The SEC has finalized civil settlements against three former senior executives at FTX and Alameda Research. 

This judgment formally closes a major chapter in the regulator’s case tied to the collapse of the crypto exchange.

Sam Bankman-Fried’s Associates Receive a Decade of Ban

In a statement released on December 18, the SEC said it has filed proposed final consent judgments against Caroline Ellison, former CEO of Alameda Research, Gary Wang, former chief technology officer of FTX, and Nishad Singh, former co-lead engineer at FTX. 

The judgments are subject to court approval.

ICYMI – Caroline Ellison was "quietly moved" from federal prison to "community confinement," after serving 11 months of her two year sentence, with online prison records listing an early release for Feb 2026 — BI pic.twitter.com/5HCAK5mQD2

— Disclose.tv (@disclosetv) December 18, 2025

The SEC confirms that FTX raised more than $1.8 billion from investors by portraying itself as a safe trading platform with strong protections for customer assets. 

Investors were also told that Alameda Research operated like any other customer on the exchange. But those claims were false.

In reality, FTX secretly gave Alameda special privileges. The trading firm was exempted from risk controls and granted a virtually unlimited line of credit backed by FTX customer deposits. 

This allowed Caroline Ellison to borrow and lose billions without facing liquidation.

The regulator alleges that Wang and Singh built the software code that enabled customer funds to be diverted from FTX to Alameda. 

Ellison, who ran Alameda, then used those funds for trading, venture investments, and loans to executives, including Sam Bankman-Fried, Wang, and Singh.

Ryan Salame tweets his court filing that his plea was based upon no federal charges against Michelle Bond

All FTX insiders – Caroline Ellison, Gary Wang, Nishad Singh, Daniel Friedberg, Sam Trabucco etc

Should have got 10-20 years prison

Other creditors feel the same way pic.twitter.com/ooZ9ILFPSD

— Sunil (FTX Creditor Champion) (@sunil_trades) August 26, 2025

Without admitting or denying the allegations, all three executives agreed to permanent injunctions barring them from violating key antifraud provisions of US securities law. They also accepted additional restrictions on their future professional roles.

Ellison consented to a 10-year ban from serving as an officer or director of a public company. 

Wang and Singh each agreed to 8-year bans as officers and directors. 

All three are also subject to 5-year conduct-based injunctions, allowing the SEC to act quickly if they reenter securities-related activities improperly.

Current Punishment Status as of December 2025

As of December 2025, Caroline Ellison has been moved to home confinement. Her release is expected in early 2026. 

Gary Wang, FTX’s former CTO and co-founder, received a criminal sentence of time served after cooperating extensively with federal prosecutors. He is currently on supervised release.

Nishad Singh, the former co-lead engineer at FTX, also received a time-served criminal sentence and remains on supervised release. 

The post SEC Finalizes Civil Judgments Against Key FTX and Alameda Executives appeared first on BeInCrypto.

SEC telah merampungkan penyelesaian perdata terhadap tiga mantan eksekutif senior di FTX dan Alameda Research.

Keputusan ini secara resmi menutup salah satu babak besar dalam kasus regulator terkait runtuhnya exchange aset kripto tersebut.

Rekan Sam Bankman-Fried Dapat Sanksi Larangan Selama 10 Tahun

Dalam sebuah pernyataan yang dirilis pada 18 Desember, SEC menyampaikan bahwa mereka telah mengajukan usulan keputusan persetujuan akhir terhadap Caroline Ellison, mantan CEO Alameda Research, Gary Wang, mantan chief technology officer FTX, dan Nishad Singh, mantan co-lead engineer di FTX.

Keputusan ini masih menunggu persetujuan dari pengadilan.

ICYMI – Caroline Ellison was "quietly moved" from federal prison to "community confinement," after serving 11 months of her two year sentence, with online prison records listing an early release for Feb 2026 — BI pic.twitter.com/5HCAK5mQD2

— Disclose.tv (@disclosetv) December 18, 2025

SEC menegaskan bahwa FTX telah mengumpulkan lebih dari US$1,8 miliar dari investor dengan menggambarkan diri mereka sebagai platform trading yang aman serta memiliki perlindungan kuat untuk aset milik pelanggan.

