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ARTICLE · 29 JULY 2022

When Cryptocurrency Gets Too Cryptic: First Charges Of Insider Trading Foreshadow Heightened Government Scrutiny

Harris Beach
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Three individuals are facing criminal and civil charges in the first-ever cryptocurrency insider trading scheme.

United StatesTechnology
Paulo M. Coelho
Paulo M. Coelho
Jack M. Martins
Jack M. Martins
Emma Powlin
Emma Powlin

Three individuals are facing criminal and civil charges in the first-ever cryptocurrency insider trading scheme. In its July 21, 2022 announcement, the U.S. Attorney for the Southern District of New York ("SDNY") alleges that Ishan Wahi, through his managerial position at the U.S. publicly traded corporation, Coinbase Global, Inc. ("Coinbase"), engaged in insider trading. Specifically, they allege that he shared confidential (insider) Coinbase information about which crypto assets were scheduled to be listed on Coinbase's exchanges with his brother, Mikhil Wahi, and friend, Sameer Ramani.

The trio have been indicted on charges of wire fraud conspiracy and wire fraud, each of which carry a maximum sentence of 20 years. On the same day, the Securities and Exchange Commission ("SEC") also announced insider trading charges against the trio on the same facts.

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