<p>US authorities have charged an ex-product manager at Coinbase Global and&nbsp;two others in a cryptocurrency insider trading case.</p>

<p>Reports claimed the former product manager Ishan Wahi and his brother Nikhil Wahi were arrested in Seattle. Another person named Sameer Ramani is reportedly at large.</p>

<p><a href="https://www.wionews.com/world/singapores-central-bank-to-tighten-regulations-around-cryptocurrency-crypto-companies-sweat-profusely-498910">Also Read:&nbsp;</a><a href="http://13.235.153.162/world/singapores-central-bank-to-tighten-regulations-around-cryptocurrency-crypto-companies-sweat-profusely-498910" hreflang="en">Singapore's central bank to tighten regulations around cryptocurrency</a></p>

<p>It is the first insider trading case involving cryptocurrency. Ishan Wahi had allegedly leaked insider information to his brother Nikhil Wahi, 26, and his friend Sameer Ramani, 33, before Coinbase Global Inc was listed on the crypto exchange.</p>

<p>The three accused were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency, the US government said in a statement.</p>

<p><strong>Watch:&nbsp;Cryptocurrency continues to crumble</strong></p>

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<p>While announcing the development, US attorney Damian Williams said: “Today’s charges are a further reminder that Web3 is not a law-free zone. Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street."</p>

<p>FBI's assistant director Michael J. Driscoll said the allegation related to crypto exchange "still constitutes insider trading".</p>

<p>"The defendants made illegal trades in at least 25 different crypto assets and realized ill-gotten gains totalling approximately $1.5 million," Driscoll said while informing that the agency was committed to protecting the "integrity of all financial markets – both ‘old’ and ‘new’.”&nbsp;</p>

<p>Coinbase is reportedly one of the largest cryptocurrency exchanges in the world.&nbsp;Ishan Wahi was the product manager at Coinbase asset listing team, the US government informed and he had "detailed and advanced knowledge" of crypto assets Coinbase was planning to list.</p>

<p>The US government informed Ishan Wani, 32, had acquired a one-way flight to India as he was to be interviewed by Coinbase over the alleged fraud.</p>

<p>The US government alleged that Ishan Wahi tipped his brother Nikhil and associate Sameer Ramani so that they could place profitable trades in crypto assets in advance of Coinbase’s public listing and they reportedly used anonymous Ethereum blockchain wallets to acquire crypto assets.</p>

<p>(With inputs from Agencies)</p>

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US authorities have charged an ex-product manager at Coinbase Global and two others in a cryptocurrency insider trading case. Reports claimed the former product manager Ishan Wahi and his brother Nikhil Wahi were arrested in Seattle.

US authorities have charged an ex-product manager at Coinbase Global and two others in a cryptocurrency insider trading case. Reports claimed the former product manager Ishan Wahi and his brother Nikhil Wahi were arrested in Seattle. Another person named Sameer Ramani is reportedly at large. Also Read: Singapore's central bank to tighten regulations around cryptocurrency It is the first insider trading case involving cryptocurrency. Ishan Wahi had allegedly leaked insider information to his brother Nikhil Wahi, 26, and his friend Sameer Ramani, 33, before Coinbase Global Inc was listed on the crypto exchange. The three accused were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency, the US government said in a statement. Watch: Cryptocurrency continues to crumble While announcing the development, US attorney Damian Williams said: “Today’s charges are a further reminder that Web3 is not a law-free zone. Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street." FBI's assistant director Michael J. Driscoll said the allegation related to crypto exchange "still constitutes insider trading". "The defendants made illegal trades in at least 25 different crypto assets and realized ill-gotten gains totalling approximately $1.5 million," Driscoll said while informing that the agency was committed to protecting the "integrity of all financial markets – both ‘old’ and ‘new’.” Coinbase is reportedly one of the largest cryptocurrency exchanges in the world. Ishan Wahi was the product manager at Coinbase asset listing team, the US government informed and he had "detailed and advanced knowledge" of crypto assets Coinbase was planning to list. The US government informed Ishan Wani, 32, had acquired a one-way flight to India as he was to be interviewed by Coinbase over the alleged fraud. The US government alleged that Ishan Wahi tipped his brother Nikhil and associate Sameer Ramani so that they could place profitable trades in crypto assets in advance of Coinbase’s public listing and they reportedly used anonymous Ethereum blockchain wallets to acquire crypto assets. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Three Indians charged in first crypto insider trading case in US

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Three Indians charged in first crypto insider trading case in US

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