Former Coinbase Exec Pleads Guilty to Insider Trading: Report

Ishan Wahi, a former product manager at the largest US-based crypto exchange, pleaded guilty to two counts of conspiracy to commit wire fraud.

His brother did the same a few months back, receiving a 10-month prison sentence.

• CryptoPotato reported in July 2022 when the US Department of Justice charged Ishan Wahi, his brother Nikhil, and a third-party (Sameer Ramani) with insider trading for tokens that were about to be listed on Coinbase. According to the authorities, they pocketed over $1.5 million via illegal trading.
• The former Coinbase product manager pleaded not guilty, unlike his brother. Nikhil Wahi was later sentenced to spend 10 months in prison.

“Nikhil Wahi admitted in court today that he traded in crypto assets based on Coinbase’s confidential business information to which he was not entitled. For the first time ever, a defendant has admitted guilt in an insider trading case involving the cryptocurrency markets.” – said US Attorney Damian Williams at the time.

• According to a new Reuters report, though, Ishan has also changed his mind and has pleaded guilty. The prosecutors called it the first case of confirmed insider trading in the cryptocurrency industry.
• The coverage further revealed that the Wahi brothers and Ramani traded insider information at least 14 times between June 2021 and April 2022.