A recent BNN/Bloomberg report said how crypto industry whistleblowers could make millions from the collapse of FTX.
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According to the BNN/Bloomberg report, the CFTC is purportedly hunting for industry insiders in the wake of the FTX crash. According to the story, the reward for raising the red flag may be in the millions of dollars.
Whistleblowers would also be given anonymity, according to Kristin Johnson of the Commodity Futures Trading Commission, who spoke to BNN. At a seminar in London last week, she said:
“In the context of the digital-asset space, the value of having those vocal whistleblowers and tipsters is critical.”
She described the fall of frauds in the field as “heartbreaking,” adding that the size of whistleblower awards in the industry is “very big.” These rewards may range from 10% to 30% of the money the company receives in the form of fines and penalties.
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And the numbers don’t lie.
According to the study, the CFTC gave “nearly $200 million to a single unidentified whistleblower in the 2022 fiscal year.”
Johnson continued by saying that the commission was searching for all crypto-related whistleblowers, not only those connected to FTX.
“All we can do is put out the call because if someone is allowed to get away with it having done it once they will do it again,” she commented.
According to the report, regulators are still “investigating” the FTX crash and how the cryptocurrency giant handled user assets illegally. The blowup was now being investigated by both the Securities and Exchange Commission and the CFTC.
“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,” Johnson concluded.