Tuesday, March 28, 2023

2 Indian accused in the first case of crypto insider trading

Two Indian brothers and their Indian-American friend in the US have been indicted in the first insider trading scheme in cryptocurrency. These accused had made illegal profits of more than one million dollars from this scheme. Prosecutors reported that all three had illegally traded in about 25 crypto assets in the cryptocurrency insider trading scheme.

Among the accused, Ishaan Wahi and his brother Nikhil Wahi have Indian citizenship and lived in Seattle. His friend Samir Ramani is a resident of Houston. Southern District Attorney Damian Williams in New York and Michael J Driscoll, in charge of the New York field office of the Federal Bureau of Investigation, gave this information. The Wahi brothers and Ramani have been charged with fraud and conspiracy to run a scheme for insider trading in cryptocurrencies. These people started the crypto exchange Coinbase exchange But confidential information about the crypto assets to be listed was used.

The Securities and Exchange Commission (SEC) has also announced insider trading charges against all three. The Wahi brothers were arrested in Seattle on Thursday and will be produced in court. Ramani’s may be present in India. Ramani and Ishaan Wahi studied at the University of Texas and are friends. Williams said, “These allegations suggest that Web3 is not an exempt area from the law. Last month I announced the first insider trading case involving a non-fungible token (NFT) and now a similar case in the cryptocurrency market.” information is being given.”

He said, “Our message with these allegations is clear that fraud will not be compromised, whether it is on the blockchain or on Wall Street. Fraudsters will be traced and brought to face legal action. ” In the last few months, there have been many cases related to fraud in the crypto market. To deal with these, regulators in many countries have insisted on tightening the scrutiny of this segment. In some countries, work is also being done on making laws for the crypto segment.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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