July 23, 2022

Ex-Coinbase Manager Arrested in US Crypto Insider-Trading Case

coinbase

Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase, reported that one of the company's former employees, and his accomplice have been arrested. Another accomplice, at the moment, is at large. They are accused of insider trading. 

According to a statement, Ishanu Vahi, the former exchange manager, along with his brother Nikhil Vahi and partner Samir Ramani, used confidential information about upcoming token listings for their own benefit.

They managed to make about $1.5 million in a few months, and are now facing trial and possible jail time.

The value of Coinbase shares continues to decline. At the moment they are trading at $72 with a 90% drawdown from ATH. 

Coinbase is a digital asset exchange company headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with fiat currencies in 32 countries, and bitcoin transactions and storage in 190 countries worldwide. Coinbase has served over 10 million customers and facilitated over $50 billion in digital currency transactions.

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Jack Evans

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About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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