An ex-Coinbase manager was detained in an insider trading case for disclosing asset listing information
Based on the ex-Coinbase employee’s information, the DOJ alleged that his brother and an associate earned around $1.5 million in profits. On July 21, the US Department of Justice arrested former Coinbase chief product officer Ishaan Wahi and his brother Nikhil Wahi and charged Sameer Ramani with fraud. The charges came in connection with what the Justice Department called “the first insider trading in digital currencies.” Ramani is on the run from the authorities.
According to the indictment, the defendants made about $1.5 million from “illegal trading” in at least 25 different cryptocurrencies. The US Department of Justice arrested former Coinbase product manager Ishaan Wahi and his brother Nikhil Wahi on July 21 and charged Sameer Ramani with fraud.
Our message with these allegations is clear: fraud is a fraud, whether it occurs on the blockchain or Wall Street, said Damian Williams, US Attorney for the Southern District of New York. Wherever they are found, fraudsters are ruthlessly pursued by the Southern District of New York.
According to the indictment, the defendants allegedly gained $1.5 million from “illegal trading” in at least 25 different cryptocurrencies. mass The Department of Justice said that following the announcement of a potential listing of Coinbase’s assets, the value of cryptocurrencies “rose dramatically.” As a result, Coinbase kept all information about public listings private and forbade its workers from disclosing it or giving financial advice.
According to the DOJ investigation, the wallet transactions indicated by the Gobi were carried out by Ramani. He received an email from the exchange’s security administrator on May 11 requesting him to show up for a face-to-face interview on May 16 after Coinbase launched an inquiry. The discussion will happen just before the journey to India. He lied to his coworkers, telling them he had left for India on May 15.
Ishan contacted and texted Nikhil and Ramani about the Coinbase probe in the hours before boarding the flight and supplied a snapshot of his communications with the security director. The police detained him before getting on the plane, preventing him from leaving the country.