Ishan Wahi, former product manager of crypto exchange Coinbase, has been arrested in the US accused of fraud using insider trading, according to the US Justice Department.
The US authorities have also arrested his brother, Nikhil Wahi, and have charged Samir Ramani, according to a press release. The three face up to 20 years in prison.
According to the post:
“The suspects conspired to commit wire fraud and crypto-asset insider trading fraud through the use of Coinbase’s confidential information about a planned listing on an exchange.”
The prosecutor’s office noted that Ishana Wahi had access to data related to the process of listing cryptocurrencies on the platform. In particular, he knew when the company intended to make relevant public announcements and open trading.