On Thursday, US authorities accused and arrested a former Coinbase employee of cryptocurrency insider trading. The Justice Department has accused the exchange’s former product manager, Ishan Wahi, of releasing confidential information about the upcoming ads to his brother Nikhil Wahi and a friend, Sameer Ramani, who were also accused. Ishan Wahi allegedly had access to confidential information regarding the timing in which new assets would be listed by Coinbase, and would have informed the other two, allowing them to make trades worth of, the statement said.
According to US Attorney Damian Williams, the case shows that the tokenizable valyrian space is “not a lawless zone.” “Just last month, I announced the first ever insider trading case involving NFT and today I’m announcing the first ever insider trading case involving cryptocurrency markets.” “Fraud is fraud is a fraud, whether it occurs on the blockchain or on Wall Street.
When a Twitter post warned of trading ahead of a listing in April, Coinbase began investigating. When called for a meeting in May, Ishan Wahi attempted to leave the country, buying a one-way ticket to India, the Justice Department said.
