The United States Commodity Futures Trading Commission awarded $1 Million to a whistleblower, who helped uncover crucial cases.
the commission is actively focusing on digital assets activities. Almost half of the actions in 2023 were related to digital assets- McGinley.
Russia legalized the mining of cryptocurrencies in the region, following President Vladimir Putin’s assent.
The surge of digital asset in the United States has gained significant exposure in the past few years. Although, the scammers, fraudsters, and bad actors have constantly hindered the growth.
The Commodity Futures Trading Commission has played a crucial role in the FTX bankruptcy lawsuit and TerraLUNA collapse.
According to recent information, the United States Commodity Futures Trading Commission rewarded a whistleblower with a sum of $1 Million. The press release dated August 08, 2024 notes that, the tip by the whistleblower helped the CFTC crack down on improper trading activity in the market.
Ian McGinley, the enforcement director of the CFTC asserts that identification of illicit activities in the digital market is the foremost priority of the commission, especially as every day Americans are increasingly victimized by digital assets scams.
CFTC is actively focusing on digital assets, almost half of the actions by the commission earlier this year were related to digital assets cases, said McGinley. He additionally said the majority of tips from whistleblowers earlier were related to digital asset space.
The Commodity Futures Trading Commission has the right to protect the identity of its whistleblower. The Director of the CFTC Whistleblower Office, Brian Young, said: “Whistleblowers have increasingly played a significant role in the CFTC’s enforcement actions in the digital assets space.”
Other Market News
Earlier on August 09, Russia legalized the mining of cryptocurrencies in the region. Recently, Kyrgyzstan proposed the amendment of constitutional law to integrate its digital currency, digital som, into the nation’s traditional finance system.
The Central Bank of Kyrgyzstan has initiated a public discussion over integrating its digital currency, to digitalize its economy. As per the filed amendment, the ‘digital som’ will be incorporated into the financial system, using a special software system solely operated by the Central Bank.
Earlier on August 08, IntoTheBlock and The Open Network (TON) announced their partnership, intending to provide advanced analytics to the TON users. The alliance aims to boost user engagement, retention rate, and network transparency.
District Judge Peter Castel has come up with the final verdict for the bankrupt FTX and its subsidiary Alameda Research, ordering to pay $12.7 Billion to the creditors as part of the settlement with CFTC.
Crypto Market Price Update
The broader cryptocurrency market did not reflect any major movements in the past 24 hours, seems like the traders are celebrating weekends. At press time, Bitcoin (BTC) is trading at $60,782 with a minute surge of 0.23%.
However, Ethereum (ETH) price tumbled between 1.20%- 1.50% intraday, although as of writing, it was trading at $2,634. Following the approval of Ether spot ETFs, the total address on the Ethereum chain grew significantly.
The growth in addresses is mimicked by the market capitalization, trading volume, and inflow of funds in the ecosystem. The intraday surge of over 12% makes Helium the topper of the list; it was trading at $6.78 at press time.
