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The dumping of over 1.4 million shares of <keyword id="1972612" type="General" weightage="100" keywordseo="coinbase" source="Orion">Coinbase</keyword> earlier this week by crypto evangelist Catherine Wood’s investment firm has added fuel to the already raging fire engulfing America’s largest <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange. The company had listed on <keyword id="6357328" type="General" weightage="50" keywordseo="nasdaq" source="Orion">Nasdaq</keyword> last April to much fanfare, with the shares opening at $381 apiece. However, at the time of writing this report, the share price of Coinbase stands at $62, a steep drop of 83% from its opening price last year. So, how exactly did the company get here? We explain. Coinbase cuts workforce by 18% Coinbase’s Co-founder and Chief Executive Officer Brian <keyword id="89007" type="General" weightage="50" keywordseo="armstrong" source="Orion">Armstrong</keyword> said in a <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12">note</a> in June that the company was laying off about 18% of the workforce, or <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001679788/000167978822000077/coin-20220614.htm">1,100 employees</a>, due to the tough economic conditions. Armstrong admitted in the note that the company ‘grew too quickly’ during the bull run of the cryptocurrency market in 2021 and it had over-hired. “Our team has grown very quickly (&gt;4x in the past 18 months) and our employee costs are too high to effectively manage this uncertain market,” he said. Insider trading charges In the first ever cryptocurrency insider trading case, the U.S. Department of Justice on July 21 <a href="https://www.justice.gov/usao-sdny/pr/three-charged-first-ever-cryptocurrency-insider-trading-tipping-scheme">charged</a> Coinbase’s former product manager <keyword id="14524759" type="General" weightage="50" keywordseo="ishan-wahi" source="Orion">Ishan Wahi</keyword>, his brother Nikhil Wahi and friend Sameer Ramani with wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets. Ishan Wahi allegedly tipped the other two regarding <keyword id="6368079" type="General" weightage="20" keywordseo="crypto-assets" source="Orion">crypto assets</keyword> that were to be listed on Coinbase and the three are alleged to have gained about $1.5 million through illegal trades. The brothers were arrested in Seattle on July 21. The chief security officer of Coinbase Phillip Martin <a href="https://twitter.com/SecurityGuyPhil/status/1550147915946987520">declared</a> on his official Twitter handle that they had terminated the employee and were cooperating with the Department of Justice. SEC launches probe against Coinbase The US Securities and Exchange Commission (SEC) was separately probing Coinbase on whether it improperly let Americans trade digital assets that should have been registered as securities, <a href="https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings?sref=ExbtjcSG">Bloomberg</a> reported. The SEC’s scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading. The report said that the SEC probe predates the agency’s investigation into the alleged insider trading scheme mentioned earlier. The SEC has alleged that Nikhil Wahi and Ramani purchased “at least 25 crypto assets, at least nine of which were securities”, another <a href="https://www.bloomberg.com/press-releases/2022-07-21/sec-charges-former-coinbase-manager-two-others-in-crypto-asset-insider-trading-action">Bloomberg</a> report said. On July 22, the chief legal officer of Coinbase Paul Grewal, in a <a href="https://blog.coinbase.com/coinbase-does-not-list-securities-end-of-story-e58dc873be79">blog</a> said, “Coinbase does not list securities on its platform. Period.” Seven of the nine assets included in the SEC’s charges are listed on Coinbase’s platform but none of them were securities, he added. Coinbase, in a <a href="https://blog.coinbase.com/the-crypto-securities-market-is-waiting-to-be-unlocked-but-first-we-need-workable-rules-c0ba63eabab3">statement </a>on July 21, asked the SEC to clearly define the digital assets regulatory framework. ARK Investment dumps Coinbase Crypto evangelist Catherine Wood’s investment firm ARK Investment Management dumped 1.4 million shares of Coinbase when the share price dropped to <a href="https://finance.yahoo.com/quote/coin/history/">$53</a> on July 26. According to a <a href="https://www.bloomberg.com/news/articles/2022-07-27/cathie-wood-dumps-coinbase-shares-for-first-time-this-year">Bloomberg </a>report, ARK Invest was Coinbase’s third largest shareholder, holding 9 million shares by the end of June. These are the series of events that has brought Coinbase to its current state. The latest <keyword id="45672" type="General" weightage="50" keywordseo="fed" source="Orion">Fed</keyword> rate increase announced on July 27 is expected to impact the crypto market as investors pull out in fear of inflation and recession. Only time will tell how Coinbase will weather the oncoming storm.

Explainer: Why is America's largest crypto exchange Coinbase in trouble?

