04:15 PM EDT, 08/08/2024 (MT Newswires) -- Defunct crypto exchange FTX and trading firm Alameda Research have been ordered to pay $12.7 billion to customers and fraud victims, a filing from the US District Court for the Southern District of New York showed Wednesday.

The order prohibits FTX and Alameda from trading digital assets and serving as market intermediaries, according to the filing.

The payment order, which consists of $8.7 billion in restitution and $4 billion in disgorgement, is the biggest recovery by the Commodity Futures Trading Commission, the agency said in a statement Thursday.

"FTX and Alameda made material misrepresentations and omissions to customers," the CFTC added.