• News
    • Stocks
    • Banks and Finance
    • Companies
    • Crypto
    • Forex
  • Videos
  • Articles
    • Forex CRM
    • Crypto Payments
    • Copy Trading
    • Crypto Exchange Business
    • Forex Business
    • Fintech
    • Liquidity
  • Liquidity Providers List
  • Crypto Payment Providers

Dark Theme

Ex-Coinbase Employee and Two Others Charged in Insider Trading Case

Jul 21, 2022

Ex-Coinbase Employee and Two Others Charged in Insider Trading Case

What Happened

As part of what federal prosecutors in Manhattan are calling the first-ever insider trading prosecution involving the digital currency market, a former employee of Coinbase Global and two other people have been charged with wire fraud.

People in a group of three allegedly made almost $1.6 million in unauthorized gains by trading assets that were about to be posted on the cryptocurrency exchange Coinbase, where the perpetrator worked.

Nikhil Wahi, his brother Ishan Wahi, a former product manager at Coinbase and their friend Sameer Ramani were all charged in the case. Ishan Wahi, according to the prosecution, knew when and which assets Coinbase (COIN) planned to list on its exchange.

The three individuals allegedly used that insider information between June 2021 and April 2022 to make trades ahead of at least 14 public listing announcements involving at least 25 different crypto assets.

The prosecution claims that they used several anonymous Ethereum blockchain digital wallets in addition to crypto accounts to disguise their transactions.

Commentary of Southern District of New York

Whether it happens on Wall Street or the blockchain, fraud is fraud, according to United States Attorney for the Southern District of New York Damian Williams. A legal sanctuary is not what Web3 is.

Additionally, claims of violations of the antifraud provisions of securities legislation were made by the Securities and Exchange Commission. "Some of the cryptocurrency assets at issue were securities, and, as charged, the defendants engaged in traditional insider trading prior to their placement on Coinbase," said Gurbir S. Grewal, director of the SEC's Division of Enforcement. Rest confident that we "will continue to provide investors with a level playing field, regardless of the label assigned to the securities concerned."

Both Ishan and Nikhil Wahi were detained and were due to appear in federal court in Washington on Thursday. The administration stated that Ramani had not yet been captured.

Nikhil Wahi's lawyer, Priya Chaudhry, described him as a "good, educated, honest young guy" who invests in cryptocurrency, adding that the government is "woefully behind" in comprehending the technology. "These prosecutors are attempting to criminalize innocent action because they are searching for a scapegoat because so many individuals have lately lost money in cryptocurrency," Chaudhry explained. "The government feels humiliated, and arresting Nikhil Wahi is a last-ditch effort to salvage face."

Barron's reached out to Ishan Wahi's attorneys but has yet to hear back. Ramani's lawyer could not be reached right away.

Commentary of The Company

In a blog post, Coinbase, one of the world's largest cryptocurrency exchanges, stated that it investigated the theft and sent evidence to the Justice Department.

"We have zero tolerance for this type of behavior and will not hesitate to take action against any employee who is found to be misbehaving," Coinbase stated.

Coinbase CEO and co-founder Brian Armstrong confirmed the termination in a tweet. "This is a wonderful reminder for everyone in crypto, and at Coinbase, that front-running is unlawful and undermines confidence," he said.

“We will investigate bad actors and submit them to law authorities, and they will face serious legal penalties, including prison time."

Subscribe Our Newsletter

Inflation Threatens to Turn 2022 Into ‘Annus Horribilis’ for Powell, Biden

Inflation Threatens to Turn 2022 Into ‘Annus Horribilis’ for Powell, Biden

"Annus horribilis," a Latin phrase meaning "terrible year," was famously used by the Queen of England to characterize 1992, a turbulent year she said she would never forget.

Banks and Finance
GM’s Newest Weapon in the EV Wars Is a Factory

GM’s Newest Weapon in the EV Wars Is a Factory

The facility is located in both Detroit and Hamtramck, Michigan. The term Zero represents GM's goal for an automotive future with zero emissions, zero accidents, and zero traffic congestion. Accidents and congestion reductions are the results of GM's autonomous-driving initiatives. EVs contribute to emissions.

Companies
Liquidity Provider

What is Liquidity Mining?
The value of bitcoin and other cryptocurrencies has surged, drawing the interest of the general public. The fast rise of decentralized finance is also a significant element. Investors may employ cryptocurrencies and fiat money in a variety of ways to produce cash flow.

discover
Top 6 Forex License Providers

Liquidity Provider

Liquidity Provider

Top 6 Forex License Providers

Forex brokers are quite popular in the market today, but without a forex license, broker organizations are not legally permitted to conduct traders' transactions.

