{"id":1892592,"date":"2023-01-10T13:18:52","date_gmt":"2023-01-10T18:18:52","guid":{"rendered":"https:\/\/platoaistream.com\/plato-data\/coinbase-is-cutting-950-employees-20-brother-of-former-employee-10-months-sentence-for-insider-trading\/"},"modified":"2023-01-10T13:18:52","modified_gmt":"2023-01-10T18:18:52","slug":"coinbase-is-cutting-950-employees-20-brother-of-former-employee-10-months-sentence-for-insider-trading","status":"publish","type":"station","link":"https:\/\/platoaistream.com\/plato-data\/coinbase-is-cutting-950-employees-20-brother-of-former-employee-10-months-sentence-for-insider-trading\/","title":{"rendered":"Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading"},"content":{"rendered":"<p><a href=\"https:\/\/www.reuters.com\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> | Manya Saini and Niket Nishant | Jan 10, 2023<\/p>\n<div id=\"attachment_64493\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-64493\" src=\"https:\/\/platoaistream.com\/wp-content\/uploads\/2023\/01\/coinbase-is-cutting-950-employees-20-brother-of-former-employee-10-months-sentence-for-insider-trading.jpg\" alt=\"Unsplash Clay Banks disappointed employee - Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading\" width=\"300\" height=\"223\" title=\"Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading\"><\/p>\n<p class=\"wp-caption-text\">Image: Unsplash\/Clay Banks<\/p>\n<\/div>\n<h3 class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-0\"><strong>Coinbase Global Inc said on Tuesday it will cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan that marks the third round of layoffs for the cryptocurrency exchange since last year.<\/strong><\/h3>\n<ul>\n<li class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-1\">The company, whose shares were up 3.3% at $39.52, said it expects to incur about $149 million to $163 million in restructuring expenses.<\/li>\n<li class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-1\">&#8220;The entire industry is going through a <strong>crisis of confidence<\/strong> and trading volume remains very weak. This job cut is a reflection of the current challenging environment,&#8221; Oppenheimer analyst Owen Lau said.<\/li>\n<li class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-1\">&#8220;This (job cuts) is a move that can help with near-term operating leverage,&#8221; said Mizuho analyst Ryan Coyne, adding that it would not fix the underlying issue of <strong>rapidly deteriorating volumes<\/strong>. &#8220;It is going to require much more significant cost cutting to accommodate the current volume run rate.&#8221;<\/li>\n<\/ul>\n<h4><strong>See:<\/strong>&nbsp; <a title=\"Coinbase: $100m Fine to New York State Regulators for Longstanding Compliance Failures\" href=\"https:\/\/ncfacanada.org\/coinbase-100m-fine-to-new-york-state-regulators-for-longstanding-compliance-failures\/\" rel=\"noopener\">Coinbase: $100m Fine to New York State Regulators for Longstanding Compliance Failures<\/a><\/h4>\n<p>Coinbase Chief Executive Brian Armstrong:<\/p>\n<blockquote>\n<h3>We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion.&nbsp; We will be shutting down several projects where we have a lower probability of success.<\/h3>\n<\/blockquote>\n<h3><a href=\"https:\/\/www.reuters.com\/business\/finance\/crypto-exchange-coinbase-slash-nearly-1000-jobs-2023-01-10\/\" target=\"_blank\" rel=\"noopener\">Continue to the full article &#8211;&gt; here<\/a><\/h3>\n<hr>\n<p><a href=\"https:\/\/decrypt.co\/\" target=\"_blank\" rel=\"noopener\">Decrypt<\/a> | <span class=\"mr-2 font-ak-regular font-normal text-sm md:text-base lg:text-lg leading-4.5 md:leading-5 lg:leading-5\"><span class=\"underline\">Mat Di Salvo<\/span><\/span> | Jan 10, 2023<\/p>\n<h3 class=\"mb-6 font-ak-medium text-xl leading-5.5 text-neutral-800\"><strong>A former Coinbase employee&#8217;s brother has been sentenced for his role in a crypto insider trading scheme.