Ooki DAO Hit with $643,542 Civil Penalty as Court Orders Shutdown

• CFTC secures a victory in the Ooki DAO litigation.
• The court imposed a $643k penalty and ordered the closure of the illegal platform.
• CFTC says the ruling is a wake-up call to those seeking to evade legal accountability.

In a groundbreaking ruling, the Commodity Futures Trading Commission (CFTC) has emerged triumphant in the Ooki DAO litigation. The U.S. District Judge William Orrick issued a default judgment order on Friday, dealing a heavy blow to the decentralized autonomous organization (DAO). 

The court has mandated Ooki DAO to pay a substantial civil monetary penalty of $643,542, imposed permanent trading and registration bans, and commanded the shutdown of Ooki DAO’s website while eradicating its online presence.

Today the CFTC’s Division of Enforcement Director Ian McGinley released a statement on the Ooki DAO litigation victory. Learn more: https://t.co/MInNeKLeH5

— CFTC (@CFTC) June 9, 2023

The CFTC had charged Ooki DAO with operating an illegal trading platform and engaging in activities that violated the Commodity Exchange Act by unlawfully acting as a futures commission merchant (FCM). 

The court’s precedent-setting decision crucially …

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