United States authorities have brought charges against three people for wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading using crypto, one of whom was a former product manager at Coinbase Global.

In a Thursday announcement, the U.S. Attorney’s Office for the Southern District of New York, in conjunction with the New York Field Office of the Federal Bureau of Investigation, said it had filed an indictment against former Coinbase Global product manager Ishan Wahi as well as his brother Nikhil Wahi and associate Sameer Ramani. The trio allegedly used confidential information Ishan obtained from Coinbase in regard to which tokens would be listed on the exchange to make roughly $1.5 million in gains from trading 25 different cryptocurrencies.

Three charged in first ever cryptocurrency insider trading tipping scheme https://t.co/cdTcwQQOau

— US Attorney SDNY (@SDNYnews) July 21, 2022

According to the authorities, Ishan was privy to certain information on listing cryptocurrencies on exchanges controlled by Coinbase in his position as a product manager from August 2021 to May 2022, a period that encompassed the launch dates of tokens. The U.S. Attorney’s Office alleged that from June 2021 to April 2022, Ishan passed on information related to the launch date of tokens to his brother or Ramani to invest in the cryptocurrencies before an anticipated price jump due to a major exchange like Coinbase listing the asset. The indictment specifically mentioned $7,000 in profits from trading Tribe (TRIBE), $13,000 from Alchemix (ALCX), Gala…