<\/strong><\/h3>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><strong>Nikhil Wahi<\/strong>, brother of former Coinbase product manager Ishan Wahi, <a class=\"sc-adb616fe-0 ePvUAp\" href=\"https:\/\/decrypt.co\/109530\/brother-coinbase-employee-pleads-guilty-crypto-insider-trading\" target=\"_blank\" rel=\"noopener\">pleaded guilty<\/a> in September to one count of conspiracy to commit wire fraud. In an order signed on January 4, U.S. District Judge Loretta Preska sentenced Wahi to <strong>10 months in prison<\/strong>.\n<ul>\n<li>Ishan Wahi (former employee) has pleaded not guilty to the charges.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>Coinbase Complies: <a title=\"Coinbase Complies: Starting Apr 4 Monitor Canadian Transactions Above CA$1,000\" href=\"https:\/\/ncfacanada.org\/coinbase-complies-starting-apr-4-monitor-canadian-transactions-above-ca1000\/\" rel=\"noopener\">Starting Apr 4 Monitor Canadian Transactions Above CA$1,000<\/a><\/h4>\n<ul>\n<li>Prosecutors <a class=\"sc-adb616fe-0 ePvUAp\" href=\"https:\/\/decrypt.co\/105672\/doj-sec-former-coinbase-product-manager-insider-trading\" target=\"_blank\" rel=\"noopener\">said<\/a> last year that Ishan Wahi, while an employee at the San Francisco-based crypto exchange, allegedly provided information regarding upcoming token listings on Coinbase to his brother Nikhil Wahi, and his friend, Sameer Ramani.<\/li>\n<li>U.S. prosecutors have called this the <strong>first insider trading case involving cryptocurrency<\/strong>.<\/li>\n<li>It is alleged by U.S. authorities that $1.1 million was pocketed by the trio. The SEC also filed civil charges against the trio over the alleged scheme.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/decrypt.co\/118805\/coinbase-manager-brother-sentenced-crypto-insider-trading\" target=\"_blank\" rel=\"noopener\">Continue to the full article &#8211;&gt; here<\/a><\/h3>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-61685\" src=\"https:\/\/platoaistream.com\/wp-content\/uploads\/2023\/01\/coinbase-is-cutting-950-employees-20-brother-of-former-employee-10-months-sentence-for-insider-trading-1.jpg\" alt=\"NCFA Jan 2018 resize - Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading\" width=\"150\" height=\"62\" title=\"Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading\">The <strong>National Crowdfunding &amp; Fintech Association<\/strong> (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. <a href=\"http:\/\/ncfacanada.org\/members\/\" rel=\"noopener\">Join<\/a> Canada&#8217;s Fintech &amp; Funding Community today FREE! Or become a <a href=\"http:\/\/ncfacanada.org\/media-monitoring-and-influencer-database\/\" rel=\"noopener\">contributing member <\/a>and get perks. For more information, please visit: <a href=\"http:\/\/ncfacanada.org\/\" rel=\"noopener\">www.ncfacanada.org<\/a><\/p>\n<p> <!-- #tablepress-38 from cache --><!-- #tablepress-40 from cache --><\/p>\n<h3> <\/h3>\n<div class=\"zem_rp_wrap zem_rp_th_vertical\" id=\"zem_rp_first\">\n<div class=\"zem_rp_content\">\n<h3 class=\"related_post_title\">Related Posts<\/h3>\n<\/div>\n<\/div>\n<ul class=\"plato-post-bottom-links\">\n<li class=\"plato-post-bottom-link-amplifi\">SEO Powered Content &amp; PR Distribution. <a href=\"https:\/\/www.amplifipr.com\" target=\"_blank\" rel=\"noopener\">Get Amplified Today.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platoblockchain\">Platoblockchain. Web3 Metaverse Intelligence. 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