VRB News
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
VRB News
No Result
View All Result
Home IT news

Coinbase Ex-Manager Charged with Insider Trading

admin by admin
July 23, 2022
in IT news
0
Gerichtsgebäude
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter
  • In the US, an ex-employee of Coinbase is accused of insider trading.
  • As a product manager, he was responsible for the inclusion of new cryptocurrencies in the offer of the Bitcoin exchange.
  • The accused allegedly enriched himself, his brother and another suspect with $ 1.5 million by insider trading.

Coinbase is no longer getting out of the negative headlines. Now a former manager of the company is on trial in the United States for allegedly using his knowledge for insider trading.

Among other things, he was familiar with which crypto assets the exchange would take up next and presumably used this knowledge to stock up on the respective tokens in advance. According to a press release from the US Department of Justice, he is also said to have repeatedly given tips to his brother and an acquaintance.

The accused is accused of having made a total of $ 1.5 million in profit along with his brother on this way. The two brothers have now been arrested after the main accused tried unsuccessfully to flee the United States in May. The third suspect is still on the run.

Influencer takes over tracking

Probably the most remarkable detail is the fact that the influencer Jordan Fish, who is also known by the name “CryptoCobain”, uncovered the crime in April. In addition to a very successful presence on Twitter, he also hosts the popular Youtube podcast UpOnly.

He uncovered the activities of the suspects and shared his suspicions and results via social media. Accordingly, he found many suspicious transactions in which the corresponding tokens were always invested shortly before the listing on Coinbase. Since it was often ERC-20 tokens, the trail led again and again to the same Ethereum wallet.

Even then, it was obvious that the find was probably a form of insider trading. Now his discoveries are even part of the investigation against those accused of the crime.

SEC throws her hat in the ring

The US Securities and Exchange Commission (SEC) also wants to pluck a chicken with the defendants and declared 9 of the tokens to be securities without further ado. Thus, the supervisory authority promptly received criticism, because such an assessment essentially does not coincide with the previous criteria. Coinbase also rejected the representation.

But with this step, the authority can conveniently open another case against the accused directly, which is based on the US Securities Act. This gives the scandal a sideshow that could become relevant for the entire market in the future.

Previous Post

Alleged insider trading: US authorities arrest former Coinbase manager

Next Post

Doom 3 for DK2, version for Razer Hydra coming soon

admin

admin

Related Posts

Bitcoin price may rise slightly despite EU record inflation for July
IT news

Bitcoin price may rise slightly despite EU record inflation for July

August 18, 2022
Delivery time for Model Y halved
IT news

Delivery time for Model Y halved

August 18, 2022
Qualcomm plans to return to the server market with a new chip
IT news

Qualcomm plans to return to the server market with a new chip

August 18, 2022
IT news

The support for Oculus Rift DK2 in iRacing, almost ready

August 18, 2022
Cardano Founder Hoskinson: Hard Fork Vasil "looks good"
IT news

Cardano Founder Hoskinson: Hard Fork Vasil "looks good"

August 18, 2022
Next Post
Doom 3 for DK2, version for Razer Hydra coming soon

Doom 3 for DK2, version for Razer Hydra coming soon

Premium Content

Analysts predict that there will be 11 million virtual reality users by the end of 2016

Analysts predict that there will be 11 million virtual reality users by the end of 2016

July 18, 2022
Open pre-purchase of Windows Mixed Reality development kits

Open pre-purchase of Windows Mixed Reality development kits

March 5, 2022
Movies and series: Laptop instead of cinema: when streaming is allowed

Movies and series: Laptop instead of cinema: when streaming is allowed

June 17, 2022

Browse by Category

  • Games
  • IT news
  • Tech
  • World
VRB News

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • Bitcoin price may rise slightly despite EU record inflation for July
  • Delivery time for Model Y halved
  • Qualcomm plans to return to the server market with a new chip

© 2021 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2021 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?