3 charged with wire fraud in federal cryptocurrency case

·1 min read

A former employee of the cryptocurrency exchange platform Coinbase and two others were charged by the U.S. Securities and Exchange Commission for alleged insider trading valued at more than $1.1 million.

Prosecutors who filed the lawsuit Thursday in U.S. District Court in Seattle say this is the first insider-trading case involving cryptocurrency markets.

The lawsuit says between June 2021 and April 2022, former product manager Ishan Wahi, his brother Nikhil Wahi and close friend Sameer Ramani traded crypto assets listed on Coinbase before at least 10 announcements and sold them for a profit.

The lawsuit says Ishan Wahi would tell the two men about the confidential announcements using a foreign phone.

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