<ul class="summary-list"><li>An ex-Coinbase employee pleaded guilty to 2 counts of wire fraud, the first case of its kind.</li><li>Ishan Wahi co-ordinated with his brother and another accomplice to preempt new listings on Coinbase.</li></ul>An ex-Coinbase employee has pleaded guilty in the first-ever insider trading trial linked to cryptocurrencies, weeks after his brother was sentenced in the same case.The Department of Justice (DOJ) <a href="https://www.justice.gov/usao-sdny/pr/former-coinbase-insider-pleads-guilty-first-ever-cryptocurrency-insider-trading-case" target="_blank" rel="noopener">said</a> Ishan Wahi, a former product manager at the crypto exchange, pleaded guilty to two counts of conspiracy to commit wire fraud, by tipping off others regarding Coinbase's planned token listings in order to make a profit. In January, Wahi's brother Nikhil <a href="https://markets.businessinsider.com/news/currencies/crypto-insider-trading-first-coinbase-employee-nikhil-wahi-wire-fraud-2023-1">was sentenced to 10 months in prison</a> and hit with a $892,500 fine after pleading guilty to one count of conspiracy to commit wire fraud.The DOJ said starting in October 2020, Ishan, 32, gave his brother Ishan and another accomplice Sameer Ramani information around Coinbase listings using his position at the company. The pair regularly made a profit off trades on Coinbase.Prosecutors argued <a href="https://ecf.nysd.uscourts.gov/doc1/127131639886" target="_blank" rel="noopener">in court filings</a> that the group made $1.5 million in profits from 14 Coinbase announcements, affecting at least 25 different crypto assets.But their trades soon aroused suspicion. A tweet on April 12 2022 highlighted an Ethereum blockchain wallet "that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published." Coinbase's chief security officer <a href="https://twitter.com/SecurityGuyPhil/status/1514405388216528896" target="_blank" rel="noopener">responded</a> that his team was already investigating the incident. The DOJ confirmed this trading came from Ramani, based on tips provided by Wahi.The former Coinbase employee faces up to 20 years in prison for each count of conspiracy to commit wire fraud. He will be sentenced on May 10."Wahi is the first insider to admit guilt in an insider trading case involving the cryptocurrency markets," U.S. Attorney Damian Williams said. "Whether it occurs in the equity markets or the crypto markets, stealing confidential business information for your own personal profit or the profit of others is a serious federal crime."

Former Coinbase staffer pleads guilty to insider trading in landmark cryptocurrency case, weeks after brother sentenced

<ul class="summary-list"><li>The cryptocurrency sector just saw its first-ever sentencing for insider trading. </li><li>Nikhil Wahi, the brother of a former Coinbase staffer, will serve 10 months in prison and was ordered to pay $892,500.</li></ul>Nikhil Wahi, the brother of a former Coinbase product manager, was sentenced to 10 months in prison on Tuesday at a federal court in Manhattan in what prosecutors have called the first-ever insider trading case for cryptocurrency. The 27-year-old was also ordered to pay $892,500 after pleading guilty to one count of conspiracy to commit wire fraud in September. US Attorney Damian Williams maintained that the sentencing clarifies that "cryptocurrency markets are not lawless." "There are real consequences to illegal insider trading, wherever and whenever it occurs," he said.Prosecutors said Wahi first began to receive tips from his brother, Ishan Wahi, in October 2020, and that information was used to sell tokens for a profit.When charges were initially filed in July, the Justice Department alleged that Ishan Wahi tipped off his brother and a friend, Sameer Ramani, at least 14 times on asset listings before the information was publicly available, which allowed them to net $1.5 million in total on at least 25 assets. The Securities and Exchange Commission also filed a separate insider trading complaint against them.At the time, attorneys for Ishan Wahi, who has pleaded not guilty, told Insider that the allegations were baseless: "Ishan Wahi is <a href="https://markets.businessinsider.com/news/currencies/crypto-insider-trading-coinbase-wahi-ramani-doj-sec-fraud-regulation-2022-7">innocent of all wrongdoing</a> and intends to defend himself vigorously against these charges and in the SEC action." Meanwhile, Ramani remains at large, according to the Associated Press.The trio began to raise suspicion in April after Ramani purchased large quantities of six crypto assets before they were going to be listed on Coinbase, attracting the attention of a Twitter user within the online crypto community and pushing Coinbase to launch an investigation.When Coinbase contacted Wahi in May to talk about the incident, he allegedly purchased a one-way ticket to India and notified his brother and Ramani of his attempt to depart the country. He was later stopped by law enforcement before he could board the plane.

