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August 27th - According to the Financial Times, investors say France is replacing Italy as the focus of market concerns about the sustainability of European debt. France faces thorny budget negotiations next month and will hold presidential elections next year, with both far-left and far-right parties gaining support. For years, the yield on Italys benchmark 10-year government bonds has been significantly higher than that of France, but this summer it was lower for most of the time, as bondholders demanded higher risk compensation before buying French bonds. Investors say this reversal of historical trends signifies a major shift in market perception of the relative risks of the two countries. Rohan Khanna, head of European interest rate strategy at Barclays, said, "If you ask anyone in the market where the weak link in Europe is, most people will point to France." He added that France is facing a "perfect storm" for bond investors because "growth risk, political risk, and fiscal risk" coexist.August 27 - According to statistics released by Nepals National Disaster Risk Reduction Authority on the 27th, 165 bodies have been recovered following the flash floods that struck northern Nepal on the 26th, and 826 people remain missing.Market news: An oil refinery in Russias Volga region has ceased operations.On August 27, the National Meteorological Center continued to issue an orange typhoon warning and a yellow rainstorm warning at 10:00 AM. The Ministry of Transport raised its typhoon defense response level to Level II and maintained a Level III heavy rainfall defense response. On the morning of the 27th, the Ministry of Transport conducted point-to-point coordination with the transportation departments (commissions) of Zhejiang, Fujian, and Shanghai, as well as the maritime safety administrations of Zhejiang, Fujian, and Shanghai. The coordination required strengthening risk awareness, eliminating reliance on past experience, complacency, and wishful thinking, enhancing risk assessment and hidden danger investigation, and continuing to tighten and solidify the responsibility chain with high standards. It also stressed the need to strengthen the implementation of measures, closely monitor the typhoons path and rainfall changes, and effectively implement proactive defense measures of "response, inspection, and control," ensuring that all necessary shutdowns, closures, and evacuations are carried out to achieve the goal of "no deaths and minimal injuries," and to fully protect the safety of peoples lives and property. The Ministry of Transport will adjust the defense response level in a timely manner according to changes in weather warnings.On August 27, World Health Organization (WHO) experts said on the 26th that the current Ebola outbreak in the Democratic Republic of Congo (DRC) remains highly active and has not yet reached its turning point. The country has reported over 5,600 confirmed cases. "We have slowed the rapid spread of the epidemic, but the curve has not yet turned," said WHO expert Belize at a live-streamed meeting of the organizations African Regional Committee. As of the 24th, the DRC had reported a total of 5,656 confirmed Ebola cases, with 2,715 deaths and 1,245 recoveries, resulting in a case fatality rate of approximately 48%.

U.S. charges ex-Coinbase manager in first crypto insider trading case

Jimmy Khan

Jul 22, 2022 15:11

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U.S. authorities said on Thursday that a former product manager at bitcoin exchange Coinbase Global and two other people have been charged with wire fraud in connection with an insider trading conspiracy.


In the first insider trading case involving cryptocurrencies, a former product manager at Coinbase Global and two other individuals have been charged with wire fraud, according to US authorities in Manhattan on Thursday.


The bitcoin exchange's product manager Ishan Wahi and his brother Nikhil Wahi were taken into custody on Thursday in Seattle.


They are also accused of comparable US Securities and Exchange Commission civil violations together with a third defendant, their buddy Sameer Ramani. Ramani is untraceable.


Ishan Wahi, 32, is "innocent of any crime and wants to firmly defend himself," according to a statement from his attorneys. Requests for feedback from Nikhil Wahi's legal counsel were not immediately fulfilled. A lawyer representing Ramani was not immediately available to Reuters.


Ishan Wahi, according to the prosecution, divulged secret information on upcoming announcements of new digital assets that Coinbase will let customers to trade on its platform.


They said that after being called in for a meeting by a Coinbase security director, Ishan Wahi purchased a one-way ticket to India. According to authorities, law enforcement prevented him from boarding the aircraft on May 16.


Ishan Wahi's bail was set at $1 million and he was told to turn in his passports during his first court appearance in Seattle federal court. Despite his apparent effort to elude capture, the prosecution did not request that he be held. On August 2, he will make his next court appearance in Manhattan.


Nikhil Wahi, 26, and Ramani, 33, are accused of buying and selling at least 25 crypto assets for a profit in the associated civil accusations, nine of which the SEC claims it has recognized as securities.


The SEC refused to comment on whether it would take legal action against Coinbase for listing the coins described in the complaint as securities, stating only that its investigation was still underway.


Prosecutors claim that Wahi and Ramani bought the assets using ethereum blockchain wallets and traded at least 14 times before Coinbase made its disclosures in June 2021 and April 2022, making at least $1.5 million in illegal profits.


Whether it happens on Wall Street or the blockchain, fraud is fraud, according to U.S. Attorney for Manhattan Damian Williams.


The business disclosed information from the internal investigation into the transaction with authorities, according to Philip Martin, chief security officer at Coinbase.


Martin said on Twitter, "We are dedicated to doing our share to guarantee that all market participants have access to the same information.


Coinbase admitted in a blog post that Ishan, Nikhil Wahi, and Ramani had all been charged individually by the SEC with securities fraud, but pointed out that federal prosecutors had not brought such a complaint.


The blog post said that "no assets posted on our site are securities, and the SEC allegations are a regrettable diversion from today's appropriate law enforcement action."


Federal prosecutors in Manhattan accused a former product manager with insider trading last month in what they said was the first such case involving digital assets. OpenSea is the biggest online marketplace for non-fungible tokens.

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