July 22, 2022 - 8:29am | By Kyle Cornell
(New York, NY) -- Federal prosecutors are announcing the first insider trading case involving cryptocurrency.
U.S. prosecutors in New York City said Thursday that a former product manager for Coinbase and two others have been charged with wire fraud.
Product manager Ishan Wahi and his brother were arrested Thursday in Seattle, and a third defendant is still at large. Prosecutors say Wahi shared confidential information about new cryptocurrency assets, and that his brother and a friend used blockchain wallets to acquire the assets.
A U.S. attorney in Manhattan said, "fraud is fraud, whether it occurs on the blockchain or on Wall Street."