An ex-Coinbase staffer's brother was just hit with the first-ever sentence for crypto insider trading

<ul class="summary-list"><li>Former <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> exec Ishai Wahi and two others were charged in the first-ever crypto <keyword id="11938290" type="UNKNOWN" weightage="60" keywordseo="insider-trading" source="Orion">insider trading</keyword> scheme.</li><li>The Justice Department alleged that Wahi tipped off his brother and friend on at least 25 crypto assets before they were listed on Coinbase.</li></ul>A former Coinbase product manager and two others were charged in the first-ever crypto insider trading scheme, according to the Justice Department.The US Attorney's Office in Manhattan alleged that the former Coinbase employee tipped off his brother and a friend on assets before they were going to be listed on Coinbase, which isn't implicated in any wrongdoing.Ishan Wahi, the former Coinbase executive, as well as Nikhil Wahi and Sameer Ramani now face charges of <a href="https://www.justice.gov/usao-sdny/pr/three-charged-first-ever-cryptocurrency-insider-trading-tipping-scheme">wire fraud and insider trading</a>. The Securities and Exchange Commission also filed a separate <a href="https://www.sec.gov/news/press-release/2022-127">insider trading complaint against them</a>.The Wahi brothers were arrested Thursday, though Ramani had yet to be taken into custody. Attorneys for Ishan Wahi told Insider that the allegations against him have no merit. "Ishan Wahi is innocent of all wrongdoing and intends to defend himself vigorously against these charges and in the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> action." An attorney for Nikhil Wahi didn't respond when contacted by other news outlets.US Attorney Damian Williams said in a statement that this is the first-ever insider trading case involving <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, adding that the <a href="https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme">first-ever case of NFT insider trading</a> happened just a month ago. "Our message with these charges is clear: <keyword id="11893299" type="UNKNOWN" weightage="60" keywordseo="fraud" source="Orion">fraud</keyword> is fraud is fraud, whether it occurs on the blockchain or on Wall Street," he said.The Justice Department alleged Ishan Wahi tipped off his brother and Ramani at least 14 times on asset listings before they appeared publicly, allowing them to make at least $1.5 million in total on at least 25 crypto assets due to insider information.The trio began to raise suspicion in April after Ramani purchased large quantities of six crypto assets before they were going to be listed on Coinbase, attracting the attention of a Twitter user within the online crypto community and pushing Coinbase to launch an investigation.When Coinbase contacted Wahi in May to talk about the incident, he allegedly purchased a one-way ticket to India and notified his brother and Ramani of his attempt to depart the country. He was later stopped by law enforcement before he could board the plane.

A former Coinbase executive is among 3 charged in the first-ever crypto insider trading scheme

