According to CoinDesk: The Commodity Futures Trading Commission (CFTC) of the United States, responsible for overseeing the derivatives market, has awarded $16 million to whistleblowers in 2023, with a majority of the 1,530 tips received related to cryptocurrency, according to Commissioner Christy Goldsmith Romero.
Evidently, crypto remains a hotbed for fraud and other forms of illegality. "The majority of the tips received this year involved crypto, an area that continues to have pervasive fraud and other illegality," Romero noted in a published statement on the CFTC website.
Due to the proliferation of cryptocurrency, the number of retail customers under CFTC's jurisdiction has soared, making the Commission's Whistleblower Program and the Office of Customer Education and Outreach initiatives more crucial than ever. According to Romero, whistleblowers play a vital role in identifying fraudulent activities and interpreting evidence. "The faster we can stop fraud, the more we can protect customers from harm," Romero added.
This year's astounding payouts include over $15 million awarded to two whistleblowers whose crucial information and cooperation led to the successful prosecution of multiple enforcement cases. Overall, the CFTC has disbursed a whopping $350 million to whistleblowers, which has contributed to orders for more than $3 billion in enforcement sanctions.
