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U.S. crypto insider trading case

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In the first case involving cryptocurrency insider trading in the United States, a former Coinbase manager faces prosecution.

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In the first bitcoin insider trading case, a former Coinbase Global product manager and two others have been charged with wire fraud.

Nikhil and Ishan Wahi, brothers, were arrested Thursday in Seattle. That day, they have a court.

“Sameer Ramani faces SEC civil charges. Ramani fled.”

Ishan Wahi, 32, allegedly disclosed secret information regarding new bitcoin assets Coinbase will let consumers trade.

Nikhil Wahi, 26, and Ramani, 33, reportedly utilized Ethereum blockchain wallets to buy the assets and traded at least 14 times before Coinbase’s June 2021 and April 2022 notifications, prosecutors claimed.

Prosecutors said Ishan Wahi bought a one-way ticket to India after a Coinbase security director asked him for a meeting. Prosecutors said law enforcement denied him boarding on May 16.

Ishan Wahi’s counsel declined to comment. Nikhil Wahi’s lawyer didn’t immediately comment. Unidentified was Ramani’s attorney.

Chief security officer Philip Martin said Coinbase shared internal inquiry findings with prosecutors.


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