Coinbase Employee's Brother Guilty of Insider Trading.
09 Oct 2022, 08:00
Coinbase Employee’s Brother Guilty of Insider Trading
Not long ago, Live Bitcoin News published an article talking about the world’s first cryptocurrency insider trading case, which occurred at the hands of a former employee of popular digital currency exchange Coinbase. It now looks like that case has reached a new pinnacle.
Former Coinbase Employee May Have Conducted Insider TradesThe case involves Ishan Wahi, a former product manager for Coinbase. He is accused of receiving private information about what coins the exchange was going to list and then sharing it with his personal acquaintances, one of which was his brother Nikhil Wahi. It is alleged that Ishan told his brother and a friend named Sameer Ramani about the coins, prompting them all to invest just shy of the listings. They were reportedly aware that Coinbase would potentially cause the prices of the coins to rise.
From there, they would engage in selling the assets for a profit. Nikhil has admitted that trades were conducted based on confidential data gathered from Coinbase. He has subsequently pled guilty to several charges including a wire fraud conspiracy charge. This is now labeled the first case of its kind in the digital currency arena.