Coinbase wins $470K restitution in insider trading case

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Coinbase wins $470K restitution in insider trading case
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The brother of a former Coinbase employee nabbed for insider trading will be required to pay the exchange nearly $470,000.

2/ As a result of our investigation we identified 3 suspects and provided this information to law enforcement. One person was a Coinbase employee who we terminated. Today, the DOJ has criminally charged this former employee and the two other individuals for this abusive conduct.

The prices of the listed cryptocurrencies generally rose after their listing, netting Nikhil $892,500 in profit according to prosecutors. As part of his sentencing, Nikhil was required to forfeit these funds to the United States government.In a separate civil case, Coinbase defended the brothers and Ramani after the trio was sued by the Securities and Exchange Commission for violating antifraud provisions of U.S. securities laws.

In a March 13 amicus brief Coinbase said that it condemns the defendants’ conduct, but was supportive of a motion to dismiss the case as it argued the SEC had no jurisdiction to file a lawsuit given the tokens in questionLast week I testified to Congress about Coinbase’s futile effort to register with the SEC so we can begin to offer digital asset securities. Today we filed an amicus brief in SEC v. Wahi that explains why this misguided suit only makes things worse.

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