This year's figures were boosted by the historic $4.47 billion fine against bankrupt company Terraform Labs for defrauding cryptocurrency investors during the infamous Terra LUNA/USD implosion in 2022, the event that precipitated the cryptocurrency bear market. This was the largest enforcement action to date, dwarfing prior sanctions and setting a new standard for regulatory monitoring of the cryptocurrency market, the report said. Around 11 enforcement actions were carried out by the SEC in 2024, with an average fine of $426 million.