The U.S. CFTC will reward whistleblowers in cryptocurrency cases with 10% to 30% of the fines collected

2024-08-11 14:09:56

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ChainCatcher news, according to News.Bitcoin, the U.S. Commodity Futures Trading Commission (CFTC) announced on August 8 that it has paid a whistleblower a reward of $1 million for providing details of improper trading on a cryptocurrency asset platform.

CFTC Enforcement Director Ian McGinley stated that as more and more Americans fall victim to cryptocurrency asset scams, the CFTC is increasingly relying on tips from whistleblowers to conduct investigations. Whistleblowers can receive 10% to 30% of the amount of the fines. These funds come entirely from the agency's customer protection fund.

According to the Commodity Exchange Act (CEA), the CFTC did not disclose the identity of the whistleblower, specific enforcement actions, or the exact amount of the reward. "In the last fiscal year, cryptocurrency cases accounted for nearly 50% of the CFTC's case files, and most of the tips that year were related to cryptocurrency assets."

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