07:49:08 EDT Fri 02 Jun 2023
Enter Symbol
or Name

Login ID:

Globe/wire say SEC takes aim at crypto insider trading

2022-07-22 08:41 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Friday edition that U.S. Federal authorities filed criminal and civil charges against a former Coinbase Global employee and two other men in an insider-trading case involving confidential information about cryptocurrency assets that were about to be posted on Coinbase's exchange. A New York Times item inside The Globe says that the three men were allegedly involved in trades using information that generated about $1.5-million (U.S.) in illegal profits, according to federal prosecutors in Manhattan. Authorities say the case is the first time the feds have filed criminal insider-trading charges involving cryptocurrency assets. The prosecutors, as well as the Securities and Exchange Commission in civil charging documents, said Ishan Wahi, who at the time was part of a Coinbase group that listed assets on the exchange, passed on confidential information about when some cryptocurrency assets would be listed to his brother, Nikhil Wahi, and his brother's friend, Sameer Ramani. Nikhil Wahi and Mr. Ramani used that information to buy the assets before Coinbase announced they would be listed, authorities said. After the announcement, the men sold the assets for a profit.

© 2023 Canjex Publishing Ltd. All rights reserved.