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Ex-Coinbase employee accused of insider trading pleads not guilty
The defendant, along with two others, allegedly made $1.1 million from insider knowledge of Coinbase token listings. His lawyer has reportedly argued that the charges should be dropped because insider trading cases only involve securities or commodities. An insider trading case could confirm whether some of Coinbase's listed cryptocurrencies are actually securities. Ishan Wahi, the former Coinbase product manager accused of insider trading, has pleaded not guilty to Securities and Exchange Commission (SEC) wire fraud charges. Reuters reported on Wednesday that both he and his brother Nikhil Wahi appeared at an arraignment before...
Ex-Coinbase employee accused of insider trading pleads not guilty
- Der Angeklagte hat zusammen mit zwei anderen angeblich 1,1 Millionen Dollar mit Insiderwissen über Coinbase-Token-Listings verdient
- Berichten zufolge hat sein Anwalt argumentiert, dass die Anklage fallengelassen werden sollte, da Fälle von Insiderhandel nur Wertpapiere oder Rohstoffe betreffen
An insider trading case could confirm whether some cryptocurrencies listed by Coinbase are actually securities.
Ishan Wahi, the former Coinbase product manager accused of insider trading, has pleaded not guilty to Securities and Exchange Commission (SEC) wire fraud charges.
Reuters reported on Wednesday that both he and his brother Nikhil Wahi entered not guilty pleas at an arraignment in a Manhattan court before District Judge Loretta Preska.
They were both arrested in Seattle last month after the SEC most recently accused Ishan of trading crypto assets based on confidential information between June 2021 and April 2022.
The regulator claimed he tipped off his brother and friend Sameer Ramani about impending announcements of new Coinbase listings that had occurred found often coincide with large rallies.
All three were accused of making $1.1 million in profits from selling at least 25 tokens in an insider trading scheme.
Ishan reportedly bought a one-way plane ticket to India after a Coinbase security director called him for a meeting at the crypto exchange's Seattle office. Ramani reportedly remains at large.
Ishan's attorney, David Miller, has disputed the wire fraud allegations. He reportedly believes they should be dropped because insider trading cases involve securities or commodities - and said those laws would not be relevant in this case.
However, the SEC stated in its statement labeled At least nine of the crypto assets are traded as securities by the accused individuals, which Coinbase has denied.
Miller also suggested that the information shared by his client was not confidential, saying Coinbase tested new tokens before listing them publicly.
Judge Preska ordered both brothers released on $1 million personal recognizance bond Law360.
Blockworks did not receive responses to inquiries from Coinbase or attorneys for Ishan and Nikhil as of press time. It is unclear whether Ramani has a lawyer.
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The post Ex-Coinbase employee accused of insider trading pleads not guilty is not financial advice.