The CFTC will award the whistleblower for the disclosure of schemes «pump and dump» cryptocurrency

Trade Commission commodity futures U.S. (CFTC) has established a program of incentives for whistleblower reporting schemes «pump and dump» in the cryptocurrency industry.

«Users should not buy virtual currencies, digital coins, or tokens, based on the advice on social networks or sudden price surges. Thoroughly research virtual currencies, digital coins, tokens, and company or organization behind them to lean on facts, not hype,» he warned

The Commission noted that any person with original information that facilitates the capture of fraudsters and lead to a fine of $ 1 million or more to report on schemes «pump and dump» to the CFTC and to receive remuneration in the amount of from 10% to 30% of the amount of the fine.

This type of fraud – not the invention of the cryptocurrency industry. It has become popular since the advent of stock markets and is not the first decade is used to influence the price of securities and other assets.

Last autumn, the stock exchange Bittrex announced that he would fight the plan of «pumping and dumping» on the platform and freeze the accounts involved in such activities.

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