CFTC Reports Rising Crypto Scams: Whistleblowers Vital in Fraud Prevention

CFTC Reports an Increase in Crypto Scams

In a recent statement, the CFTC recognized the significance of whistleblowers and its continued commitment to the whistleblower program.

The statement says tipsters on illicit finance received hundreds of millions in rewards.

“Cumulatively, the CFTC has awarded almost $350 million to whistleblowers, with more than $3 billion in enforcement sanctions ordered in cases associated with those awards.”

Furthermore, it clarified that a total of $16 million had been disbursed this year. The majority of these funds were allocated to only two whistleblowers.

“This includes $16 million in awards this year, including more than $15 million to two whistleblowers who provided significant information and assistance that led the CFTC to bring separate successful enforcement cases.”

The statement also suggests that the increasing crypto adoption in the United States has prompted the CFTC to heighten its vigilance over individuals and entities utilizing digital assets.

“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.”