A former Coinbase product manager and his brother, along with a Houston man, were charged Thursday in what federal authorities described as the U.S. government’s first cryptocurrency insider trading case. FOX13
A former Coinbase product manager and his brother, along with a Houston man, were charged Thursday in what federal authorities described as the U.S. government’s firstThe brothers — Ishan Wahi and Nikhil Wahi — were arrested in Seattle while the Houston man, Sameer Ramani, remained at large, federal authorities said as they announced the unsealing of an indictment in Manhattan federal court.
Authorities said Ishan Wahi was stopped by law enforcement prior to boarding a May 16 flight to India and was prevented from leaving the country. In the hours before boarding the flight, he had telephoned and sent texts to his brother and Ramani to alert them about an investigation Coinbase was carrying out, according to a release.
Michael Driscoll, head of the FBI’s New York office, said the defendants collected about $1.5 million in illegal profits by trading in at least 25 different crypto assets.Attorneys representing Ishan Wahi said in an email to The Associated Press that their client is innocent and "intends to defend himself vigorously against these charges and in the SEC action."The Securities and Exchange Commission brought civil insider trading charges against the men in Seattle federal court.
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