Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7000462508901724160
Crypto Whistleblowers in Line for Multimillion-Dollar Payouts: Bloomberg: The regulator awarded nearly $200 million to a single unidentified #whistleblower in the 2022 fiscal year.: https://lnkd.in/exvWVgVh : . A #CFTC #commissioner has urged crypto industry #whistleblowers to come forward in the aftermath of #FTX Group’s implosion, saying tipsters have previously received millions of dollars for their help. #Commodity #Futures #Trading #Commissioner said that #informants would get #anonymity, adding that such tips play a crucial role in #enforcement given the opaqueness of the #crypto world. “In the context of the #digital-#assets, the value of having those vocal whistleblowers and tipsters is critical” as #crypto #frauds can be “heartbreaking.” When it comes to #payments to people who contribute to the #CFTC’s ability to #identify, #investigate and #prosecute cases, “the numbers are very big,” she said. Under the CFTC’s rules, whistleblowers can get awards worth between 10% and 30% of the money the agency collects in #penalties from a case. The #regulator awarded nearly $200 million to a single unidentified whistleblower in the 2022 fiscal year, the largest amount granted under the #DoddFrank Act by the U.S. Commodity Futures Trading Commission or U.S. Securities and Exchange Commission, the regulator said in a statement last month.
Johnson added that the appeal was intended “very broadly” and not just for FTX. “US regulators are investigating whether FTX.com mishandled #customer #funds, and they’re looking into the firm’s relationships with other parts of #SamBankmanFried’s #crypto #empire. The inquiries by the SEC and the CFTC relate to the #liquidity #crisis that has pushed #FTX to the brink. Advisers overseeing the ruins of FTX have laid bare a stunning list of allegations against the company’s former #leadership, slamming non-existent #oversight and the #misuse of #client #funds as they struggle to locate #billions of #dollars in #missing #assets. Johnson suggested that lawmakers should expand the jurisdiction of the CFTC to cover the #spot #market, and to make sure it can act if its believes that US #customers or #markets could be affected by #activity on a #platform outside the US.
“It is ever more critical that we are vigilantly closing those #regulatory #gaps, tightening and weaving together the spaces where actors might act in the shadows.”
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