211–220 of 446 posts
Note that they were charged for wire fraud and wire fraud conspiracy. So not for actual Section 10(b) violations, aka insider trading.
Charged for what? There is no "insider trading" with cryptos, just as there isn't any with Forex, fiat currencies. He can't be charged, because there is no crime. No law prevents you to trade cryptocurrencies or fiat on insider knowledge. Might be unethical, but not illegal.
Wow, the indictment references [this tweet][1] that caused Coinbase to investigate the matter and ultimately led the defendant in being caught at the airport before trying to leave the country. > On May 11, 2022, Coinbase’s director of security operations emailed ISHAN WAHI to inform him that he should appear for an in-person meeting relating to Coinbase’s asset listing process at Coinbase’s Seattle, Washington offic…
https://twitter.com/ChainLinkGod/status/1513926481486909442
Edit: Quoting in case it gets deleted:
>>While the SEC was very swift in shutting down Coinbase Lend for DARING to provide 4% yield
>>They’ll do absolutely nothing about this situation because they are a corrupt organization that wants to see the average American stay poor
Charged for what? There is no "insider trading" with cryptos, just as there isn't any with Forex, fiat currencies. He can't be charged, because there is no crime. No law prevents you to trade cryptocurrencies or fiat on insider knowledge. Might be unethical, but not illegal.
It talks volumes about the internal controls at CB that it took a tweet to expose this. Given the speed with which they grew last two years I expect their financial and security processes to be next to nothing. This is just tip of an iceberg. Insiders would have made tens of millions over last two years of bull run, if not more. This dude just got greedy and unlucky to get caught just as the crypto bubble began burst…
Coinbase is an awful company. I signed up for a debit card for some reason, and it immediately became a fraud target. Someone tried to use it at a restaurant in South Africa, a store in Singapore and a mobile provider in Moldova. The card was obviously compromised, and the only reason I didn’t lose money is that I didn’t make any available. So called, emailed, texted Coinbase on 5 different occasions and they never d…
Earlier quoted context omitted.
https://twitter.com/cobie/status/1513874972552355846
I appreciate how the top reply to that Tweet is an animated GIF of Speaker Pelosi rubbing her hands together. Note: Speaker Pelosi has not been arrested for insider trading
Why are they being prosecuted? Those are not securities, or are they? "Wire fraud" implies that they defrauded someone by lying to their own advantage over a digital channel. Insider trading is generally legal for non-securities. EDIT: I am not implying that they shouldn't, on a moral level. They should! I am asking about legal technicalities, and about the state of law around those issues.
I wouldn't mind all of this cryptoshit if it wouldn't be for the co2 and gpu/chip shortage...
Earlier quoted context omitted.
If your knowledge is privileged an non public, and might reasonably impact share prices either way, yes it is illegal. Not a lawyer, but your Buffet example above would be something I'd either run through compliance before traiding or I just wouldn't trade at all before said whatever he planned to say. Source: Countless of SOX-mandatory insider trading trainings and falling under rules covering restricted traiding wi…
> If your knowledge is privileged an non public, and might reasonably impact share prices either way, yes it is illegal. Unless you’re in the US Congress as there is an exception for their legislative insider info.
Charged for what? There is no "insider trading" with cryptos, just as there isn't any with Forex, fiat currencies. He can't be charged, because there is no crime. No law prevents you to trade cryptocurrencies or fiat on insider knowledge. Might be unethical, but not illegal.