Maris Research

Coinbase Is Ready To Challenge The SEC

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What Happened

The Department of Justice (U.S. Attorney’s Office for the Southern District of New York) announced charges yesterday against Ishan Wahi, a former product manager at Coinbase, his brother, Nikhil Wahi, and a friend, Sameer Ramani. They are accused of “wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information.” Specifically, the DOJ charged that the individuals used confidential non-public Coinbase information about cryptocurrency assets to be listed on Coinbase’s exchanges to front-run expected price jumps. The insider-trading scheme allegedly earned them more than $1.1 million in illicit gains.

The SEC also announced that it filed civil charges against the individuals over the alleged scheme. The civil charges allege that Nikhil Wahi and Ramani allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then sold them shortly after the announcements for a profit. The nine assets mentioned in the SEC complaint include AMP (AMP), Rally (RLY), DerivaDEX (DDX), XYO (XYO), Rari Governance Token (RGT), LCX (LCX), Powerledger (POWR), DFX Finance (DFX), and Kromatika (KROM). According to Coinbase, 7 of the 9

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