The Commodity Futures Trading Commission (CFTC) has awarded over $1 million to a crypto whistleblower.
According to an August 8 press release, the whistleblower’s information enabled the CFTC to bring an enforcement action related to improper trading in digital asset markets.
“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,” said Ian McGinley, the CFTC’s Director of Enforcement.
He also highlighted the agency’s focus on this area, pointing out that in the last fiscal year, almost half of the CFTC’s enforcement actions were related to digital asset cases. He added that the majority of whistleblower tips received by the agency during that time were also connected to digital assets.
The whistleblower, whose identity is protected under the Commodity Exchange Act (CEA), provided the CFTC with “sufficiently specific and credible information” that uncovered previously unknown improper trading activities.
According to Brian Young, Director of the CFTC’s Whistleblower Office, this information enabled the regulator to take decisive action in a case related to the digital asset markets.
“Whistleblowers have increasingly played a significant role in the CFTC’s enforcement actions in the digital assets space,” noted Young.
The CFTC’s Whistleblower Program, established...
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