Coinbase Manager Arrest Proves Insider Trading Is Everywhere

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When markets revert and the tide goes out, it often exposes a host of dead bodies from those who were either taking execssive risk or those conduting fraudulent activities during the specualtive fever pitch that is a bull market.

Now a lot of the media attion has been focused on algo stablecoins that blew up, NFT markets capitulation, CEFI lenders losing their shirts but what is going unnoticed is the amount of cases starting to rack up in the shitcoin space.

I recently spoke about the OpenSea employee that got caught insider trading and now we're seeing one from Coinbase too, one of the biggest shitcoin casinos out there and a publicly traded company.

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Insiders with privledged access

According to the documentation released on the case, Coinbase employee Ishan Wahi, a product manager for the publicly-traded cryptocurrency exchange, was arrested this for an insider trading scheme during his time at the company.

Ishan worked in conjunction with his brother Nikhil Wahi and Sameer Ramini to commit

“fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase’s exchanges,”

according to the release.

Michael Driscoll, assistant director of the Federal Bureau of Investigation (FBI),stated that Ishan generated ill-gotten gains totalling over $1.5 million by leveraging insider information to trade at least 25 different shitcoins, since Ishan is part of listing these assets and could front run these listings.

cases starting to build

This marks the first-ever arrest for insider trading within the cryptocurrency ecosystem, and as such, U.S. Attorney Damian Williams, so we have 1 for cryptocurrency and one for NFTs, so this should lay the groundwork for more cases to be built on it and I expect a crack down on exchanges that have a US presence for now.

As the US builds a plethora of cases, international markets will follow and cite these cases as examples of how to go after shitcoin traders and shitcoin insiders.

1 of a possible thousand

Now this is only 1 exchange and 1 case, we don't know how many exchanges around the world are doing the same thing, we don't know how many employees with access to certain data aren't using that to profit with the help of friends and family.

The shitcoin space has been filled with scammers, it's like P2P scamming is the killer app and everyone with less brains and morals are cashing in. I hope to see a clean sweep in the future as these criminals are able to act with impunity and selling people garbage and creating games where they are always the winner.

DEFI isn't the answer

If I hear oh this is CEFI, DEFI is better, no its not, the same shit goes on there, and to add to it there is also things like MEV scalping users of their funds too. DEFI is mereley an extension of CEFI where they can play even bigger ape games and have plausable deniablity.

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4 comments
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Coinbase cannot be trusted either, more and more vultures are in this market.

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More than you realise, but in time you will see no one in this game is your friend and you're being sold to, question everything

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Everyone is always saying that DeFi is the best things since sliced bread. I don’t know if I agree with that on a few grounds lol lots of scams in DeFi but I guess that’s how to mature a product.

I’m glad this little shit got arrested! It’s funny how he got arrested for small potatoes though, these days 1.5m isn’t that much money to risk going to jail to be someone’s butt buddy.

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DEFI is a scam in general, does no one realise that it's just gambling, who was actually borrowing capital to create a productive asset? No one, people were making loans to bid up more assets, it's just more financialisation

I hope his one of many, it's time to drain this swamp

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