For the second straight year, the majority of whistleblower tips received by the Commodity Futures Trading Commission (CFTC) Whistleblower Program were related to cryptocurrency fraud.
On October 31, the CFTC released its Annual Report on the Whistleblower Program for the 2023 Fiscal Year. The report revealed that during the fiscal year, the CFTC received a record 1,530 whistleblower tips.
According to the report, “the majority of tips received during the Period involved allegations of fraudulent solicitation and subsequent misappropriation of crypto/digital assets.” The report further explains that examples of these crypto frauds include “pump-and-dump schemes, fraudulent representations of moneymaking opportunities, or refusals to honor withdrawal requests.”
“The majority of the tips received this year involved crypto—an area that continues to have pervasive fraud and other illegality,” said CFTC Commissioner Christy Goldsmith Romero in a statement supporting the Whistleblower Program. “With the rise of crypto, more retail customers have come under the CFTC’s jurisdiction, making even more critical the efforts of the CFTC’s Whistleblower Program and the Office of Customer Education and Outreach.”
Through the CFTC Whistleblower Program, qualified whistleblowers are entitled to monetary awards of 10-30% of the sanctions collected by the CFTC in the enforcement action related to their disclosure. To qualify for an award, a whistleblower must voluntarily provide original...
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