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His brother and their acquaintance are facing comparable allegations. According to the Justice Department website, this is the first criminal case of its kind in American history. The department claims that all three of them made use of insider knowledge on the cryptocurrency that would soon be launched on the Coinbase platform.
"After Coinbase announced that it would list a certain crypto-asset, the market value of that asset typically soared dramatically. As a result, Coinbase regarded such information as being strictly confidential and forbade its workers from disclosing it to third parties, including by offering a "tip" to anyone who would trade based on it," the Justice Department stated.
In order to benefit from the increase in the price of cryptocurrencies listed on the exchange, Ishan Wahi, a former product manager at Coinbase, shared this knowledge with his brother Nikhil Wahi and his friend.
According to the investigation, Ishan Wahi gave his brother and a friend information on 14 different cryptocurrencies in total.
source: cnn.com
"After Coinbase announced that it would list a certain crypto-asset, the market value of that asset typically soared dramatically. As a result, Coinbase regarded such information as being strictly confidential and forbade its workers from disclosing it to third parties, including by offering a "tip" to anyone who would trade based on it," the Justice Department stated.
In order to benefit from the increase in the price of cryptocurrencies listed on the exchange, Ishan Wahi, a former product manager at Coinbase, shared this knowledge with his brother Nikhil Wahi and his friend.
According to the investigation, Ishan Wahi gave his brother and a friend information on 14 different cryptocurrencies in total.
source: cnn.com
