Coinbase exec at heart of insider trading scandal pleads not guilty in federal court
2022.08.04 01:42
Coinbase exec at heart of insider trading scandal pleads not guilty in federal court
Former Coinbase (NASDAQ:COIN) Global product manager Ishan Wahi pleaded not guilty to two counts of wire fraud conspiracy and two counts of wire fraud in a Manhattan federal court on Wednesday, Reuters reported. Wahi is accused by United States law enforcement and the Securities and Exchange Commission (SEC) of insider trading while at Coinbase. He was arrested in May as he attempted to board a flight to India and was charged in July.
Specifically, Wahi is accused of passing confidential information to his brother Nikhil and friend Sameer Ramani about cryptocurrencies Coinbase intended to list for trading. This allegedly allowed them to make a profit of at least $1.5 million between June 2021 and April 2022 by acquiring and trading the assets in advance of their Coinbase listings. It was possibly the first insider trading case involving cryptocurrency. Nikhil Wahi has also been arrested, but Ramani remained at large as of late July.
