The prosecutors in charge of the investigation revealed that Ishan Wahi had bought a one-way plane ticket to India for the 16th of last May, but the Police prevented him from boarding.
A former product manager at cryptocurrency trading company Coinbase Global, Ishan Wahi, was arrested and accused of wire fraud, in the first case of improper use of insider information in the field of cryptocurrencies, the prosecutors of the district of Manhattan, in New York, announced on Thursday. His brother Nihkil Wahi, who was arrested, and his friend Sameer Ramani, who remains at large, were also charged.
The US Securities and Exchange Commission (SEC, for its acronym in English) detailed that the defendants “perpetrated a scheme to trade before multiple announcements with respect to certain crypto assets that would be available for trading on the Coinbase platform”.
With that information, Nihkil Wahi and Ramani would have used Ethereum blockchain wallets to acquire the assets and trade them at least 14 times between June 2021 and last April. The commercialization of at least 25 crypto assets generated “illegal profits” above 1.1 million dollars. “Fraud is a fraud, whether it occurs on a ‘blockchain’ or on Wall Street,” declared Manhattan prosecutor Damian Williams.
For his part, the former manager’s lawyer assured him that his client is “innocent” and “intends to defend himself vigorously”.
The prosecutors in charge of the investigation revealed that Ishan Wahi had bought a one-way plane ticket to India for May 16, but the Police prevented him from boarding.
In his initial appearance before bail was set at $1 million in federal court in Seattle and his passport was ordered to be withheld. His next court hearing will be before a federal court in Manhattan on August 2.