According to reports, two Indian brothers, Ishan Wahi and Nikhil Wahi, have been arrested over allegations of crypto fraud. Reports have revealed that the two siblings, alongside their accomplice, Sameer Ramani, an American Indian, will face trial over the allegations.
As noted, Ishan Wahi (32) was a product manager at Coinbase prior to his arrest alongside Nikhil Wahi (26) at their Seattle residence. However, prosecutors revealed that Ramani fled the country and is currently in India. The siblings will appear in the United States District Court for the Western District of Washington for trials. If found guilty, they will both serve 20 years.
Apparently, the three made illegal gains for their participation in the original cryptocurrency insider trading scheme. The allegations against the suspects revealed their involvement in the illicit trade of more than 25 virtual tokens. As revealed, the siblings, alongside their accomplices, earned approximately $1 million from the illegal trade. Ramani and Ishan were previously colleagues at the University of Texas and enjoyed a close relationship.
The assistant director in charge of the New York field office at the FBI, Michael Driscoll, gave more information on the allegations. He revealed that the allegation included conspiracy and wire crime. Additionally, Driscoll explained how the suspects manipulated confidential Coinbase cryptocurrency documents to carry out the deed. With the document, they learned that the tokens were to be listed on Coinbase, helping them to commit the crime.
In addition, the United States Securities and Exchange Commission (SEC) has filed insider trading charges against the suspects. U.S. Attorney for the Southern District of New York Damian Williams spoke about the situation. He revealed the unsealing of the indictment regarding the siblings and their associates.
He disclosed that the allegations against the suspects indicate that the government heavily regulates Web3. Williams recalled how he first announced the initial insider trading problem with NFTs. He added that he confirms the initial case of insider trading regarding crypto.
Additionally, Williams pointed out that the case will force fraudsters to back out of the act. He stressed that fraud is fraud no matter how or where it manifests itself. Finally, Williams revealed that authorities in the Southern District of New York would tighten the gap against fraudsters.
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