Former Coinbase Manager Settles with SEC over Insider Trading
Hey Peeps!
On April 3rd, a document was filed into U.S. District Court for the Western District of Washington and stated that the U.S. Securities and Exchange Commission (SEC) and former Product Manager of Coinbase, Ishan Wahi, have "an agreement in principle" to settle all criminal charges.
The document claims that the SEC and Nikhil Wahi, brother of Ishan, is also currently in talks to settle charges.
The court document was filed to give the Wahi brothers time to finalize the terms of their settlement.
Here is a direct link to the court document: https://storage.courtlistener.com/recap/gov.uscourts.wawd.312176/gov.uscourts.wawd.312176.103.0_1.pdf
Ishan Wahi, Nakhil Wahi, and Sameer Ramani are all being charged with Insider Trading for allegedly using confidential information, obtained from Coinbase, to profit off new token listings.
The sum of these ill-gotten profits are alleged to be more than $1 million.
To my knowledge, this is the first case in history of insider trading in the cryptocurrency industry.
"At this time, the SEC has an agreement in principle with Ishan Wahi to resolve all of the SEC’s claims in this matter. The SEC and Nikhil Wahi are also in good faith discussions that may resolve the SEC’s claims. Any settlement recommended by SEC staff must be reviewed within the SEC and approved by the SEC’s Commissioners before it may be submitted to the Court for approval, a process than can take a number of weeks." - Local Counsel for Defendants Ishan Wahi and Nikhil Wahi
Seeing this news and remembering that the SEC is currently going after Coinbase for securities fraud and various other charges, I think it isn't too much a of a leap to suggest that the former Coinbase manager is going to be used by the SEC to acquire information for their assault on crypto.
The former Coinbase manager may have important information that the SEC was not privy to and this might help them in their case against Coinbase and many other crypto companies.
I could be off the mark here, and I am sometimes like most people, but I am not sure why they would be settling with defendants who basically got caught red-handed and trying to flee the country.
What are your thoughts on this news?
Do you think there is more insider trading going on than we actually think?
What can be done to prevent these kinds of opportunities from being exploited?
Enter my Monthly Giveaway on Publish0x to win yourself some free Crypto!
Check out my Socials: https://linktr.ee/zerorequiem0x
See ya!
:)
https://leofinance.io/threads/@zer0requiem/re-leothreads-mm3ae
The rewards earned on this comment will go directly to the people ( zer0requiem ) sharing the post on LeoThreads,LikeTu,dBuzz.
So tiresome! I don't mean that you write about it - that's good, keep doing it. 👍
The more places people can hear about things like this, and start thinking before they invest in weird stuff, or let someone else hold their wallet, or all of the other things that actually makes crypto unreliable, the better it is. Not in order to scare people away from using crypto, but because if people use their brains, it'll be safer, and then crypto will get more acceptance.
The tiresome part is that often people who are so stupid they think they can hide blockchain transactions are being investigated by people who know even less, and probably can't write a list of more than 3 tokens. BTC, ETH and uhm... what was it, some pet thing, yes, Doge!
I can see those people before me, scratching their heads. "Isn't that spaceship person involved with the dog coin? And something about dog to the moon? The Russians already sent a dog into space, Laika was it, I remember seeing it on TV! Don't kids learn anything in school these days?!!"
It's sad that these things - insider trading, companies or their employees using their customers' funds to trade or invest. financial wrongdoings in general - are all about crypto these days. In the popular news at least. Does anyone even remember Enron, Charles Ponzi, Bernie Maddoff, Guzman, and all the others?
Congratulations @zer0requiem! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 3000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts: