The crypto industry has racked up $2.5 billion in fines since bitcoin was launched in 2009

• The cryptocurrency industry has racked up $2.5 billion in fines since bitcoin was launched in 2009
• Data from Elliptic found that US regulators have fined both firms and individuals.
• The bulk of the penalties by dollar amount came in 2020.

The cryptocurrency industry has racked up $2.5 billion in fines since $4's inception in 2009.

Recent data by analytics firm $4 found that US regulators have imposed this sum against both firms and individuals dealing with cryptocurrencies, $4 first reported.

The biggest penalties imposed came from the Securities and Exchange Commission at $1.69 billion, followed by the Commodity Futures Trading Commission at $624 million.

The majority of these fines, around $2.3 billion, are related to unregistered securities offerings and fraud.

The bulk of the penalties came in 2020 when Telegram Group $4 and pay an $18.5 million civil penalty to resolve charges to the $4. It was the largest monetary penalty imposed by US regulators.

The second biggest penalty was a $571 million penalty imposed this year by the CFTC to $4 for fraud.

The rapid rise in the price of bitcoin and other $4 in 2017 coincided with an uptick in "initial coin offerings," in which startup businesses and projects raised billions of dollars in crypto through crowdfunding. Many of these ICOs $4 while some were outright fraudulent.


Digital currencies saw a boom in 2021 with many skyrocketing to all-time highs, though regulatory moves by US and foreign regulators have sparked a selloff in recent months. This week, $4 by China's deepening crackdown on the space.

For a more in-depth discussion, come on over to Business Insider Cryptosphere>$4 — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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