary consent order resolved the CFTC's remaining enforcement actions against them, but the two still need to continue to fulfill their cooperation obligations.
