Ex-Coinbase Manager Pleads Guilty in Crypto-Related First Insider Trading Case

A former Coinbase product manager pleaded guilty on Tuesday in what U.S. prosecutors have called the first insider trading case involving cryptocurrency, his defense lawyer said in a court hearing. From a report: Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially pleading not guilty last year. Prosecutors said Wahi shared confidential information with his brother Nikhil and their friend Sameer Ramani about forthcoming announcements of new digital assets that Coinbase would let users trade. "I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions," Ishan Wahi said during Tuesday's hearing in federal court in Manhattan. "It was wrong to misappropriate and disseminate Coinbase's property." Nikhil Wahi and Ramani were charged with using ethereum blockchain wallets to acquire digital assets and trading at least 14 times before Coinbase announcements between June 2021 and April 2022.

Most crypto trades go through 5 exchanges

[rsilvergun]

And there's strong evidence that wash trading is what's propping up the price. A few big "whales" buy big to maintain a price floor, that lures in speculators who think they've found a safe investment, speculators drive up the price a bit, whales sell for a profit, wait for the collapse, and do it all over again. Speculators lose a ton of money that's transferred neatly to the whales.

But it's 5 exchanges. So it's like shooting fish in a barrel for an SEC investigator looking to rack up a few easy wins.

non native editors, now?

[argStyopa]

I think even ChatGPT would understand that
"Ex-Coinbase Manager Pleads Guilty in Crypto-Related First Insider Trading Case " fails basic colloquial adjective ordering in English. Or is the trading case about the "first insider"?

Maybe try
"Ex-Coinbase Manager Pleads Guilty in First Crypto-Related Insider Trading Case" ?

Damages

[ghoul]

They will probably be sentenced to time served, probation and damages equivalent to the money they made from the insider trading

Plot twist. Given how crypto did in 2022 , the amount is a negative number and the US DAs office ends up paying the perps.