The Securities Exchange Commission set a new record for enforcement action penalties and fines in fiscal year 2024, largely due to a hefty settlement with cryptocurrency firm Terraform Labs. In its annual report on Nov. 22, the agency said that in the year ended Sept. 30, despite a 26 percent decrease in the number of cases from last year to 583, the agency's net financial remedies reached $8.20 billion, "the highest amount in the history of the Securities Exchange Commission." More than half of the total came from the Securities Exchange Commission's court victory against Terraform and former CEO Do Kwon, who was found guilty of fraud and paid a $4.47 billion settlement in 2022 over the collapse of the blockchain ecosystem that caused billions of dollars in losses.