Note that the fraud here is against Coinbase. Namely, that the defendant who worked there fraudulently agreed to abide by non-disclosure and trading policies.

Note that the fraud here is against Coinbase. Namely, that the defendant who worked there fraudulently agreed to abide by non-disclosure and trading policies. The others are wrapped up in conspiracy charges. I think this is a pretty novel charge and IMHO isn't going to stick. They're going to have to prove an intent to deceive and deceive specifically to "insider trade". Agreeing not to disclose and then disclosing isn't in itself fraud. You have to plan to disclose prior to that agreement to make it fraud.