A former Coinbase employee and two others have been charged for an insider trading scheme. Prosecutors say it is the first insider trading-related charge involving cryptocurrency.
The former employee, Ishan Wahi, 32, allegedly told his brother Nikhil Wahi, 26, and his associate Sameer Ramani, 33, at least 14 times of crypto assets that Coinbase was going to list before the company had publicly announced it, according to a lawsuit filed in the U.S. District Court for the Western District of Washington."Today’s charges are a further reminder that Web3 is not a law-free zone.
Prosecutors stressed the importance of going after insider trading in"more traditional financial markets" and in emerging financial markets.
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