The CFTC Receives Most Anonymous Tips About Crypto
The US Commodity and Futures Trading Commission (CFTC) has revealed that the majority of anonymous tips it received this year were related to cryptocurrencies. The CFTC acknowledged the prevalence of fraud and other illegal activities in the crypto space. It emphasized the importance of whistleblowers and its commitment to the whistleblower program, which has rewarded tipsters on illicit finance with hundreds of millions of dollars. The CFTC has awarded nearly $350 million to whistleblowers, resulting in over $3 billion in enforcement sanctions.
Crypto Scams on the Rise
This year, the CFTC disbursed $16 million in awards, with the majority going to two whistleblowers who provided crucial information leading to successful enforcement cases. The statement also highlighted the increased adoption of cryptocurrencies in the United States, prompting the CFTC to heighten its vigilance over individuals and entities using digital assets. The rise in crypto scams targeting elderly citizens was also noted, with reports indicating an increase in such incidents. However, while the number of crypto exploits rose in Q2 2023 compared to last year, losses decreased significantly.
Hot Take: Protect Yourself from Crypto Scams
As cryptocurrencies gain more popularity, it’s crucial to remain vigilant against scams and fraudulent activities. Protect yourself by staying informed about common crypto scams and being cautious when dealing with unknown individuals or entities. Remember that legitimate organizations will never ask for your sensitive information or personal details without proper verification. Be wary of unsolicited phone calls or messages claiming to be from government agencies or financial institutions. Always conduct thorough research before investing in any cryptocurrency project or participating in any financial transaction involving digital assets.
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