First Insider Crypto Trading Case In U.S.

U.S. Records The First Insider Crypto Trading Case

The U.S. Federal authorities have charged an ex-Coinbase product manager, his brother, and a Houston man in an insider crypto trading case. The most notable fact here was that this was regarded as the first insider trading case that the U.S. government recorded. Since insider cryptocurrency trading is a serious offence these alleged criminals are set to face the wrath of government officials who are strictly against such acts.

The Wahi Brothers – Ishan and Nikhil were arrested by the concerned authorities. However, the Houston man, Sameer Ramani, could still not be traced and remained at large. The aforementioned information was unveiled by the Fed officials after the announcement of the revelation of indictment in a Manhattan federal court.

Fed officials said that Ishan Wahi, aged 32, worked as a product manager on a major crypto exchange platform, Coinbase, where he shared tips, tricks, and tactics, with Nikhil and Sameer. Thereafter, they formulated strategies to commence insider crypto trading operations which then were identified by the law and order. All of them were subsequently charged with wire fraud and wire fraud conspiracy.

The indictment also mentioned that Ishan Wahi had booked a one-way air ticket to India after agreeing to interrogation by Coinbase in order “to flee from the United States.” However, the attempt to escape failed and he was caught in time.

Michael Driscoll, the FBI New York office head, said that the insider crypto trading case’s accused trio has been estimated to have wiped off $1.5 million of crypto profits through the illegal mode. They traded in about 25 different cryptocurrencies. The attorneys defending Ishan said that their client was innocent and “intends to defend himself vigorously against these charges and in the SEC action.” Further investigations are still underway and what is next in store is still uncertain as of now.

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