CFTC Pays $16 Million to Whistleblowers in 2021, Majority of Tips Involve Crypto

According to CoinDesk, the Commodity Futures Trading Commission (CFTC) has paid out $16 million to whistleblowers this year, with most of the 1,530 tips involving cryptocurrency. Commissioner Christy Goldsmith Romero stated that the majority of tips received this year involved crypto, an area that continues to have pervasive fraud and other illegality. She added that with the rise of crypto, more retail customers have come under the CFTC’s jurisdiction, making the efforts of the CFTC’s Whistleblower Program and the Office of Customer Education and Outreach even more critical.Whistleblowers help identify fraud and other illegality as well as interpret evidence, according to Romero. She emphasized that the faster fraud can be stopped, the more customers can be protected from harm. This year's payouts included more than $15 million to two whistleblowers who provided significant information and assistance that led the CFTC to bring separate successful enforcement cases. Cumulatively, the CFTC has handed out $350 million to whistleblowers, leading to more than $3 billion ordered in enforcement sanctions.