Hi! Aaron Weinman reporting from New York. Amazon's $3.9 billion purchase of One Medical could net Goldman Sachs and Morgan Stanley millions-of-dollars in advisory fees apiece. It comes as investment banks fall under the microscope for a slow year in dealmaking.Let's unpack who at the two Wall Street giants <a href="https://www.businessinsider.com/amazon-one-medical-wall-street-fees-goldman-sachs-morgan-stanley-2022-7">put this deal together</a>.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/amazon-one-medical-wall-street-fees-goldman-sachs-morgan-stanley-2022-7"></a>1. Goldman Sachs and Morgan Stanley got the nod for Amazon's $3.9 billion purchase of One Medical. It's a welcome payday for the pair especially after investment-banking teams across Wall Street <a href="https://www.businessinsider.com/wall-street-hiring-freeze-layoffs-investment-banks-IPO-stall-2022-5">shouldered much of the pain</a> in last quarter's earnings cycle.Goldman Sachs advised Amazon — rekindling a relationship that spans back to 2017, when the company bought Whole Foods Market for $13.7 billion — and Morgan Stanley advised One Medical on the sale, Insider has learned.Morgan Stanley has advised One Medical at least three times now, following up its lead role on the clinic operator's $245 million initial public offering in January 2020, and its $2.1 billion acquisition of Iora Health in June last year.Amid a dearth of M&amp;A activity, a deal of this size should net each bank millions of dollars in fees. Investment banks typically earn between 2% to 4% (of the enterprise value of a transaction) in revenues for their advisory services. A sought-after client like Amazon, however, might lead banks to lower their price in exchange for the tech giant's business.Amazon's <a href="https://www.businessinsider.com/why-amazon-acquired-one-medical-to-supercharge-healthcare-push-2022-7">interest in One Medical</a>, meanwhile, started back in the spring of 2022, a person with knowledge of the process told Insider. But the company was not seeking a buyer at the time, this person said.News of Amazon's acquisition sent One Medical's share price to more than $17 per share from a little over $10 last week.For the full story on the genesis of this deal, and the bankers who helped piece the transaction together, check out <a href="https://www.businessinsider.com/amazon-one-medical-wall-street-fees-goldman-sachs-morgan-stanley-2022-7">this report</a> from Insider's Reed Alexander, and myself.In other news:<a href="https://www.businessinsider.com/silicon-valley-bill-gurley-goldman-sachs-wall-street-revolutionized-ipo-2022-7"></a><div type="image" title="Bill Gurley throwing Twitter birds at Wall Street bull and Goldman Sachs building." height="1500" width="2000" msid="93113660" hostid="261" sizebytes="195528"></div>2. Legendary Silicon Valley investor Bill Gurley was fed up with how Wall Street handled IPOs. Here's how he took on the Street and <a href="https://www.businessinsider.com/silicon-valley-bill-gurley-goldman-sachs-wall-street-revolutionized-ipo-2022-7">revolutionized how companies go public</a>.3. Hedge-fund assets dipped below $4 trillion in June due to poor performance and investor exits. But commodity-trading advisors and macro hedge funds soared. Here are the <a href="https://www.businessinsider.com/hedge-fund-performance-first-half-year-winners-losers-2022-7">winners and losers for the first half of the year</a>.4. Investors have piled about $41 billion into artificial-intelligence startups this year, according to Pitchbook. Meet eight lawyers helping these startups patent AI and <a href="https://www.businessinsider.com/top-lawyers-artificial-intelligence-startups-tech-companies-2022-7">comply with rules around privacy and safety</a>.5. The crypto world is riled up about former Coinbase employee Ishan Wahi, who's accused of trading tokens before they were listed. The SEC asserted that some of the traded tokens were securities, a label that could create <a href="https://www.businessinsider.com/why-ishan-wahis-insider-trading-case-has-coinbase-riled-up-2022-7">serious issues for entities enabling crypto trading</a>.6. Blackstone's Chief Operating Officer Jon Gray is still all about rental housing and logistics. It's not surprising – short supply and steady demand mean that <a href="https://www.businessinsider.com/blackstone-rental-housing-jonathan-gray-logisitics-rent-inflation-2022-7">rents are through the roof right now</a>.7. Staying on real estate, the commercial property market is getting iced by rising rates. One investor expects deals to emerge later this year as <a href="https://www.businessinsider.com/apartment-building-investments-slowing-interest-rates-distressed-sales-2022-7">the market braces for fire sales</a>.8. Index Ventures partners Nina Achadjian and Paris Heymann are betting on vertical software. They argue these tools — software tailored to specific industries — are "mission critical" to customers. <a href="https://www.businessinsider.com/how-to-pitch-index-ventures-vertical-software-companies-amid-downturn-2022-7">Here's how founders of such companies can pitch VCs</a>.9. Andreessen Horowitz is setting up shop in New York, Miami, and Los Angeles, and doing most of it virtually. Here's why the firm is <a href="https://www.businessinsider.com/a16z-expands-new-offices-miami-new-york-los-angeles-2022-7">spreading its influence beyond Silicon Valley</a>.10. Citi has shuttered its municipal proprietary-trading effort, Bloomberg reported. The decision, alongside some high-profile departures from Citi's municipal-bond business, sparked concerns that the bank is stepping back from its <a href="https://www.bloomberg.com/news/articles/2022-07-22/citi-shutters-muni-prop-trading-desk-amid-a-wave-of-departures?sref=ipW5reFz">storied public-finance business</a>.Done deals:<ul><li>Smart Care, a Wind Point Partners' portfolio company that provides commercial cooking equipment, <a href="https://www.pehub.com/wind-point-backed-smart-care-acquires-specialty-coffee-equipment-service-firm-espresso-partners/">acquired Espresso Partners</a>, a coffee equipment company.</li><li>Fifth Wall, a proptech-focused venture-capital fund, <a href="https://www.businesswire.com/news/home/20220721005373/en/Fifth-Wall-Closes-500-Million-for-its-First-Climate-Fund">closed a $500 million fund</a>. It was the investor's first climate-focused fund that will be invested in renewable energy, and carbon sequestration to decarbonize the real-estate industry.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

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Explainer: Why is America's largest crypto exchange Coinbase in trouble?

Eetika Kapoor

Former Coinbase staffer pleads guilty to insider trading in landmark cryptocurrency case, weeks after brother sentenced

Ryan Hogg

An ex-Coinbase staffer's brother was just hit with the first-ever sentence for crypto insider trading

Phil Rosen

A former Coinbase executive is among 3 charged in the first-ever crypto insider trading scheme

Jennifer Sor

Goldman Sachs, Morgan Stanley stand to cash in on $3.9 billion Amazon-One Medical deal

Aaron Weinman

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