The U.S. Department of Justice arrested former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and charged Sameer Ramani on allegations of wire fraud and insider trading.
The DOJ alleged in a press release that Ishan Wahi shared information about what crypto assets Coinbase would list with Nikhil Wahi and or Ramani prior to the actual listing. The Securities and Exchange Commission (SEC) also brought charges against the three tied to the same insider trading allegations.
In a statement, U.S. attorney Damian Williams noted this was the second insider-trading case in crypto that the DOJ has brought.
“Today I announce the first ever insider trading case involving cryptocurrency markets. Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street. And the Southern District of New York will continue to be relentless in bringing fraudsters to justice, wherever we may find them,” he said.
