Three Charged In First Ever Cryptocurrency Insider Trading Tipping Scheme
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Three Charged In First Ever Cryptocurrency Insider Trading Tipping Scheme
Ishan Wahi, Coinbase's product manager, was added to a private Coinbase messaging channel that was explicitly reserved for a few employees to discuss the asset listing process in Coinbase.
Wahi obtained a lot of information about the listings ahead of time and used it illegally. He began disclosing all sensitive information to his brother Nikhil Wahi and his friend Sameer Ramani.
The three defendants, according to the prosecution, are accused of participating in the first-ever cryptocurrency insider trading tips operation, in which they generated ill-gotten gains totaling almost USD 1.5 million by trading illegally in at least 25 different crypto assets.
Exchange-Held Ethereum Drops as Stakers Get Ready for the Merge
Following record staking figures on Ethereum 2.0, Ethereum (ETH) held on exchanges fell to a four-year low.
The sharp drop in Ethereum held across exchanges is most likely due to the increasing amount of Ethereum staked as the network prepares for its most significant upgrade.
Ethereum staked on the Beacon Chain, an Ethereum PoS version launched in December 2020, has also been steadily increasing recently.
Tesla still Owns Dogecoin despite Selling $936 Million Worth of Bitcoin in the second quarter.
Tesla (TSLA), a manufacturer of electric vehicles, reported on Wednesday that it sold $936 million worth of bitcoin during the second quarter, citing uncertainty around COVID-19 shutdowns in China.
The sum of Tesla's remaining digital asset holdings is $218 million, a significant decrease from the $1.2 billion it had previously accumulated during the previous three quarters.
Tesla decreased its impairment charge for holding bitcoin by selling it, taking into consideration how the asset must be accounted for by public corporations. Since bitcoin is an intangible asset, its value must be written down when it decreases; but, unless it is sold, it cannot be recorded as a gain.
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