Fun

CFTC announces $1M award for crypto whistleblower

News Feed - 2024-08-09 04:08:00

Turner Wright4 hours agoCFTC announces $1M award for crypto whistleblowerThe notice came the same day a judge approved a $12.7 billion settlement between defunct crypto exchange FTX, Alameda Research and the US Commodity Futures Trading Commission.2872 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe United States Commodity Futures Trading Commission (CFTC) announced that a whistleblower who assisted the financial regulator in an enforcement action “connected to digital asset markets” would receive a $1 million reward.


In an Aug. 8 notice, the CFTC said it had brought an enforcement action against a firm connected to the digital asset space based on “information about improper trading” provided by an unnamed whistleblower. The regulator did not suggest which crypto firm it was referring to.


“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 CFTC enforcement director Ian McGinley. “During the last fiscal year, digital asset cases accounted for almost 50% of the CFTC’s docket, and the majority of whistleblower tips that year were related to digital assets.”Source: CFTC Whistleblower Program


The CFTC filing stated six claimants initially applied to provide information about the digital asset enforcement case. Only one received a percentage of the monetary sanctions from the unnamed company by providing “sufficiently specific, credible, and timely” information. According to the regulator, whistleblowers can receive between 10% and 30% of monetary sanctions collected from a company.


Related:Crypto firms to see more enforcement actions within 2 years — CFTC chair


Of the six claimants, three withdrew their applications. Another applied for a whistleblower award for a “purported related action,” and one provided information that “neither supported nor led to the charges in the CFTC Order, nor contributed to the successful resolution of the Covered Action in any way.”


At the time of publication, it was unclear which crypto firm may have been involved in the whistleblower award. The announcement came the day a judge signed off on a $12.7 billion settlement between the FTX exchange, Alameda Research and the CFTC. The financial regulator was also a party to a $4.3 billion settlement with Binance announced in November 2023.


Magazine:Lawmakers’ fear and doubt drives proposed crypto regulations in US# Law# CFTC# United States# Commodities Investment# RegulationAdd reaction

News Feed

Tom Mitchelhill7 hours agoFriend.tech denies report that database of over 100K users was leakedFriend.tech has hit back at a report that suggested that its API leaked personal data of its users.1472 Total views9 Total sh
Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance
Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance Following finder.com’s reports on bitcoin and ethereum
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe final
Ezra Reguerra12 hours ago$750M in locked crypto tokens to be released by DecemberDYdX, Optimism, 1inch and Aptos are expected to release over $750 million in locked tokens by December, according to data tracker Token Unl
Study Reveals South Korea’s ‘Kimchi Premium’ Strongly Linked to International Remittances to China
Study Reveals South Korea"s ‘Kimchi Premium’ Strongly Linked to International Remittances to China A newly-released study published in December 2022 reveals that South Korea&#x
Bill Gates: Crypto Has No Valuable Output — It’s Not Adding to Society Like Other Investments
Bill Gates: Crypto Has No Valuable Output — It"s Not Adding to Society Like Other Investments Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or oth
New Report From Dacxi Finds Lack of Crypto Education Stops Over 57% of People From Investing
New Report From Dacxi Finds Lack of Crypto Education Stops Over 57% of People From Investing press release PRESS RELEASE.Dacxi, the world’s leading Crypto Wealth Platform, re
Bitcoin Drops Below 200-Day MA – Next Key Support Lies At $66K According To Mayer Multiple
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ezra Reguerra40 minutes agoHalf of stolen NFTs are sold within 3 hours: PeckShieldPeckShield reports that $2.27 million of NFTs were stolen in June, recording the lowest monthly figure for stolen NFTs in 2023.636 Total v
Biggest Movers: BNB Rallies to 5-Month High on Monday
Biggest Movers: BNB Rallies to 5-Month High on Monday Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its hi
How Is Bitcoin Cash Different From Bitcoin Core?
How Is Bitcoin Cash Different From Bitcoin Core? The crypto space can be hard to break into for those unfamiliar with the jargon, lingo, and foundational knowledge taken for gran
DeFi Exploits Plunge 40% In 2024, But Centralized Exchange Losses Soar – Report
Este artículo también está disponible en español. According to a reportpublished today by blockchain security firm Hacken, decentralized finance (DeFi) protocols witnesse