Former Coinbase Insider Pleads Guilty to Wire Fraud-related Criminal Offenses

Key Points: Tuesday morning, Ishan Wahi, a former Coinbase product manger, pleaded guilty to wire fraud-related felonies.
He pleaded guilty to two counts relating to conspiracy to conduct wirefraud, and sentencing is scheduled for May 10.
Ishan Wahi pleaded guilty Tuesday to two counts of conspiracy to conduct wire fraud in a criminal case against him. In July, Justice Department indicted Ishan with his brother, and a friend in connection to an insider trading operation that sought to pre-empt future token listing on Coinbase. Wahi pleaded guilty to two counts conspiracy to conduct wire fraud. Sentencement is scheduled for May 10. Wahi pleaded guilty to two counts of conspiracy to conduct wire fraud, with sentencing scheduled for May 10. According to the agency Wahi was able to tip off his brother and friend on which tokens would be available for trading on Coinbase, and made more than $1 million. The lawsuit is still pending the outcome.
Ishan Wahi, a former Coinbase product manger, admitted today in court that he gave tips to others about Coinbase’s planned token listing so that they could trade crypto assets for a profit. Wahi is the first insider in an insider trading case that involves cryptocurrency markets. It doesn’t matter if it happens in the equity or crypto markets, theft of confidential business information for your personal profit or that of others is a serious federal offense. The Southern District of New York has decades-long experience in prosecuting insider trading cases. We will continue to use this expertise to prosecute this crime, no matter how it happens.
U.S. Attorney Damian Williams saidCoinbase has conducted its own investigation into Wahi’s activities before the criminal and civil prosecutions, and it is not accused of wrongdoing.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: CoinbaseCoinbase Cryptocurrency Exchangecoinbase exchangeCoinbase GlobalCoinbase sharesIshan Wahi