A former Coinbase product manager has been charged in the first-ever cryptocurrency insider-trading case, for allegedly tipping his brother and a friend to upcoming asset listings that weren’t yet publicly known.
Ishan Wahi, 32, of Seattle, worked as a product manager for Coinbase Global COIN , the largest crypto exchange in the U.S., and was one of a small group of employees who received advance knowledge of assets that were soon to be listed on the exchange. The Wahi brothers were arrested in Seattle on Thursday, prosecutors said, but Ramani remains at large. It wasn’t immediately clear if the men had retained attorneys and they could not immediately be reached.
According to authorities, Coinbase became aware of the possibility of a leak in April when a Twitter account popular in the crypto community flagged a series of anonymous Ethereum trades that exactly matched an asset listing on the exchange that came 24 hours later.
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