CFTC Finalized $7.4 million Pay Back And Promise to Guard the Crypto Market

By Chris Torres | October 3, 2020

On October 2nd, the Commodity Futures Trading Commission reportedly finalized the return of a $7.4 million stolen fund from a fraudster to investors, and promised to offer protection for the Bitcoin market. 

Specifically, following with the disclosed updates from the agency, James McDonald, Director of the commission’s enforcement division, further provided his remarks on the situation. 

“The CFTC will continue working to protect our markets, including the burgeoning markets for digital assets such as Bitcoin, from fraudulent schemes, and will work in parallel with our criminal law enforcement colleagues where appropriate.”

The announcement reportedly also contained details regarding Jon Barry Thomson – who has previously admitted to the charges against him, for commodities fraud and persuading two investors to make a transfer of more than $7 millions for a Bitcoin investment scheme, with a materialization process that was never initiated.

The initiative from the CFTC is reportedly a part of several actions carrying out enforcements from the CFTC across the crypto sphere. 

The CFTC has reportedly also submitted charges against the crypto exchange platform from Seychelles – Bitmex – for being unable to finalize their registration to function as a US-based derivative exchange.

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