There is a new addition to the crypto space that is most likely to change the trading playing field arguably for the better. It’s the DOJ’s Corporate Whistleblower Awards Pilot Program,
This program began on August 1st and is targeted to encourage people to report corporate crimes, particularly in financial institutions and cryptocurrency businesses. And the beauty about this program is its ability to be rewarded with monetary gains once you provide original, non-public information that leads to forfeitures exceeding $1 million.
For traders, this is a sure win. Imagine you’re deeply involved in the crypto market, following trends, analyzing data, and maybe even working within a crypto firm. And all over a sudden, you start noticing some shady activities and suspicious transactions, hidden offshore accounts, or even plain money laundering. Instead of just worrying about your investments or the state of the industry, you have a powerful tool at your disposal: the DOJ’s whistleblower program.
Here’s how this program works;
- Gather evidence: If you come across any suspicious or unlawful activities, document everything meticulously. The DOJ requires original and truthful information, so be thorough. This could include transaction records, emails, or any other proof of wrongdoing.
- Submit your information: Contact the DOJ’s Criminal Division with your findings. The information must be non-public and voluntary. The DOJ has set up a system to handle these submissions, ensuring your confidentiality and protection.
- Cooperate fully: If the DOJ decides to investigate based on your information, be prepared to cooperate fully. This might mean providing additional details or clarifying any aspects of your submission.
- Potential reward: If your information leads to a successful forfeiture of assets over $1 million, you could be eligible for a monetary award. The DOJ can give up to 30% of the first $100 million forfeited.
So, how does this impact us as traders? First, it makes the industry safer and more transparent. With more people coming forward, the bad actors will think twice before engaging in illegal activities. This, in turn, protects our investments and fosters a healthier trading environment.
Second, it empowers us. Knowing that we have the support and protection of the DOJ gives us the confidence to report any misconduct we encounter. It’s not just about the reward; it’s about doing the right thing and contributing to a better crypto ecosystem.
Lastly, it highlights the importance of due diligence in our trading activities. By staying vigilant and informed, we can spot red flags early and take action. Whether it’s through reporting to the DOJ or simply avoiding shady platforms and projects, we can make smarter, safer choices.
So this is an opportunity we need to embrace. The DOJ’s whistleblower program is a powerful tool that can help us tackle crypto crimes head-on. By using it, we not only stand to gain financially but also contribute to a more transparent and secure industry.
Remember, together we can make a difference. Let’s protect our investments, uphold integrity, and continue to enjoy the incredible potential of the cryptocurrency world.
I write about crypto and related topics, please follow me!
