CRYPTO NEWS

Ex-Coinbase Manager pleads not guilty to insider trading charges

Ex-Coinbase Product Manager Ishan Wahi has pleaded not guilty to fraud charges leveled against him by the U.S. Department of Justice before a Manhattan federal court on Aug. 3.

Ishan was first arraigned before the court last month on charges of insider trading. He was said to have divulged information about cryptocurrencies that would be listed on Coinbase to his brother Nikhil and friend Sameer Ramani.

The illicit trading is said to have made about $1.5 million in profits between June 2021 and April 2022.  

The prosecuting counsel noted that the defendants used Ethereum-based wallets to acquire the assets before they were listed. The assets were sold after they rose in price following the listing.

Confidentiality of trading information

Ishan’s lawyer David Miller, in defense, claimed that ” the information his client is accused of sharing was no longer confidential” since Coinbase introduced a strategy to hint at assets it plans to list for trading.

A prosecutor Noah Solowiejczyk, countered the argument noting that the listing process still ensures that the information was nonpublic.  He stated that the nature of the insider trading charge still followed as with previous wire fraud cases, and hence should not be dismissed.

Ishan, through his lawyer, claimed that the U.S. has no regulation for insider trading on cryptocurrencies. On this ground, the defendant asked for a dismissal of the case. The request was not considered though the two brothers were granted a bail of $1 million each.

The court has scheduled the next hearing for March 22, 2023.

Ishan, his brother Nikhil, and friend Sameer, still have an ongoing case with the SEC for allegedly trading on securities. The SEC reported that 9 out of the 25 crypto assets involved in the crime are securities.

SEC investigating Coinbase

Following allegations of Wahi trading securities while at Coinbase, the exchange in defense distanced itself from listing or trading securities. It claimed that its rigorous listing process was vetted by the SEC, and has served to keep securities off the platform.

Coinbase Chief Legal Officer Paul Grewal reiterated in a tweet:

Despite Coinbase’s stance, the SEC launched an investigation over securities listings. The SEC is investigating if Americans were allowed to trade unregistered security assets on the Coinbase exchange platform.

The post Ex-Coinbase Manager pleads not guilty to insider trading charges appeared first on CryptoSlate.

Should you buy LTC as it consolidates at key resistance?

Litecoin is currently trading at $60.94, a 1.76% dip in the past day The pair is in a consolidation amid bullish indicators Investors should wait for it to clear above the level Cryptocurrencies are currently on a retracement following an industry-wide recovery. Bitcoin and Ethereum are down 3.8% and 1.92% in the past day. Litecoin’s::Listen

  • Litecoin is currently trading at $60.94, a 1.76% dip in the past day

  • The pair is in a consolidation amid bullish indicators

  • Investors should wait for it to clear above the level

Cryptocurrencies are currently on a retracement following an industry-wide recovery. Bitcoin and Ethereum are down 3.8% and 1.92% in the past day. Litecoin’s LTC/USD dipped 1.76% in the same period.

Created in 2011, Litecoin is one of the earliest blockchains. It was forked from bitcoin as an improvement of the proof-of-work network. The platform is more scalable with a faster block time and a larger token supply. It also uses the Scrypt hashing algorithm to reduce energy consumption.

Despite being a hard fork of Bitcoin, LTC has failed to stage a recovery similar to that of the latter. LTC has gained a paltry 4% in the past month compared to 25% in BTC. This takes into consideration the wide market cap difference between the two. While bitcoin has a valuation of $454 billion, LTC is at a fraction of that with $4.3 billion.

Currently, LTC/USD is changing hands for $60.94. Its trading volume is down 17.39% at $437,281,262. Aside from the dynamics in price and volumes, LTC has important technical levels to watch.

LTC consolidates at the $61 resistance level

Source: TradingView

According to the daily chart above, LTC is consolidating around $61 resistance. The token’s attempts to break above the level have been resisted three times since June 25. Nonetheless, the chart shows that the technical indicators favor the bulls, and the token could break above. 

The RSI is currently at 55. Although the momentum indicator can be interpreted as neutral, more traders are buying the token than selling it. The MACD is above the signal lines with the histograms on the green. However, investors should exercise patience until the token clears above the resistance.

Bottom line

Litecoin has strong fundamentals around efficiency and faster transaction speeds. Its native LTC token is consolidating at an important resistance level amid strong bullish momentum. Patience is recommended until the tokens clear the level.

The post Should you buy LTC as it consolidates at key resistance? appeared first on CoinJournal.

Ex-Coinbase Manager pleads not guilty to insider trading charges

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