Investor juga diberi tahu bahwa Alameda Research beroperasi seperti pelanggan biasa di exchange. Tapi, klaim tersebut ternyata tidak benar.

Kenyataannya, FTX diam-diam memberikan hak istimewa khusus kepada Alameda. Perusahaan trading itu dibebaskan dari kontrol risiko dan menerima fasilitas kredit tanpa batas yang dijamin oleh deposit pelanggan FTX.

Hal tersebut memungkinkan Caroline Ellison untuk meminjam dan kehilangan dana bernilai miliaran tanpa mengalami likuidasi.

Regulator menuduh bahwa Wang dan Singh membangun kode software yang memungkinkan dana pelanggan dialihkan dari FTX ke Alameda.

Ellison, yang mengepalai Alameda, kemudian menggunakan dana tersebut untuk trading, investasi ventura, dan memberikan pinjaman kepada para eksekutif, termasuk Sam Bankman-Fried, Wang, dan Singh.

Ryan Salame tweets his court filing that his plea was based upon no federal charges against Michelle Bond

All FTX insiders – Caroline Ellison, Gary Wang, Nishad Singh, Daniel Friedberg, Sam Trabucco etc

Should have got 10-20 years prison

Other creditors feel the same way pic.twitter.com/ooZ9ILFPSD

— Sunil (FTX Creditor Champion) (@sunil_trades) August 26, 2025

Tanpa mengakui ataupun menyangkal tuduhan, ketiga eksekutif tersebut telah setuju untuk menerima perintah permanen yang melarang mereka melanggar ketentuan utama anti-penipuan pada undang-undang sekuritas AS. Mereka juga menerima pembatasan tambahan pada peran profesional mereka di masa depan.

Ellison setuju menerima larangan selama 10 tahun untuk menjabat sebagai pejabat atau direktur di perusahaan publik.

Wang dan Singh masing-masing sepakat mendapatkan larangan 8 tahun sebagai pejabat dan direktur.

Ketiga orang tersebut juga dikenakan perintah pembatasan perilaku berbasis selama 5 tahun, sehingga SEC dapat bertindak dengan cepat apabila mereka kembali terlibat secara ilegal dalam aktivitas terkait sekuritas.

Status Hukuman Terkini per Desember 2025

Per Desember 2025, Caroline Ellison telah dipindahkan ke tahanan rumah. Ia diperkirakan bebas pada awal 2026.

Gary Wang, mantan CTO sekaligus co-founder FTX, menerima hukuman pidana berupa waktu yang sudah dijalani setelah berkontribusi banyak dalam membantu jaksa federal. Saat ini, ia masih berada dalam masa pembebasan dengan pengawasan.

Nishad Singh, mantan co-lead engineer FTX, juga menerima hukuman pidana berupa waktu yang telah dijalani dan saat ini tetap berada dalam pengawasan.

Pada November 2025, pasar aset kripto kehilangan lebih dari US$1,3 triliun dalam nilai. Bitcoin turun dari US$126.000 menjadi di bawah US$85.000 dalam beberapa minggu.

Namun, bagaimana perbandingannya dengan kehancuran yang dipicu oleh FTX pada tahun 2022, yang mengguncang dasar dunia aset digital?

Kerugian Kapitalisasi Pasar dan Penurunan Harga

Analis pasar kini memperdebatkan apakah pembalikan tajam tahun ini lebih merugikan dibandingkan kehancuran seluruh industri yang dipicu kebangkrutan FTX tiga tahun silam.

Secara teori, penjualan bulan ini sangat besar. Secara praktis, ini lebih merupakan koreksi tajam daripada krisis sistemik.

Bitcoin's weekly RSI just hit levels lower than the FTX collapse and the covid crash.

