CryptoWallCity vs MEXC Exchange

Former Coinbase product manager pleads not guilty to insider trading in court

Former Coinbase Global product manager Ishan Wahi has pleaded not guilty in relation to allegations by US law enforcement and the Securities and Exchange Commission (SEC) of insider trading while at Coinbase. He was arrested in May while trying to board a flight to India and charged in July.

Specifically, Wahi has been accused of passing confidential information to his brother Nikhil and his friend Sameer Ramani regarding the cryptocurrency Coinbase intends to list for trading. This is said to have helped them make a profit of at least $1.5 million between June 2021 and April 2022 by purchasing and trading the asset prior to listing on Coinbase. It could be the first case of insider trading involving cryptocurrencies. Nikhil Wahi was also arrested, but Ramani remained in hiding until the end of July.

The SEC is also investigating another case against Ishan Wahi based on their determination that nine of the 25 cryptocurrencies Wahi and his co-conspirators traded were securities, including Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX and XYO.