What is the first insider trading case involving cryptocurrency?

REUTERS/Dado Ruvic/Illustration/File Photo NEW YORK, Aug 3 (Reuters) - A former Coinbase Global Inc (COIN.O) product manager and his brother pleaded not guilty on Wednesday to wire fraud charges in what U.S. prosecutors called the first insider trading case involving cryptocurrency.

What is the Coinbase wire fraud charge?

The Coinbase wire fraud charge is the first insider trading instance involving cryptocurrency. Photograph: Dado Ruvić/Reuters The brother of a former Coinbase Global Inc product manager pleaded guilty on Monday to a wire fraud conspiracy charge, in what US prosecutors have called the first insider trading case involving cryptocurrency.

Why did federal authorities crack down on insider trading at a major exchange?

By cracking down on insider trading at a major exchange, the federal authorities signaled a willingness to pursue the freewheeling crypto industry for the same type of malfeasance that occurs in traditional financial markets. Mr. Wahi, who admitted to two counts of conspiracy to commit wire fraud, is scheduled to be sentenced on May 10.

When is Coinbase sentencing?

U.S. District Judge Loretta Preska scheduled his sentencing hearing for May 10. Coinbase is one of the world's largest cryptocurrency exchanges. The company has said it shared its findings from an internal probe into the trading with prosecutors.