US files its first criminal charges over insider trading of cryptocurrency
exchange employee Ishan Wahi. This is the first time officials have levelled charges relating to insider trading of digital currency, according to Southern District of New York attorney Damian Williams.from the Securities and Exchange Commission, prosecutors allege Wahi shared confidential information about future asset listings with his brother Nikhil Wahi and his brother's friend Sammer Ramani.
Coinbase started an internal investigation in April in response to a Twitter post about unusual trading activity. Ishan Wahi booked a flight to India right before Coinbase was set to interview him, but he and his brother were arrested in Seattle this morning. Ramani is still at large and believed to be in India, the SEC said.
Wahi's lawyers maintained their client's innocence, and said he would"vigorously" defend against the charges. Ramani and the attorney for Wahi's brother haven't commented on the charges. Coinbase said it had information to the Justice Department and had fired Wahi as part of a"zero tolerance" policy for this behavior.
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