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Two Indian brothers and their friend have been charged in the first US insider trading case involving cryptocurrencies. Ishaan Wahi and Nikhil Wahi, former Product Managers at Coinbase – were arrested in Seattle last Thursday morning.
According to the report, Coinbase allows people to trade crypto through its exchange. Ishaan Wahi confided in his brother and friend Ramani about upcoming announcements about the new cryptocurrency.
Thus they have made profitable trades in those crypto assets in front of the general public.
Prosecutors said Wahi and Ramani used Ethereum blockchain wallets to buy assets, made at least 14 trades between June 2021 and April 2022 before Coinbase’s announcements, and made at least $1.5 million in illegal gains.