The Securities and Exchange Commission (SEC) has announced the resolution of insider trading charges involving former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi. The pair had allegedly engaged in a scheme trading ahead of multiple announcements about new crypto assets becoming available for trading on Coinbase.

As part of the settlement, the SEC reports that the Wahi brothers consented to be permanently barred from violating Section 10(b) of the Securities Exchange Act and Rule 10b-5. They've agreed to disgorge their ill-gotten gains and pay prejudgment interest. The SEC will not pursue civil penalties as the brothers' assets in the criminal action would fulfill the SEC's disgorgement, provided the court approves the forfeiture. Crypto Criminal Defense Lawyer 

On Monday, May 15, 2023, US Secret Service agents based in the San Francisco Field Office and members of the USSS’s Bay Area Regional Enforcement Allied Computer Team (REACT) hosted an Ask Me Anything (“AMA”) on Reddit 

Here in San Francisco, we have a squad dedicated to keeping cryptocurrency and its users safe. We are comprised of Special Agents and Analysts who have embraced the future of money, and we’re eager to share our work with this cryptocurrency community and provide resources and education to help keep your money safe. We’re also eager to learn from you.  Crypto Criminal Defense Lawyer Blog 

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Joseph James O'Connor, a UK citizen also known as "PlugwalkJoe," has been extradited from Spain and pleaded guilty to several charges related to computer hacking and cyberstalking in the United States. O'Connor was involved in two major cases, one in the Southern District of New York (SDNY) and another in the Northern District of California (NDCA). The Daily HODL

In the SDNY case, O'Connor and his co-conspirators used a SIM swap attack to steal roughly $794,000 worth of cryptocurrency from a Manhattan-based company and subsequently laundered the proceeds. The SIM swap attack allowed the perpetrators to gain control of the victims' mobile phone numbers and use them to gain unauthorized access to their accounts. DOJ Press Release 

May 2023 has been a month of firsts for the cryptocurrency world. Last week we had a guilty verdict in the OpenSea NFT “insider trading” case. And, yesterday, we saw the first-ever prison sentenced handed down in an cryptocurrency “insider trading” case. DOJ Press Release 

On May 9, 2023, former Coinbase product manager, Ishan Wahi, was sentenced to two years in federal prison for leaking confidential information about upcoming Coinbase crypto asset listings to his brother and a friend. Crypto Criminal Defense Lawyer Blog 

In December 2022, the U.S. government indicted Mr. Bankman-Fried on eight counts, including wire fraud, securities fraud, money laundering, and conspiracy to violate federal campaign finance laws. After agreeing to an expedited extradition procedure, Sam Bankman-Fried (“SBF”) returned to the U.S. to face charges, but the government sought to proceed on all original charges and added new ones, which SBF's defense claims are improperly brought.

On May 8, 2023, Sam Bankman-Fried’s criminal defense lawyers filed 7 motions to dismiss seeking to dismiss the charges against the FTX founder:  Crypto Criminal Defense Lawyer Blog 

  1. Jury Questions in the Nate OpenSea NFT "Insider Trading" Criminal Trial Offer Some Interesting Insights
  2. Ohio Man Sentenced for Stealing Bitcoin Subject to Forfeiture in Criminal Case
  3. Closing arguments yesterday in the Nate OpenSea trial. Jury deliberations have begun in the first ever NFT "insider trading" criminal wire fraud and money laundering trial.
  4. "Pig Butchering": How Transnational Criminal Enterprises Use Cryptocurrencies to Facilitate Fraud Schemes