A July 2022 newsletter paired two very different stories: its account of Chinese users exchanging adult-only material through Wallpaper Engine, and U.S. authorities’ first criminal insider-trading case tied to cryptocurrency markets. The first story rests here on a newsletter repost; the second later developed into guilty pleas, a prison sentence and civil settlements.
How did Chinese users use Wallpaper Engine?
A newsletter repost dated July 23, 2022, summarized Zeyi Yang’s reporting by describing Wallpaper Engine as animated and interactive wallpaper software that some users used as a cloud drive and video player to exchange adult-only content. The repost framed this activity as a way of getting around China’s restrictions on pornography. This is an account of what the newsletter reported in 2022, not independently verified evidence of current use or access.
The newsletter also attributed to MIT Technology Review this estimate: At least 40% of Wallpaper Engine’s global user base was estimated to be Chinese — MIT Technology Review, 2022, as attributed by the newsletter repost. The original estimate’s methodology is not established in the material available here.
What was the first crypto insider-trading case?
On July 21, 2022, the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) announced separate proceedings concerning advance trading around Coinbase token-listing announcements. The DOJ called its case the first-ever cryptocurrency insider-trading tipping scheme. Authorities alleged that former Coinbase product manager Ishan Wahi shared confidential information about planned listings with his brother, Nikhil Wahi, and his friend, Sameer Ramani, who allegedly traded ahead of the announcements.
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Two agencies, two kinds of case
- DOJ criminal case: The July 2022 announcement described an indictment alleging wire fraud. An indictment is an accusation, not proof of guilt. Ishan Wahi later pleaded guilty to wire fraud conspiracy.
- SEC civil case: The SEC filed a civil complaint alleging securities-law violations in connection with certain tokens. The SEC’s Division of Enforcement director, Gurbir S. Grewal, said: “We are not concerned with labels, but rather the economic realities of an offering.” That was the SEC’s position in this case, not a court ruling that all crypto assets are securities.
Why the early profit figures differ
The agencies described different measures, so their figures should not be treated as interchangeable:
| Source and date | Figure and measure |
|---|---|
| SEC, July 2022 | More than $1.1 million in alleged illicit profits. |
| U.S. Attorney’s Office for the Southern District of New York, July 2022 | Approximately $1.5 million in alleged realized and unrealized gains. |
What happened after the 2022 announcements?
The subsequent official releases document outcomes through 2023. On February 7, 2023, DOJ announced that Ishan Wahi had pleaded guilty. U.S. Attorney Damian Williams said: “Ishan Wahi – a former Coinbase product manager – admitted in court today that he tipped others regarding Coinbase’s planned token listings so that they could trade in crypto assets for a profit.” This was the prosecutor’s statement accompanying the plea announcement.
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- PC CASE MONITOR AND SENSOR PANEL: The 9.2-inch V92 is a dedicated PC screen for case builds, showing CPU/GPU temperatures, usage, RAM, fan speeds, clocks, weather, and custom widgets. It is not a standard extended monitor.
- 1920 x 462 IPS LCD SCREEN FOR PC: This ultra-wide PC case LCD delivers bright, sharp visuals and wide viewing angles for easy reading through tempered glass. The slim aluminum body measures 242.4 x 63.1 x 12 mm.
- USB-C OR INTERNAL 9-PIN CONNECTION: Connect through an external USB port or an available motherboard USB 2.0 9-pin header. No HDMI or DisplayPort is required, keeping GPU video outputs free. Both USB cables are included.
- FREE STATION SPACE SOFTWARE, NO AIDA64 REQUIRED: Monitor system data and use free themes, plugins, JPG, GIF, MP4, weather, news, and stock widgets. Station Space must remain running. Windows 10/11 only; not compatible with macOS or Linux.
- FLEXIBLE CASE MOUNTING: Install the PC case display horizontally or vertically using the included case fan mounting bracket and rear threaded holes. Check the 9.54 x 2.48 x 0.47 in clearance before purchase for your ATX, micro-ATX, or ITX case.
In May 2023, DOJ announced that Wahi had been sentenced to two years in prison. In June 2023, the SEC announced settlements with Ishan and Nikhil Wahi in its civil case. These milestones distinguish the later record from the allegations made when the cases were first announced; they do not establish any subsequent docket activity beyond the cited 2023 announcements.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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