Does that mean the bottom is near?

h/t @Sykodelic_ @gammichan pic.twitter.com/wL4vfJkunH

— Lark Davis (@TheCryptoLark) November 24, 2025

Antara Oktober dan November 2025, total kapitalisasi pasar kripto turun sekitar 30%, dari rekor US$4,2 triliun menjadi di bawah US$3 triliun. Bitcoin kehilangan hampir 32% nilainya, sementara Ethereum kehilangan lebih dari 40%.

Namun, angka-angka ini tidak sebanding dengan skala tahun 2022.

Setelah kehancuran FTX, pasar anjlok 73% dari puncaknya tahun 2021. Bitcoin mencapai titik terendah di US$15.500, kehilangan lebih dari tiga perempat nilainya. Ethereum turun lebih dari 80% menjadi di bawah US$900.

Likuidasi dan Perilaku Trading

Likuidasi pada tahun 2025 melampaui rekor sebelumnya. Pada bulan Oktober, lebih dari US$19 miliar dalam posisi kripto dengan leverage dihapus dalam satu hari. Itu hampir sepuluh kali lipat dari hari terburuk selama crash tahun 2022.

Namun, pada tahun 2022, trader juga menghadapi kejutan sistemik. Kegagalan FTX, Celsius, Voyager, dan 3AC memicu gelombang panggilan margin dan dana yang dibekukan.

Walaupun tahun 2025 melihat lebih banyak likuidasi, dampaknya sebagian besar terbatas pada volatilitas harga dan tidak menimbulkan kebangkrutan platform yang meluas.

165,000 Bitcoin taken off Coinbase over the weekend!
Cause TBD. But the last comparable plunge was just after FTX collapsed. Bitcoin was $16K pic.twitter.com/W3DQWDkzht

— Charles Edwards (@caprioleio) November 24, 2025

Dampak Pasar Institusional dan Publik

Kehancuran FTX menghancurkan kepercayaan di seluruh industri. Core Scientific mengajukan kebangkrutan. Pemberi pinjaman kripto menghilang. Perusahaan publik seperti MicroStrategy dan Coinbase kehilangan lebih dari 80% nilai sahamnya.

Sebaliknya, crash kripto terbaru ini tidak menyebabkan kebangkrutan besar di antara perusahaan tercatat. ETF memang mengalami arus keluar yang memecahkan rekor—lebih dari US$3,7 miliar sejak bulan Oktober. Tapi mereka tetap berfungsi.

Perusahaan seperti MicroStrategy bahkan menambah holdings mereka, menandakan kepercayaan daripada krisis.

Sentimen dan Latar Belakang Ekonomi Makro

Kedua periode memicu ketakutan ekstrem. Pada November 2025, indeks sentimen jatuh ke level terendah setahun terakhir. Namun, investor tidak terkejut mendadak.

Pada tahun 2022, kejatuhan FTX datang sebagai kejutan. Miliar dolar aset pelanggan menghilang. Ketakutan yang dihasilkan lebih dalam dan lebih merusak. Investor institusi menghentikan aktivitas. Regulator meluncurkan tindakan keras global.

Sementara itu, bulan ini, investor mundur—tapi tetap terlibat. Arus keluar ETF berlangsung tertib. Hedge fund berjaga-jaga daripada melarikan diri. Kondisi regulasi, meskipun tidak pasti, tidak didorong krisis.

The Crypto Spring Is Compressed. Window Is Closing…

Yes, the cycle has been difficult…

Even people who've been through multiple cycles start questioning everything.

But then you zoom out:

– Realized losses now match FTX collapse levels

– QT ending in days after harshest… pic.twitter.com/loLdSCtHQe

— Dan Gambardello (@dangambardello) November 24, 2025

Keruntuhan FTX Masih Menjadi Raja dari Semua Pasar Bear Kripto

Crash kripto tahun 2025 tajam, tapi terkendali. Nilainya menghilangkan lebih dari satu triliun dolar dan memicu likuidasi rekor. Namun, struktur pasar tetap bertahan.

Kehancuran tahun 2022 lebih dalam, lebih lama, dan merusak secara sistemik. Itu menghancurkan perusahaan rapuh, membekukan aset pelanggan, dan hampir meruntuhkan kepercayaan institusional.

