Insider trading

A former product manager for Coinbase Global Inc and his brother agreed to settle US Securities and Exchange Commission (SEC) charges related to insider trading of crypto asset securities, the regulator said on Tuesday.Former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available on Coinbase's platform, the SEC said in a statement. Lawyers…

Federal prosecutors and the courts in New York are sounding the horn, proclaiming run-of-the-mill financial crimes also apply to digital tokens as much as fiat currency. On Tuesday, a judge finally sentenced former Coinbase product manager Ishan Wahi to two years in prison for insider trading. Prosecutors said Wahi used his privileged position within the crypto exchange to help his brother and another friend buy and sell crypto based on his insight into the whirlwind speculative market that is cryptocurrencies.Crypto…

A former product manager at non-fungible token (NFT) marketplace OpenSea was convicted on Wednesday of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs. Nathaniel Chastain was accused of buying NFTs he had decided to feature on the OpenSea website and selling them shortly afterward to make more than $50,000 in illegal profit, in what federal prosecutors in Manhattan described as the first insider trading case involving digital assets. "Although this…

Jurors began deliberating on Monday in the trial of a former product manager at OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), for allegedly making trading decisions based on the tokens he featured on the company's homepage. Federal prosecutors in Manhattan last year charged Nathaniel Chastain with netting more than $50,000 in illegal profits by buying NFTs shortly before he decided to showcase them on OpenSea's website, and then selling them once the assets rose in value shortly afterwards.…

The trial against ex-OpenSea product manager Nathaniel Chastain is set to begin later this week, nearly a year since he was arrested in New York City for wire fraud. Chastain’s arrest came on the tail-end of an FBI investigation into his non-fungible tokens (NFT) dealings, which alleged he had secretly bought NFTs and resold them for two to five times their original value.What Motivated Simone Giertz To Build Her Own Tesla Pickup Truck? | Gizmodo TalksProsecutors claim Chastain used the business information at OpenSea to…

FILE PHOTO: The logo of non-fungible token (NFT) marketplace OpenSea is seen through a magnifying glass amid NFT items displayed on its website, in this illustration picture taken February 28, 2022. REUTERS/Florence LoUS prosecutors will square off this week against a former employee of OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), whom they accuse of insider trading. The charges against Nathaniel Chastain, a former OpenSea product manager, were the first in a series of high-profile cases…

A U.S. District Judge sentenced Nikhil Wahi to 10 months in prison on Tuesday, bringing one part of a historic cryptocurrency criminal case to a close. Wahi, the brother of a former Coinbase product manager, was charged with conspiracy to commit wire fraud last July in what prosecutors called the “first ever cryptocurrency insider trading case.”“I made a huge mistake, a terrible mistake,” Wahi said Tuesday. Nikhil pleaded guilty to that charge in September, admitting that his brother, Ishan Wahi, used his position at one…

Gary Gensler, Chair of the U.S. Securities and Exchange Commission, has been pretty dogged in his allegation that crypto should be defined as a securities for the purpose of regulation.Photo: Bill Clark-Pool (Getty Images)Two U.S. regulatory agencies that can’t agree who should be in charge of regulating crypto are both acting in completely different ways to try and regulate the industry. One is gaining the ire of the entire crypto industry, specifically because it won’t back down from calling most crypto trading…

Photo: SAM YEH/AFP (Getty Images)The man who once in charge of making sure Apple’s employees stayed on the straight and narrow is going to jail for doing the thing he told them never to do with stock trades: game the system.Gene Levoff, who worked as Apple’s head of corporate law for most of the 2010s, admitted to usinghis position to rack up over $600,000 in ill-gotten gains on more than $14 million in trades from 2011 to 2016. He pleaded guilty late Thursday to six charges of securities fraud for using his knowledge of…

Image: Justin Tallis (Getty Images)Watch out intrepid web3 entrepreneurs, the feds are cracking down on insider trading. Former OpenSea product manager Nate Chastain was arrested by the FBI early Wednesday morning in New York City and charged with wire fraud and money laundering in connection with an elaborate NFT insider trading scheme. In a press release, The Department of Justice claims Chastain used his advanced, confidential knowledge about which NFTs would be featured on OpenSea’s platform to secretly buy themand…