Ishan Wahi is now facing up to 40 years imprisonment for taking advantage Coinbase’s listing process.
Key TakeawaysIshan Wahi, an ex-product manager at Coinbase, pleaded guilty in the insider trading case against him.
Wahi admitted that he used Coinbase’s crypto listing process to make monetary gains.
He could spend up to 40 years behind bars.
Share this articleIshan wahi, Coinbase’s former product manger, pleaded guilty in the first ever case of crypto insider trading to wire fraud charges. First Case of Crypto Insider TradesIshan Wahi, a former product manager at Coinbase, pleaded guilty yesterday to two counts each of conspiracy to commit wirefraud in connection to a scheme to trade insiders. He could spend up to 40 years prison. His sentencing is set for May 10. Coinbase is the largest crypto exchange in the world. Due to Coinbase’s popularity and size, especially in the United States cryptocurrencies often benefit from a spike in price when they are announced. In April 2022, Cobie noticed that some wallets were buying soon-to be listed tokens 24 hours prior to the public announcement. His tweet brought attention to Coinbase and the Department of Justice. They investigated the matter and discovered that Wahi may be responsible. Coinbase reached out and discussed the matter with Wahi. He attempted to leave the United States to go to India, but was stopped by law enforcement. The DOJ discovered that Wahi was sharing listing information with Nikhil Wahi, his brother, and Sameer Ramani, a friend. They generated $1.5 million in unrealized profits over 14 different listing announcements, from August 2021 to May 20,22. Nikhil Wahi pleaded guilty to September’s charges. U.S. attorney Damian Williams said yesterday that Wahi was the first insider to plead guilty to insider trading charges involving cryptocurrency markets. He also stated that Wahi had previously pleaded guilty to the same charges in September. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News