Investors in Bitcoin have already made their fortunes, but for those who never bought in, becoming a Bitcoin whistleblower could be the next best thing.
Just over a week ago, the Commodity Futures Trading Commission (CFTC) paid out $200 million to a whistleblower who reported Deutsche Bank for manipulating LIBOR. If you’re wondering why the CFTC is handing out hundreds of millions of dollars, it’s because the CFTC runs a whistleblower reward program that allows people to submit information on legal violations in return for 10-30% of any fine the CFTC collects. A similar program is run by the Securities and Exchange Commission (SEC) and the IRS. With the CFTC and the SEC competing to regulate the crypto market, and the IRS chasing Bitcoin holders for tax, the stage is set for Bitcoin whistleblowers to potentially make their fortunes.
The CFTC operates a whistleblower reward program for anyone who reports fraud or manipulative trading of “commodities.” Luckily, the CFTC considers Bitcoin, and many other cryptocurrencies, to be a “commodity.” If you have information about fraudulent sales or trading of Bitcoin, you might be eligible for a CFTC whistleblower award if you report the information. There are some important eligibility requirements, the key one being that you submit “original information” that leads to a fine of at least $1 million.
What Is “Original Information”?
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