Crypto influencer Cobie has been the subject of heated debate on social media platforms due to his connection to two major exchanges. As Cobie said via his Twitter account, some Coinbase staff are reaching out to him to harm the business.
Two months ago, the US Department of Justice (DoJ) confirmed the arrest of Ishan Wahi, former product manager at Coinbase. In alleged cooperation with two other suspects, authorities in the country claimed that Wahi used his position on the exchange platform to carry out an “insider conspiracy”.
According to the DoJ, Wahi had access to inside information regarding future cryptocurrency listings on Coinbase and used it to his financial advantage. In the official report from authorities, Cobie’s investigation of an Ethereum address buying tokens just before they were listed on Coinbase was an important part of a preliminary investigation to gather evidence.
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In this sense, Coinbase employees claim that the crypto influencer was responsible for the investigation in order to suspiciously arouse its business partnership with FTX. The exchange sponsors Cobie’s “Up Only” podcast.
Cobie called the accusations a lie as he claims any information about alleged insider trading was leaked “privately”. Cobie is well known in the crypto space for being an early adopter of Bitcoin and earning profits throughout the year. Thus, his deal with FTX was called into question.
However, Cobie clarified that their deal with the crypto exchange is “locked”. Therefore, there is no way to break it without facing legal consequences.
Additionally, some of the money is used to pay the team behind the podcast, promotions, and giveaways to early listeners. Coby said:
For what it’s worth, I don’t even think it’s a good argument that when you’re rich you should do everything for free and pay everyone else out of your own pocket. It’s a business with costs, especially if we wanted to do it more frequently/professionally lol.
Is there corruption in Crypto Exchange Coinbase?
The crypto influencer says his relationship with FTX doesn’t stop him from criticizing the company. The adviser for the Ethereum second layer solution and head of Coinbase Wallet, Peter Jihoon Kim, was very critical of Cobie.
Kim admitted that the listing process on Coinbase had flaws, but he dismissed that there was “some systematic wickedness and corruption” at the exchange. The Coinbase employee says the company defended the crypto and classified Cobie’s claims as “pretty hypocritical.”
I found potential *repeated* insider trading and privately disclosed it to your CEO before publicly disclosing another case on Twitter over a month later. Guess what? It turned out to be real insider trading! So yes, there was systemic malice and abuse within Coinbase. There has been over a year of insider trading from the guy who wrote the posts about how they are going to make the lists safer!! Of course, this is not Coinbase “sanctioned” malice. I’m not saying CB is bad or encouraging it.
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Crypto Influencer Believes There Was Malice In Coinbase
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