First cryptocurrency insider trading case snares 3

A former Coinbase employee and his brother, along with a Houston man, have been charged in what federal authorities described as the U.S. government’s first cryptocurrency insider trading case.

Ishan Wahi and Nikhil Wahi have been arrested while Sameer Ramani remains at large. Federal authorities announced the unsealing of an indictment Thursday in federal court in Manhattan. They said 32-year-old Ishan Wahi was a product manager at Coinbase when he provided tips to 26-year-old Nikhil Wahi and their 33-year-old friend Ramani.

All were charged with wire fraud conspiracy and wire fraud. Attorneys representing Ishan Wahi say he is innocent. Messages seeking comment were sent to other lawyers.

AP Photo/Charles Krup