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The US Department of Justice first caught crypto insider trading ex-Coinbase employee fleeing details such as blockbuster

The U.S. Department of Justice has once again demonstrated its strength and the effectiveness of its supervision. For the first time, it has arrested insider trading in the cryptocurrency industry. The full text of the insider trading of former Coinbase employees disclosed is like a blockbuster movie, and may become the subject of a Netflix movie. The crypto industry, where insider trading is rampant, not only causes the harvesting of retail investors, but also makes it a compliance obstacle similar to that of spot ETFs. In fact, exchanges such as Binance also have a lot of strict self-examination on insider trading. It is expected that in the future, there will be more and more criminal means involving insider trading, which will play an important role in purifying and complying with the industry.

US Department of Justice press release

U.S. Attorney Damian Williams for the Southern District of New York and Michael J. Driscoll, Assistant Director of the FBI’s New York Field Office, today announced the indictment of three charges against former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and his friend Sameer Ramani Involved in alleged wire and mail fraud, as well as insider trading using confidential information on which crypto assets will be listed on the Coinbase exchange. Ishan Wahi and Nikhil Wahi were arrested this morning in Seattle, Washington, and will appear in U.S. District Court for the Western District of Washington today. Sameer Ramani was also charged today and has not been arrested.

U.S. Attorney Damian Williams said: “Today’s charges further remind us that Web3 is not an extrajudicial place. Just last month, we announced our first insider trading case involving NFTs, and today we announce our first involving cryptocurrency markets. of insider trading cases. Our message to these allegations is clear: Fraud is fraud, whether it happens on the blockchain or on Wall Street. The Southern District of New York will continue to work tirelessly to bring fraudsters to justice, wherever we are…

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