The Inside Job at Coinbase

GM. It’s Friday which means you’ve survived another week! Give yourself a pat on the back for not getting charged with insider trading like Coinbase employee Ishan Wahi.

Plus, Final Fantasy NFTs and why the crypto market hasn’t hit bottom.

Coinbase takes its fair share of lumps from crypto purists, but for all its drawbacks, the platform makes it easy for new users to learn and use cryptocurrencies. Unfortunately, it now has the honor of being home to the first insider trading scandal in the crypto market.

Today’s Topics:

• Shady behavior catches up with Coinbase employee

• Final Fantasy NFTs, trading cards, and toys

• Not to the bottom yet

• Quick Links

Say It Ain't So, Ishan

There have long been whispers that there were Coinbase employees using advance listing information to their advantage. Unfortunately, those rumors were accurate as Ishan Wahia former Coinbase product manager and his two accomplices were charged with insider trading to the tune of more than $1 million.

Both the Securities and Exchange Commission and the Department of Justice announced that Wahi, his brother Nikhil Wahi, and friend Sameer Ramani, were accussed of “wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information.”

The trio worked together to use information available to Ishan as a product manager for Coinbase. More often than not, when the exchange announces a coin will be listed, its value increases.

Ishan passed his knowledge on to his brother and Ramani, who would then buy the coins, hold on to them until they were listed, then sell them, making huge profits in the process.

While the Wahi brothers have been taken into custody, Ramani remains at large, so keep your eyes peeled.

Final Fantasy Coming to Web3

If you’re a Final Fantasy enthusiast who loves NFTs, then you’re in luck. Japanese publisher Square Enix is woking together with Enjin to release game-related NFTs on the Polkadot blockchain. We know, it’s a lot to take in. We’ll give you a moment to gather yourself.

All better? Let’s move on.

The fun doesn’t stop there. These digital assets will be tied to physical cards and action figures based on Final Fantasy VII, commemorating the game’s 25th anniversary (has it really been that long?) You can get the NFTs by purchasing packs of trading cards - $4 for a 6 card pack - which will contain redeemable NFT codes.

Later next year, Square Enix will release a limited edition action figure of Cloud Strife. A “digital plus”” edition will also be released, which include the action figure along with an NFT, which is a digital replica of the physical toy. Get your wallets out though, because they aren’t cheap. The standard figure will set you back $130 while the “digital plus” version will run you $160.

We're Going Down, Down

Some analysts - like trader and defi analyst @bryptobricks - believe we have yet to reach the bottom of the crypto market. Brypto breaks it all down in this Twitter thread.

Definitely a must read!

Quick Headlines

What Not to Do - There are things you shouldn’t do during a bear market. George Georgiev tells you what mistakes to avoid.

A Bitcoin profit?? - How’s that even possible? Tesla seems to have pulled it off. We announced their sale of 75% of their Bitcoin a couple of days ago, and apparently it was a good idea.

NFTs:

LinkedIn’s founder dips into NFTs - These Solana-based NFTs are available on Magic Eden. The collection is called Untranslatable Words and will offer a series of 11 images.

These NFTs are for you - Epic Games won’t follow in Minecraft’s footsteps. They’re not banning NFTs, and that’s a fact.

Cuts:

More layoffs?? - Blockchain.com is the latest in a long line of layoffs, and the restructuring doesn’t sound like it’s going to be easy.

Scam:

My Big Scam - Randall Crater, founder of My Big Coin, has been convicted of money laundering and wire fraud.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.