The first cryptocurrency insider trading case in the United States: 2 arrested and 1 at large

BEIJING, July 22 (Reuters) – A product manager at cryptocurrency exchange Coinbase Global has been charged with wire fraud, along with two others, U.S. prosecutors in Manhattan said on Thursday, the first time in U.S. history. A case of insider trading in cryptocurrency.

Ishan Wahi, a former product manager at the Coinbase cryptocurrency exchange, was arrested in Seattle with his brother Nikhil Wahi. They also have an accomplice named Sameer Ramani. The three face civil charges from the SEC, and Ramani remains at large.

Wall, 32, and his lawyers said Wall was not at fault and would defend himself.

Prosecutors allege that Wall leaked confidential information related to the upcoming trading of new crypto assets on Coinbase, where users could participate in the transactions. Also, when the Coinbase security director asked Wall to travel to the Seattle branch for a meeting, he bought a one-way ticket to fly to India. Law enforcement barred him from boarding the May 16 flight, and Wall did not run away.

The court held Wall on $1 million bail and ordered him to surrender his passport, and prosecutors did not detain Wall, although Wall showed signs of fleeing.

From June 2021 to April 2022, Wall and Ramani used the Ethereum cryptocurrency wallet to purchase assets, and before Coinbase announced the news, the transaction price was at least 14 times the purchase price, and the illegal gains were at least 1.5 million US dollars.

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