Former Coinbase staffer pleads guilty to insider trading in landmark cryptocurrency case, weeks after brother sentenced
An ex-Coinbase employee has pleaded guilty in the first-ever insider trading trial linked to cryptocurrencies, weeks after his brother was sentenced in the same case.Ishan Wahi, a former product manager at the crypto exchange, pleaded guilty to two counts of conspiracy to commit wire fraud, by tipping off others regarding Coinbase's planned token listings in order to make a profit. and hit with a $892,500 fine after pleading guilty to one count of conspiracy to commit wire fraud.
But their trades soon aroused suspicion. A tweet on April 12 2022 highlighted an Ethereum blockchain wallet"that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published." Coinbase's chief security officerThe DOJ confirmed this trading came from Ramani, based on tips provided by Wahi.
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