NEW YORK: Using secret information from cryptocurrency exchange Coinbase, two Indian brothers and their Indian-American buddy engaged in the first-ever bitcoin insider trading operation, according to US officials, which netted them USD1.5 million in illicit money.
Ishan Wahi, 32, a former product manager at Coinbase Global, and his 26-year-old brother Nikhil Wahi remained in Seattle, Washington. The Indian-American Sameer Ramani, 33, of Houston, and they were partners in the bitcoin crime, according to a statement released late on Thursday by the US Department of Justice.
While Ramani is still at large, the Wahi brothers were detained in Seattle and were scheduled to appear before the US District Court for the Western District of Washington. Ishan, Nikhil, and Ramani each face a potential 20-year sentence.
"The accusations serve as yet another reminder that Web3 is not a lawless area. I previously disclosed the first-ever insider trading case involving NFTs just last month, and today I do the same for bitcoin marketplaces. With these accusations, we are making it quite apparent that is fraud,whether it takes place on the blockchain or on Wall Street "Damian Williams, US Attorney, said.
Starting in October 2020, Ishan worked at Coinbase as a product manager designated to a Coinbase asset listing team. He had extensive and in-depth knowledge of which crypto assets Coinbase was preparing to list and the timing of public announcements regarding those crypto asset listings because he was involved in the highly secretive process of listing crypto assets on Coinbase's exchanges. the US government claims that Ishan was aware of Coinbase's plans to list specific crypto assets as well as the date of its public announcements of those listings at least 14 times.
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