A court order requires Allison and Wang to continue cooperating with the US Commodity Futures Trading Commission (CFTC), but prohibits them from obtaining licenses from the agency for ten and eight years, respectively. These measures are the result of a lengthy CFTC proceeding against the former executives of the cryptocurrency exchange FTX, which collapsed in 2022, Sam Bankman-Fried.
In September 2024, Allison was sentenced to two years in prison and released from custody in January 2026. Wang did not receive a prison sentence and was given three years of probation. The CFTC explained the mitigation of the punishment by the assistance that both individuals provided to the investigation during the FTX case. Their agreement to cooperate with the authorities allowed Wang and Allison to avoid a harsher sentence.
The founder of FTX, Bankman-Fried, continues to serve his prison sentence and will not be released until 2044. In June, he filed a petition for clemency, but the appeals court rejected his attempt to appeal the conviction. Additionally, the US Senate recommended against granting Bankman-Fried a presidential pardon.
Since July 31, FTX has been distributing $900 million to affected creditors as part of the company's reorganization plan. The funds are to be deposited into creditors' accounts at BitGo, Kraken, and Payoneer. Payments are only provided for creditors who have completed the identification procedure (KYC) and submitted tax forms.
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