DOJ And SEC Accuse Coinbase Manager Of Insider SchemeAdmin
The U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) have accused a former product manager at cryptocurrency exchange Coinbase of engaging in insider trading. Representatives of these organizations claimed that the former head of one of the departments of the platform, Ishan Wahi, and two of his accomplices earned more than $1 million through fraud.
The DOJ has assured that three people have carried out activities during one year that can be qualified as an insider trading scheme. The US federal authorities emphasized that the suspects sold data and manipulated transactions in the marketplace, thanks to which they managed to enrich themselves.
According to a DOJ representative, Ishan Wahi, while holding a high position in a company from San Francisco, allegedly provided information about the upcoming listings of digital assets to his brother Nikhil Wahi and their mutual friend Samir Ramani. According to official statements, at least in this case, the authorities have irrefutable evidence.
The U.S. Department of Justice announced that all three were arrested and charged with conspiracy using electronic means of communication and fraud with a scheme to commit insider trading in cryptocurrency assets using confidential information of the Coinbase site. The SEC also announced that it had filed civil lawsuits against three suspects for alleged criminal activity.