Forex Business

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries b2broker

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Oliver

    How to Provide Liquidity to Cryptocurrency Exchange?

    https://liquidity-provider.com/app/uploads/2022/08/oblozhka-300x203.png

    Oliver

    How Does a Liquidity Pool Work in Crypto?

    https://liquidity-provider.com/app/uploads/2022/08/shapka-3-300x203.png

    Oliver

    What is Cryptocurrency CFD Trading?

    https://liquidity-provider.com/app/uploads/2022/08/shapka-2-300x203.png

    Oliver

    Top 5 Best Crypto Payment Gateways For 2022

    https://liquidity-provider.com/app/uploads/2022/08/shapka-1-300x203.png

    Oliver

    The Pros and Cons of Accepting Cryptocurrency as Payment

    https://liquidity-provider.com/app/uploads/2022/07/1930680572-300x203.png

    Oliver

    Benefits of Using Cryptocurrency Services for Merchants

    https://liquidity-provider.com/app/uploads/2022/07/1-300x203.png

    Oliver

    Differences Between Fiat and Crypto Processors

    https://liquidity-provider.com/app/uploads/2022/07/shapka-300x203.png

    Oliver

    How to Choose the Best Crypto Payment Provider?

    https://liquidity-provider.com/app/uploads/2022/07/frame-48096336-1-300x203.png

    Oliver

    How to Integrate Crypto Payment Gateway to Your Business?

    https://liquidity-provider.com/app/uploads/2022/07/how-to-integrate-crypto-payment-gateway-to-your-business-300x203.png

    Oliver

    How to Accept Crypto Payments as a Business

    https://liquidity-provider.com/app/uploads/2022/06/oblozhka-300x203.png

    Oliver

    What is a Crypto Payment Gateway?

    https://liquidity-provider.com/app/uploads/2022/06/shapka1-1-300x203.png

    Liquidity Provider

    Why Do Brokers Need PAMM Accounts?

    https://liquidity-provider.com/app/uploads/2022/05/why-do-brokers-need-pamm-accounts-300x203.png

    Regi Publico

    The Importance of Liquidity in Financial Planning

    https://liquidity-provider.com/app/uploads/2022/04/untitled-design-2-300x203.png

    Liquidity Provider

    What Are the Advantages of Paying with Bitcoin?

    https://liquidity-provider.com/app/uploads/2022/04/dizajn-bez-nazvaniya-3-1-300x203.png

    Liquidity Provider

    How to Promote PAMM/MAM & Copy Trading Service as a Broker

    https://liquidity-provider.com/app/uploads/2022/04/untitled-design-300x203.png

    Liquidity Provider

    How Do Crypto Payments Work?

    https://liquidity-provider.com/app/uploads/2022/03/untitled-design-10-300x203.png

    Liquidity Provider

    Top 6 Forex License Providers

    https://liquidity-provider.com/app/uploads/2022/03/frame-59318-300x203.png

    Liquidity Provider

    How to Get a FOREX License

    https://liquidity-provider.com/app/uploads/2022/03/untitled-design-1-300x203.png

    Liquidity Provider

    Top 5 Forex CRM Solutions for 2022

    https://liquidity-provider.com/app/uploads/2022/02/untitled-design-3-300x203.png

    Liquidity Provider

    5 FinTech Trends for 2022

    https://liquidity-provider.com/app/uploads/2022/02/untitled-design-2-300x203.png

    Liquidity Provider

    5 Tips for FinTech Startups

    https://liquidity-provider.com/app/uploads/2022/02/untitled-design-1-300x203.png

    Liquidity Provider

    What is NFT?

    https://liquidity-provider.com/app/uploads/2022/02/untitled-design-300x203.png

    Liquidity Provider

    What is Initial DEX Offering (IDO)?

    https://liquidity-provider.com/app/uploads/2022/01/untitled-design-1-1-300x203.png

    Liquidity Provider

    How Liquidity Provider Tokens Work

    https://liquidity-provider.com/app/uploads/2022/01/frame-59320-2-300x203.png
    • News
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
    • Articles
      • Forex CRM
      • Crypto Payments
      • Copy Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
    [email protected]

    © 2022 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy