iHodl.com
Main page News, Cryptocurrency Exchanges

The US Department of Justice (DoJ) has charged a former Coinbase employee and two of his collaborators with insider trading through which they realized ill-gotten gains totaling approximately $1.5 million.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The regulator said in a press release that Ishan Wahi, a former product manager at Coinbase, made a scheme to commit insider trading in cryptocurrency assets by using confidential information about which crypto was scheduled to be listed on the platform.

In October 2020, Wahi joined Coinbase's listing team. DOJ says in that role he was involved in the "highly confidential process of listing crypto assets." Starting at least in August 2021 and until May 2022, he also was a member of a private Coinbase messaging channel, where Coinbase's employees had direct involvement in the asset listing process.

Coinbase Says Busted Firms 'Forgot Basics of Risk Management'

DOJ added that Wahi at least 14 times shared Coinbase's confidential information about upcoming listings with his brother, Nikhil Wahi, or his friend and associate, Sameer Ramani. The both could place profitable buy orders in advance of Coinbase's listing announcement. All the defendants are facing a maximum sentence of 20 years.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.