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ARTICLE · 01 AUGUST 2022

DOJ Brings Charges In First Insider Trading Case Involving Cryptocurrency Markets, As Parallel SEC Complaint Categorizes Crypto Assets As Securities

Buchanan Ingersoll & Rooney
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On July 21, the U.S. Attorney's Office for the Southern District of New York and the Securities and Exchange Commission (SEC) announced insider trading allegations against three defendants related...

United StatesTechnology
Jason P. Bologna
Jason P. Bologna
Brian North
Brian North
Mark A. Kasten
Mark A. Kasten
Jordan A. Yeagley
Jordan A. Yeagley
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On July 21, the U.S. Attorney's Office for the Southern District of New York and the Securities and Exchange Commission (SEC) announced insider trading allegations against three defendants related to the trading of crypto assets, in what U.S. Attorney Damian Williams heralded as the "first ever insider trading case involving cryptocurrency markets."

The government charged Ishan Wahi, a former Coinbase Global, Inc. (Coinbase) product manager, along with Nikhil Wahi, and Sameer Ramani with "wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information." Ishan Wahi allegedly provided non-public information to his brother and friend regarding specific crypto assets which were scheduled for listing on Coinbase's exchanges, allowing them to purchase those assets and benefit from the "bump" that typically occasions an asset being added to the exchange.

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