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Reddit mods dumped tokens hours before blockchain program termination(cointelegraph.com)

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Number1SummerJam@lemmy.world
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Naatan@lemdro.id
76 points

Doesn’t this constitute insider trading? Sincerely hope some redditor takes them to court.

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Neato@kbin.social
31 points

Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn’t rhetorical, I’ve no idea.

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thantik@lemmy.world
54 points

The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC.

Found here: https://www.sec.gov/news/press-release/2023-98

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resin85@lemmy.ca
13 points

Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees.

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SpiderShoeCult@sopuli.xyz
4 points

I am also curious. On the one hand, if you tax any gains from it you should also make sure it operates within some legal framework. On the other hand, would anybody investigate a magic bean salesman for insider trading? Would they rather charge them with scamming?

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MrZee@lemm.ee
8 points
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Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting.

I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”.

Here is an overview on the IRS’s guidance for reporting illegal income:

https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/

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