{"id":184854,"date":"2023-11-01T05:22:10","date_gmt":"2023-10-31T23:52:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=184854"},"modified":"2023-11-01T05:22:10","modified_gmt":"2023-10-31T23:52:10","slug":"cftc-pays-whistleblowers-16m-this-year-for-mostly-crypto-tips-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/cftc-pays-whistleblowers-16m-this-year-for-mostly-crypto-tips-crypto-news\/","title":{"rendered":"CFTC pays whistleblowers $16M this year for mostly crypto tips – Crypto News"},"content":{"rendered":"
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The United States commodities regulator has paid $16 million this year to whistleblowers who gave information leading to successful enforcement actions with a majority of the tips involving crypto.<\/p>\n

In an Oct. 31 statement<\/a>, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said most of the tips received this year involved crypto which she claimed was \u201can area that continues to have pervasive fraud and other illegality.\u201d<\/p>\n

\n

Very proud of these offices and their outsized results. As a former IG, I know firsthand how important whistleblowers
are. The CFTC could not fully protect customers and markets w\/o them. Click to read about the highest # of tips, crypto tips & environmental fraud tips. https:\/\/t.co\/C4I9tgnxRU<\/a><\/p>\n

\u2014 Commissioner Christy Goldsmith Romero (@CFTCcgr) October 31, 2023<\/a><\/p><\/blockquote>\n

Two whistleblowers received $15 million alone for their information which led the CFTC to successful enforcement cases in September \u2014 however, the regulator didn\u2019t delve into the nature of those cases in its statement<\/a> at the time.<\/p>\n

Romero said whistleblowers are vital to mitigate commodities fraud and that the CFTC wouldn\u2019t be able to \u201cfully protect\u201d customers and markets without them:<\/p>\n

\u201cWhistleblowers help identify fraud and other illegality, interpret key evidence, and save considerable Commission resources and time. The faster we can stop fraud, the more we can protect customers from harm.\u201d<\/p><\/blockquote>\n

Romero acknowledged the efforts of CFTC\u2019s Office of Customer Education and Outreach which teaches people to spot, avoid and report cryptocurrency fraud.<\/p>\n

\u201cWith the rise of crypto, more retail customers have come under the CFTC\u2019s jurisdiction,\u201d Romero said.<\/p>\n

Related: <\/em><\/strong>CFTC issues $54M default judgment against trader in crypto fraud scheme <\/em><\/strong><\/a><\/p>\n

The CFTC has doled out almost $350 million since the program started in 2014. It\u2019s led to over $3 billion in enforcement sanctions ordered in cases tipped off by whistleblowers.<\/p>\n

The CFTC won a record $3.4 billion penalty payment<\/a> in a Bitcoin-related fraud case in April and won its case against Digitex CEO Adam Todd<\/a> in July who was ordered to pay $16 million in penalties.<\/p>\n

In April, Romero iterated that managing the risks associated with cryptocurrency would be crucial to upholding market integrity,<\/a> national security and financial stability.<\/p>\n

She\u2019s advocated integrating stronger identity verification measures saying it would minimize illicit finance in the cryptocurrency market.<\/p>\n

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As the bear market deepens, more crypto companies will have to lay off employees to keep the lights on.<\/p>\n

This creates a new risk: disgruntled former employees often become whistleblowers, especially if they have valuable intel that entitles them to an SEC or CFTC bounty reward.<\/p>\n

\u2014 Jake Chervinsky (@jchervinsky) December 29, 2018<\/a><\/p><\/blockquote>\n

Magazine:<\/em><\/strong> <\/em><\/strong>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The United States commodities regulator has paid $16 million this year to whistleblowers who gave information leading to successful enforcement actions with a majority of the tips involving crypto. In an Oct. 31 statement, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said most of the tips received this year involved crypto which she […]<\/p>\n","protected":false},"author":2,"featured_media":184855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-184854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=184854"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184854\/revisions"}],"predecessor-version":[{"id":184857,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184854\/revisions\/184857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/184855"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=184854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=184854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=184854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}