Crypto Influencer Believes There Was Maliciousness Inside Coinbase

Crypto influencer Cobie has been the subject of heated debate on social media platforms due to his affiliation with two major exchanges. As Cobie said via his Twitter account, some Coinbase employees are approaching him to harm the company.

Two months ago, the United States Department of Justice (DoJ) confirmed the arrest of Ishan Wahi, former Coinbase product manager. In alleged collaboration with two other suspects, authorities in the country alleged that Wahi had used his position on the exchange platform to conduct an “insider trading”.

According to the DoJ, Wahi had access to privileged information about future cryptocurrency listings on Coinbase and allegedly used it for his financial benefit. In the official report from authorities, Cobie’s investigation into an Ethereum address that bought tokens just before they were listed on Coinbase was a key part of a preliminary investigation to gather evidence.

In that sense, Coinbase employees allege that the crypto influencer was responsible for the investigation as a way to make his commercial partnership with FTX suspicious. The exchange sponsors Cobie’s podcast “Up Only”.

Cobie called the allegations lies as he claims all information about alleged insider trading was disclosed “privately”. Cobie is known in the crypto world as an early Bitcoin user and makes profits all year round. For example, his deal with FTX has been questioned.

However, Cobie clarified that their deal with the crypto exchange is “locked up”. Therefore, there is no way to break it without legal consequences.

In addition, some of the money will be used to pay the team behind the podcast, promotions and giveaways to early listeners. cobie said:

For what it’s worth I don’t even think it’s a good argument that if you’re rich you should do everything for free and everyone should pay out of their own pocket. It’s a cost business, especially if we wanted to do it more often/professionally lol.

Bitcoin BTC BTCUSDT
BTC’s price with small gains on the 4-hour chart. Source: BTCUSDT trading overview

Is There Corruption Within Crypto Exchange Coinbase?

The crypto influencer claims that his relationship with FTX has not stopped him from criticizing the company. The advisor for the Ethereum second-layer solution and lead at Coinbase Wallet Peter Jihoon Kim was very critical of Cobie.

Kim admitted that Coinbase’s listing process is flawed, but he dismissed that there is “any scattered systematic malice and corruption” in the exchange. The Coinbase employee claims the company has defended crypto and classified Cobie’s claims as “pretty dishonest”.

cobie replied:

I found *repeated* potential insider trading and disclosed it privately to your CEO before posting another copy publicly on Twitter a month later. Guess? It turned out to be real insider trading! So yes, there was systemic malice and abuse from Coinbase. There was over a year of insider trading from the guy who wrote the posts about how they are going to make lists more secure!! Of course, it’s not Coinbase “sanctioned” malice. I’m not saying CB is bad or encouraging.

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