First ever Crypto insider trading case: 2 brothers plead not guilty

4 August, 2022 | Pranay Lad

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The first-ever insider trading case has surfaced after a brother duo was arrested from Seattle.

In the first-ever insider trading case, A former product manager of Coinbase Global and his brother pleaded not guilty on Wednesday.

Ishan Wahi, the former product manager of Coinbase Global Inc, was put behind bars last month. He was charged for disclosing sensitive information to his brother Nikhil and their friend about the new digital assets that the company would allow users to trade.

During an arraignment in the Manhattan Federal court, Nikhil pleaded not guilty in front of US District Judge Loretta Preska.

The solicitor informed the court that Nikhil and his friend used blockchain wallet assets and have traded more than 10-14 times, making a profit of USD 1.5 million.

Ishan Wahi’s lawyer David Miller argued the charges are futile because insider trading requires securities or commodities, and the case lacks any of these.