US CFTC will reward crypto whistleblowers with 10% to 30% of the fine amount

ChainCatcher reported that according to News.Bitcoin, the U.S. Commodity Futures Trading Commission (CFTC) announced on August 8 that it had paid a $1 million reward to a whistleblower for providing details of improper transactions on a crypto asset platform.

CFTC Enforcement Director Ian McGinley said that as more and more Americans become victims of crypto asset scams, the CFTC is increasingly relying on whistleblower tips to conduct investigations. Whistleblowers can receive 10% to 30% of the fine amount. These funds come entirely from the agency's customer protection fund.

The CFTC does not disclose the identities of whistleblowers, specific enforcement actions, or exact reward amounts under the Commodity Exchange Act (CEA). “In the last fiscal year, crypto-asset cases accounted for almost 50% of the CFTC’s caseload, and the majority of whistleblower reports that year were related to crypto-assets.”