In the first insider trading case involving cryptocurrencies, two other individuals, including a former product manager at Coinbase Global, have been charged with wire fraud. This information was released on Thursday by US prosecutors in Manhattan.
The bitcoin exchange’s product manager Ishan Wahi and his brother Nikhil Wahi were taken into custody on Thursday in Seattle.
The United States Securities and Exchange Commission has also filed civil charges against them and a third defendant, their buddy Sameer Ramani, who is still at large.
Ishan Wahi, according to the prosecution, divulged secret information on upcoming announcements of new digital assets that Coinbase will permit users to trade on its platform. Between June 2021 and April 2022, his brother and Ramani reportedly exchanged at least 14 times prior to such declarations, according to the prosecution.
Prosecutors claim that Nikhil Wahi and Ramani purchased the assets prior to Coinbase’s disclosures using ethereum blockchain wallets and subsequently profitably sold them.
The post Ex-Coinbase manager is accused by the US in the first crypto insider trading case appeared first on NFT News Pro.