Ex-Coinbase employee charged

The founder of a fraudulent crypto is facing decades in jail. Market Activity Total Market Cap 1.07T (+4.39%) 24 Hour Volume 79.56B (-11.80%) Notable Movers[(BTG) $23.62]( (+29.33%) Notable Movers (DeFi)[(CRV) $1.49]( (+16.53%) Bitcoin Dominance 42,27%[(+0.09%)]( Bitcoin Price[(BTC) 23,594.36 (+4.53%)]( Ethereum Price[(ETH) $1,1608.86 (+6.86%)]( Cardano Price[(ADA) $0,5017 (+4.18%)]( Editor's Note Living Lavishtly Today, the founders of Three Arrows Capital broke their silence. They’re not in hiding, they’re cooperating with authorities, and they definitely didn’t profit off of their collapse (in their words). While it’s nice and all that Su Zhu and Kyle Davies are going public with a post-mortem of what went wrong, there are some key points to their interview that are raising some hackles on Crypto Twitter. The first, most-cited quotation that people have a problem with is Zhu’s assertion that the $50 million yacht that the firm commissioned was not a symbol of a lavish lifestyle. In fact, he notes, he biked to work and his family “only has two homes in Singapore.” Even on the lower end of estimates, homes in Singapore go for around $2 million a pop (and that is being quite conservative). The second, arguably more important issue, is the founders’ admission— “what we failed to realize was that Luna was capable of falling to effective zero in a matter of days.” As many, many online have pointed out, a careful read of the white paper would have made this possibility quite obvious. And this is what is scaring the good people of Crypto Twitter — if one of the largest crypto funds showed a (willful? innocent?) ignorance of how one of their biggest investments actually worked, then what level of competence can we expect from other big players out there? What other gaps in knowledge will a bear market uncover? Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] employee charged…]( 😱 A former Coinbase employee has been charged with insider trading of cryptocurrencies. It's alleged Ishan Wahi was involved in the "highly confidential process" of deciding which coins would be listed on the exchange — and when. Prosecutors claim he shared secret information with his brother and a business associate, who ended up making $1.5 million in gains by trading 25 cryptocurrencies. All three men could face 20 years behind bars if convicted. U.S. Attorney General Damian Williams said this is the first insider trading case involving the crypto markets, adding: "Today's charges are a further reminder that Web3 is not a law-free zone." SEC drops a bombshell]( 💣 The Securities and Exchange Commission has also brought charges over this case. But there's a particular line in the court filing which has caused alarm bells. According to the SEC, at least nine digital assets listed on Coinbase are securities. They are AMP, DerivaDEX, DFX Finance, LCX, Kromatika, Powerledger, Rally, Rari Governance Token and XYO. The agency explained that these altcoins contain "the hallmarks of the definition of a security." Coinbase has shot back by saying none of the assets listed on its trading platform are securities. It added: "The SEC charges are an unfortunate distraction from today’s appropriate law enforcement action." attacks Tesla for Bitcoin sale]( 👀 Michael Saylor has lashed out at Tesla for selling 75% of its Bitcoin. The MicroStrategy CEO has long been one of the most bullish voices in the crypto space. Indicating he's pretty exasperated about Elon Musk's decision to unlock liquidity for Tesla by offloading its crypto investment, Saylor wrote: "If you sell 75% of your Bitcoin, you will only have 25% of your Bitcoin left." It's fair to say that MicroStrategy has taken a very different approach to Tesla when it comes to acquiring Bitcoin. The business intelligence firm has actively taken on additional levels of debt to ensure it can get its hands on even more cryptocurrency. Big Coin founder convicted of fraud]( 😬 A man has been convicted over a scheme to defraud investors by marketing and selling a "fraudulent" cryptocurrency. Randall Crater was the founder of My Big Coin, which was offered to the public from 2014 and 2017. Prosecutors said he had inaccurately suggested this asset was backed by $300 million in gold, oil and other commodities. His company had also falsely claimed to have partnerships with Mastercard. But all of this was a lie, and according to the U.S. Justice Department, Crater misappropriated $6 million of investor funds — spending hundreds of thousands of dollars on antiques, art and jewelry. Crater will be sentenced on Oct. 27, and he faces decades in jail. Thanks for reading! Have a great day — more news tomorrow! 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