Nearly half of the CFTC's cases in the last fiscal year were related to digital assets.
The Commodity Futures Trading Commission (CFTC) has awarded over $1 million to a whistleblower whose “information and assistance” led to an enforcement action in the cryptocurrency space.
“Identifying unlawful conduct in the digital asset marketplace is a major priority for the CFTC, especially as everyday Americans are increasingly victimized by digital asset scams,” Ian McGinley, Director of Enforcement at the CFTC, said in a press release.
McGinley also noted that nearly half of the CFTC's cases in the last fiscal year were related to digital assets, with most whistleblower tips focusing on the cryptocurrency sector.
The enforcement action was based on information about “improper trading” that the CFTC didn't know about before. According to a CFTC Whistleblower Award Determination, six claims were received, but only one was deemed crucial for the investigation.
“Claimant 1’s information was critical, causing the Division to open the investigation underlying the Covered Action,” states the document. The particulars of the case aren't revealed, but the other five claims were either withdrawn or did not provide significant information.
“Whistleblowers have increasingly played a significant role in the CFTC’s enforcement actions in the digital assets space,” said Brian Young, Whistleblower Office Director. "Here, the whistleblower provided sufficiently specific and credible information...
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