3 ms·
The amounts in these insider trading schemes always seem small to me. $750k per person? If I had advance knowledge of all Coinbase listing announcements I'm pre
by modeless 4y ago
The amounts in these insider trading schemes always seem small to me. $750k per person? If I had advance knowledge of all Coinbase listing announcements I'm pretty sure I could make more than that!
- notch656a 4y agoI mean one of the dudes was flying to india. 750k is probably enough to buy some rural property there and live the rest of your life off interest. The less money, the less radar signature.
- anewpersonality 4y agoHe goofed. Should have left the country far before. And was found out only after a random twitter account did correlations How much more crypto employees are getting away with it?
- ayewo 4y agoWhich Twitter account was it?
- mikeyouse 4y agohttps://twitter.com/cobie/status/1513874972552355846 https://twitter.com/cobie/status/1513874972552355846
- TechBro8615 4y agoI appreciate how the top reply to that Tweet is an animated GIF of Speaker Pelosi rubbing her hands together. Note: Speaker Pelosi has not been arrested for insider trading
- anewpersonality 4y agoSpeaker Pelosi's insider trades are a parliamentary privilege!
- vishnugupta 4y ago> Should have left the country far before. People just don’t quit while ahead. They are confident that they are smart enough to keep their scheme going just a little bit longer. I mean 750K is almost good enough to retire in India and work as a freelancer or something. But no, they need a bigger house, bigger cars and what not.
- time_to_smile 4y agoAt least according to levels.fyi an IC6 PM at coinbase can make around 500k/year in total comp. So if the goal was to acquire a bunch of rural property in India and live off interest it seems that just working and saving for a few years would be a wildly less risky route. Personally I don't think it's a good risk/reward calculus to try to commit potential felony offenses for levels money that are reasonably in line with what you could eventually get as your annual TC. I can understand a barista at starbucks committing fraud for 750k, but it doesn't seem quite worth it for a PM at one of the highest paying tech companies.
- ingenieros 4y agoAccording to Glassdoor: "The typical Coinbase Product Manager salary is $210,576 per year." This guy was dumb AF to risk losing not just his cushy tech job, but potentially even his right to remain in the U.S depending of his legal status.
- notch656a 4y agoFor a lot (not most) immigrants, the american dream is to cash out big time on salary/fraud/crime and then fuck back to whatever country they came from where cost of living is at ground floor to live it up. Maybe he was only 5 years away from that and just accelerated it.
- parineum 4y ago750k is a lot of money.
- modeless 4y agoSure, but $7.5m is more money, and seems achievable. Dogecoin spiked 6% after its Coinbase listing announcement and Binance offers 50x leverage. And Coinbase listed 83 different things in 2021.
- greenthrow 4y agoThe bigger the amount the more likely someone will notice.
- modeless 4y agoI doubt these guys were that afraid of law enforcement because nobody thought insider trading laws applied to crypto markets at the time. I guess they could be afraid that their source would get fired, but if you've already made 20x his salary then getting fired doesn't seem like a huge problem.
- greenthrow 4y agoThey could have just been scared of getting in trouble at work. Who knows.
- tempsy 4y agoIt's definitely not when you're risking your livelihood. Total comp for a mid level PM is probably north of $400k, so this is less than 2 years salary.