Coinbase Asked for $470,000 To Cover Fees

It’s been revealed the fact that Coinbase is making headlines again following the latest moves. Check them out below.

Coinbase requested $470,000 to cover costs and fees stemming from investigations into former Coinbase employee Ishan Wahi and his brother and accomplice, Nikhil. Both are accused of insider trading and wire fraud.

In a letter that has been dated April 3, a lawyer representing Coinbase asked for restitution to cover the costs it said occurred during the investigations by the Department of Justice and the SEC.

The total amount would fall under the Mandatory Victim Restitution Act, which states the fact that victims are entitled to both expenses and lost income from investigation participation of some offenses — including wire fraud.

Over $400,000 would cover ”five grand jury subpoenas served on Coinbase with 65 total requests (including subparts) for documents and information” from the DOJ’s investigation. Additionally, the exchange requested $60,000 in lost wages for employees who had to work alongside the Special Investigation and Security Departments of the DOJ.”

According to the latest reports coming from Coinbase, the exchange’s top lawyer made sure to highlight the fact that “powerful” legal arguments are being made during an important moment in the lawsuit to overturn a US ban on Tornado Cash.

Paul Grewal, chief legal officer at top US exchange Coinbase, said recently that he is optimistic plaintiffs will prevail in the lawsuit against the U.S. Treasury Department to overturn the ban on using the crypto mixer.

Grewal revealed this issue as a reaction to a summary judgment filed Wednesday in U.S. District Court in Texas.

“New months ago, Coinbase backed a legal challenge to sanctions imposed by the US government against Tornado Cash. Today the plaintiffs filed a motion for summary judgment, asking the court to reopen [Tornado Cash] for all. Their arguments are simple but powerful.”