Walaupun menyakitkan, November 2025 tidak lebih buruk daripada kejatuhan era FTX. Itu adalah koreksi berisiko tinggi—bukan krisis mendasar.

The cryptocurrency market lost over $1.3 trillion in value by November 2025. Bitcoin dropped from $126,000 to below $85,000 in a few weeks. 

But how does this compare to the FTX-driven meltdown of 2022, which shook the foundation of the digital asset space?

Market Cap Losses and Price Drawdowns

Market analysts now debate whether this year’s sharp reversal is more damaging than the industry-wide collapse triggered by FTX’s bankruptcy three years ago. 

On paper, this month’s sell-off is massive. In practice, it’s more of a sharp correction than a systemic crisis.

Bitcoin's weekly RSI just hit levels lower than the FTX collapse and the covid crash.

Does that mean the bottom is near?

h/t @Sykodelic_ @gammichan pic.twitter.com/wL4vfJkunH

— Lark Davis (@TheCryptoLark) November 24, 2025

Between October and November 2025, crypto’s total market cap dropped about 30%, falling from a record $4.2 trillion to under $3 trillion. Bitcoin shed nearly 32% in value, while Ethereum lost over 40%.

However, these numbers don’t match the scale of 2022. 

After FTX’s implosion, the market plunged 73% from its 2021 highs. Bitcoin bottomed out at $15,500, losing over three-quarters of its value. Ethereum fell more than 80% to below $900.

Liquidations and Trading Behavior

Liquidations in 2025 surpassed previous records. In October, over $19 billion in leveraged crypto positions were wiped out in a single day. That’s nearly ten times more than the worst day during the 2022 crash.

Yet, in 2022, traders also faced systemic shocks. The failure of FTX, Celsius, Voyager, and 3AC triggered a cascade of margin calls and frozen funds. 

Although 2025 saw more liquidations, the impact was largely confined to price volatility and didn’t trigger platform-wide insolvencies.

165,000 Bitcoin taken off Coinbase over the weekend!
Cause TBD. But the last comparable plunge was just after FTX collapsed. Bitcoin was $16K pic.twitter.com/W3DQWDkzht

— Charles Edwards (@caprioleio) November 24, 2025

Institutional and Public Market Impact

The FTX collapse shattered trust across the industry. Core Scientific filed for bankruptcy. Crypto lenders vanished. Public companies like MicroStrategy and Coinbase lost over 80% of their stock value.

By contrast, the latest crypto crash has seen no major bankruptcies among listed firms. ETFs did suffer record outflows—over $3.7 billion since October. But they remained functional. 

Companies like MicroStrategy even added to their holdings, signaling confidence rather than crisis.

Sentiment and Macro Backdrop

Both periods triggered extreme fear. In November 2025, sentiment indices dropped to their lowest levels in a year. However, investors weren’t blindsided.

In 2022, the FTX collapse came as a shock. Billions in customer assets vanished. The resulting fear was deeper and more corrosive. Institutional investors froze activity. Regulators launched global crackdowns.

Meanwhile, this month, investors pulled back—but stayed engaged. ETF outflows were orderly. Hedge funds hedged rather than fled. Regulatory conditions, while uncertain, were not crisis-driven.

The Crypto Spring Is Compressed. Window Is Closing…

Yes, the cycle has been difficult…

Even people who've been through multiple cycles start questioning everything.

But then you zoom out:

– Realized losses now match FTX collapse levels

– QT ending in days after harshest… pic.twitter.com/loLdSCtHQe

— Dan Gambardello (@dangambardello) November 24, 2025

FTX Collapse Remains the King of All Crypto Bear Markets

The 2025 crypto crash is sharp, but contained. It erased over a trillion dollars in value and triggered record liquidations. However, the market structure held.

The 2022 collapse was deeper, longer, and systemically damaging. It wiped out fragile firms, froze customer assets, and nearly broke institutional trust.

While painful, November 2025 is not worse than the FTX-era collapse. It’s a high-stakes correction—not a foundational crisis.

The post Is the November 2025 Crypto Crash Worse Than the FTX-Era Bear Market? appeared first on BeInCrypto.