KEY POINTS
  • Three people have been charged in the first-ever crypto insider trading tipping scheme.
  • The individuals were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets

Three people have been charged in the first-ever crypto insider trading tipping scheme, according to the U.S. Attorney's Office for the Southern District of New York and the Securities and Exchange Commission.

U.S. Attorney Damian Williams charged Ishan Wahi, a former product manager at Coinbase, his brother, Nikhil Wahi, and a friend, Sameer Ramani, with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets. The charges allege the individuals planned to use confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase's exchanges.