Ex-Coinbase Manager’s Brother Pleads Guilty to Insider Trading Charges

Nikhil Wahi – brother to former Coinbase Product Manager Ishan Wahi – has pleaded guilty to wire fraud conspiracy using confidential information.  Guilty As Charged As reported by Reuters, the ex-manager’s brother confessed during a virtual court hearing in front of a Manhattan judge. He admitted to making cryptocurrency trades based on confidential information from his brother, who used to work at Coinbase. "I knew that it was wrong to receive Coinbase's confidential information and make trades based on that…

OpenSea Former Manager Calls for Dismissal of Insider Trading Charges

Lawyers serving Nate Chastain – a former Product Manager at OpenSea – are defending the ex-employee against charges of insider trading. They claim that no insider trading could have been possible in Chastain’s case because NFTs are neither securities nor commodities. Chastain Stands His Ground In a recent filing, the lawyers called for the dismissal of government charges against Chastain.   “The government’s arguments are contrary to years of settled precedent and are a transparent effort to plant a flag in…

Former Coinbase Product Manager Arrested on Insider Trading Charges

The U.S. Department of Justice (DOJ) has charged three individuals with the first ever cryptocurrency insider trading scheme. Among the three accused is Ishan Wahi – a former product manager at Coinbase. Exploiting Coin Listing Knowledge According to the DOJ’s press release, Ishan Wahi has been specifically charged with both wire fraud conspiracy and wire fraud. Charged alongside him are his brother Nikhil Wahi and friend Sameer Ramani. Each charge carries a maximum sentence of 20 years. The product manager…

SEC Probes US-based Crypto Exchanges for Insider Trading

The US Securities and Exchange Commission (SEC) is investigating possible insider trading on US-based crypto exchanges. Fox Business journalist Eleanor Terrett revealed, citing industry sources conversant with the matter. [embed]https://twitter.com/EleanorTerrett/status/1536558238824644609[/embed] Per Terrett, the securities regulator has sent several crypto exchanges letters asking about their lack of insider trading safeguards. Terrett’s sources did not reveal the names of the exchanges the SEC is investigating. This investigation marks the regulator’s latest move to regulate the crypto space. Previously, the SEC asked crypto…

What is Insider Trading? Why Should Crypto Networks Discourage it?

When it comes to cryptocurrencies, insider trading does not go without mention. The subject has been a hot topic in the crypto space to the extent of media outlets. Popular cryptocurrency exchanges such as Coinbase have faced lawsuits due to allegations of insider trading. Over the years, the government has not set measures against organizations that take part. But, the CFTC's current enforcement practices encompass cryptocurrencies. The regulation will be the same as that applied to securities by the SEC. This article will look…

Kelly Loeffler Dumps Millions as COVID-19 Causes Market Crash

On March 20, 2020, reports show that Senator Kelly Loeffler, the founder, and CEO of Bakkt exchange, was involved in possible insider trading as per a 20th March 2020 report. The senator dumped most of her stocks shortly before the latest market crash  The disruption of global markets and daily life appears to have been a beforehand knowledge to the Trump administration before going public. A secret senators meeting may have been instrumental in briefing them on this. Interestingly, the…