Friday, December 8, 2023

US authorities detain a former manager of Coinbase on suspicion of crypto trading.

The US crypto scene has been seeing a lot of illicit crypto activities in the recent months. This is becoming concerning to that both public and crypto users who are becoming wary of crypto’s underside. In a recent turn of events, one of Coinbase’s ex-employees has drawn international attention for taking advantage his position on the inside to disclose profitable information to amass profits on the crypto platform.

Shocking Case of Internal Knowledge Used For Illegal Crypto Activities

An Indian origin duo of brothers, one of whom worked at Coinbase overseeing international affairs’ management and their partner-friend have come under controversy. They have been charged with illegally amassing a massive $1.5million via fraudulent internal trading. This makes it the biggest case with respect to internal employees’ participation in illicit trading to happen in the crypto realm of the US. The siblings are in custody but their co-conspirator is currently on the run.

They did this when the ex-official wittingly misused his standing in Coinbase’s internal affairs to surreptitiously out private knowledge about what would be released and when. This was done in order to increase the returns on their investment and it was done much before the crypto assets were publicly known. The three of them purportedly did this with fourteen distinct crypto assets and twenty-five distinct cryptocurrencies. In the US law, the penalty for this is a maximum of twenty years incarceration which is what they are all facing.

Coinbase’s command in chief was seen stating that they take these cases of fraudulence very seriously. They will be working hard to uncover, sack and hand over anyone who was involved in this to the authorities. Authorities of US are working in collaboration with the America’s top crime-handling FBI department in this process. The officials were quoted saying that they are specific about preventing finance-related crimes in both conventional and crypto sectors of finance. They said this is yet another clarion call that Web3’s takeover cannot happen in a frivolous manner.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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