INSIDER TRADING IN THE AGE OF SOCIAL MEDIA

This thesis examines insider trading in the age of social media, focusing on how digital communication transforms the dissemination, qualification and enforcement of inside information. Traditionally grounded in the misuse of confidential, price-sensitive information, insider trading is increasingly shaped by online platforms that blur the boundary between public and non-public information and amplify the role of tipping and indirect disclosure. Adopting a comparative approach, the research analyses the European Union’s Market Abuse Regulation and the United States’ duty-based framework under Rule 10b-5, highlighting their different responses to digital environments. While the EU model emphasises informational asymmetry and a possession-based regime, the U.S. approach relies on fiduciary breach and scienter, leading to divergent enforcement outcomes. The thesis further explores these issues through the Coinbase (Wahi) case, illustrating how insider trading principles operate within crypto-asset markets and digitally mediated ecosystems. Ultimately, it argues that technological innovation alters the channels of information but not the underlying problem of informational inequality, requiring continuous regulatory adaptation to preserve market integrity.