Federal prosecutors allege that Wahi communicated secret information about the cryptocurrencies that Coinbase planned to allow its customers to trade on at least 14 times with his brother Nikhil Wahi and friend Sammer Ramani so the three could purchase them in advance. The coins’ value increased when Coinbase stated that it would list them. Nikhil Wahi and Ramani are reported to have profited from the sale of the assets. The plan is said to have netted more than $1.5 million in ill-gotten profits.
