TechFlow news — According to News.Bitcoin, the U.S. Commodity Futures Trading Commission (CFTC) announced on August 8 that it has awarded a $1 million bounty to a whistleblower who provided details about improper trading practices on a digital asset platform.
“As increasing numbers of Americans fall victim to crypto fraud, the CFTC is increasingly relying on tips from whistleblowers to conduct investigations,” said Ian McGinley, Director of Enforcement at the CFTC. Whistleblowers may receive between 10% and 30% of the penalties collected. These funds come entirely from the agency’s Customer Protection Fund.
Under the Commodity Exchange Act (CEA), the CFTC does not disclose the identity of whistleblowers, specific enforcement actions, or the exact amount of awards. “In the previous fiscal year, crypto-related cases accounted for nearly 50% of the CFTC’s enforcement docket, and the majority of whistleblower tips received that year were related to digital assets.”
