Cobie Was Accused Of Propagating Insider Trading Claims By Coinbase Employee Because Of FTX

Pete Kim, a Coinbase employee, claimed that Cobie, a well-known crypto influencer, propagated rumors of insider trading against Coinbase as a result of their cooperation with FTX.

Cobie claimed that the fact that FTX supports UpOnlyTV had no bearing on his choice to report the incident. He continued by saying that he had no personal motivation to propagate misinformation about Coinbase.

Grant Wright and Kim struck up a casual conversation that resulted in updates regarding the insider trading accusation and Cobie’s function.

Cobie was allegedly paid by FTX to spread the word about the incident, according to Kim:

According to the allegation, FTX’s Sam Bankman-Fried learned of insider trading at Coinbase and used Cobie’s influence to spread the news.

When asked about the FTX sponsorship arrangement with UpOnlyTV, Cobie said that it was just for the purpose of paying the company’s staff and maintaining operations, and that he had never received any money for his own benefit.

Crypto community responds

Users on Twitter have criticized Kim’s approach to inciting FUD against Cobie and FTX.

Ari Paul added that Kim’s tactics indicate that Coinbase has something to hide.

Cobie and the case of insider trading

The U.S. Department of Justice claims that on April 12, 2022, Cobie made the first official statement of an insider trading case at Coinbase.

In the inquiry that followed, Ishan Wahi, the former product manager at Coinbase, was named. The defendant was detained and is now being tried by the DOJ.

Cobie said that at Coinbase, insider trading had been frequent for eighteen months prior to his public disclosure.

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