The former member of Coinbase is an American company that operates a cryptocurrency exchange platform. denied the charges brought by the DOJ and the SEC. One of the people named in the plot is still at large.
- Ishan Wahi, ex gerente de Coinbase, pleads not guilty in court
- Claims he did not commit wire fraud or disclose inside information
- The case is the first of its kind linked to the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market.
A couple of weeks ago the Department of Justice (DOJ) and the US Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) charges were filed against a former manager of Coinbase on charges of wire fraud and insider trading in cryptocurrency trading. However, the alleged defendant pleaded not guilty to the charges against him.
Former member of Coinbase pleads not guilty
This is according to a report published by several news agencies, which indicate that the former product manager for Coinbase Global, Ishan Wahi, pleaded not guilty to charges of conspiracy to commit wire fraud in front of the Manhattan Federal Court. The former member of the exchange was pointed out by the DOJ and by the SEC for allegedly making insider trading to benefit himself and two others involved with trading cryptocurrencies before they were listed on the platform.
As indicated by the DOJ in a document published several days ago, Wahi revealed information about at least 14 assets that would be listed on Coinbase, after which his brother, Nikhil Wahi, and another acquaintance named Sameer Ramani, used anonymous anonymity is when something is not known or named. wallets based on Ethereum a decentralized open-source blockchain with smart contracts functionality. and accounts on the exchange in the name of other people to acquire the cryptocurrencies at low cost. According to reports, those involved made between USD $1.1 million – 1.5 million with this knowledge in their possession, conducting trades with tokens such as TRIBE, ALCX, XYO, GALA, ENS, POWR and many others.
These signals constitute an outright crime under U.S. law, which criminalizes this activity on charges of “insider trading”. The defendant’s brother was captured by U.S. authorities, but Ramani remains at large as of press time.
As we mentioned at the time, this case was particularly noteworthy for several reasons: The first is that it would be the first complaint of its kind linked to the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. market, as catalogued by the U.S. Attorney for the Southern District of New York, Damian Williams. And the second is that the U.S. Securities and Exchange Commission (SEC) also filed an indictment against the alleged perpetrator, but here he added that several of the assets listed on Coinbase qualified as “tokenized securities”.
In this regard, the SEC also charged against Coinbase and indicated:
“As used in this complaint, ‘tokenized securities’ refers to an asset that is issued and/or transferred using a distributed ledger a record of financial transactions that cannot be changed, only appended with new transactions. or technology Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. including, but not limited to… so-called ‘digital assets,’ ‘virtual currencies’ ‘coins’ and ‘tokens,’ and that meets the definition of ‘security’ under the federal securities laws.”
Currently the SEC is planning to open proceedings against Coinbase and other exchanges for these alleged facts. However, a former advisor to the regulator said that this would be a bad idea because the entity does not yet have clear criteria to qualify a cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. as a security, and less so if it is based on the Federal Securities Act dating from 1930.
- U.S. authorities charge former Coinbase manager with insider trading and cryptocurrency trading
- SEC probes Coinbase over its cryptocurrency listing the addition of an asset or an asset pair to an exchange. to see if it includes securities
- U.S. Securities and Exchange Commission will make a big mistake if it acts against Coinbase, says former adviser
Version by Angel Di Matteo / DiarioBitcoin
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