SEC charges ex-Coinbase employee, his brother, and his friend in the first-ever crypto insider trading case

A former Coinbase product manager, along with his brother and friend, has been charged with"wire fraud conspiracy in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information," according to attorneys from theThe complaint filed in the federal district court in Seattle where Coinbase is located charges Ishan and Nikhil Wahi, along with Sameer Ramani, with"violating the antifraud provisions of the securities laws and...

The trio earned over $1.1 million in"an alleged insider trading scheme that repeatedly used material, nonpublic information to trade ahead of Coinbase listing announcements,” said Carolyn M. Welshhans, acting chief of the SEC's crypto and cyber unit in aAccording to the filing, the almost year-long scheme involved Ishan Wahi providing information about upcoming token listings on Coinbase to his brother and friend.

Whenever Coinbase announces that a new cryptocurrency is coming to its platform, the crypto in question often skyrockets in value. This is known as the"Coinbase effect." Wahi and Ramani made at least 14 transactions involving 25 crypto assets; 9 were identified as securities that fall under the jurisdiction of the SEC. Gurbir Grewal, director of enforcement at the SEC, said the"defendants engaged in typical insider trading ahead of their listing on Coinbase." He then continued that the SEC will continue"to ensure a level playing field for investors, regardless of the label placed on the securities involved.

Damian Williams, US attorney out of the Southern District of NY, said in a statement,"Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street. And the Southern District of New York will continue to be relentless in bringing fraudsters to justice, wherever we may find them.”The Wahi brothers were arrested today in Seattle and are expected to appear in federal court today. Sameer Ramani is at large.

^^^

Nancy Pelosi insider trades every day, but nobody looks at her family for it.

PC GAMER INVESTOR

is this a crypto or pc gaming account?

First of many

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