Page 41 - 期货和衍生品行业监管动态（2022年12月）

期货和衍生品行业监管动态

including both fiat and digital assets including bitcoin and ether, were held in
“custody” by FTX and segregated from FTX’s own assets. To the contrary, FTX

customer assets were routinely accepted and held by Alameda and commingled with

Alameda’s funds. Bankman-Fried, Ellison, and Wang engaged in a fraudulent scheme

to misappropriate FTX customer assets for use by Alameda and by FTX and Alameda

executives, including luxury real estate purchases, political contributions, and

high-risk, illiquid digital asset industry investments. The amended complaint further

alleges that, at Bankman-Fried’s direction, FTX employees including Wang created

features in the FTX code that favored Alameda and allowed it to execute transactions

even when it did not have sufficient funds available, including an “allow negative flag”

and effectively limitless line of credit that allowed Alameda to withdraw billions of

dollars in customer assets from FTX. These features were not disclosed to the public.

In its continuing litigation against the defendants, the CFTC seeks restitution,
disgorgement, civil monetary penalties, permanent trading and registration bans, and a

permanent injunction against further violations of the Commodity Exchange Act

(CEA) and CFTC regulations, as charged.

The CFTC cautions that orders requiring repayment of funds to victims may not

always result in the recovery of lost money because the wrongdoers may not have

sufficient funds or assets.

Parallel Criminal/Civil Enforcement Action

On December 19, 2022, Ellison and Wang both entered guilty pleas as to

commodities fraud and other charges in a separate, parallel action against them in the

Southern District of New York. United States v. Zixiao Wang, Crim. No. S1 22 Cr.

673 (RA) (S.D.N.Y. 2022); United States v. Caroline Ellison, Crim. No. S2 22 Cr.

673 (RA) (S.D.N.Y. 2022). Also, on December 20, 2022, the Securities and Exchange
Commission charged Ellison and Wang with securities fraud.

https://www.cftc.gov/PressRoom/PressReleases/8644-22

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