Coinbase's former product manager Ishan Wahi charged with two counts of wire fraud conspiracy and two counts of wire fraud pleaded not guilty to wire fraud charges, Reuters has learned.
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Wahi and two of his collaborators were charged with insider trading through which they realized ill-gotten gains totaling approximately $1.5 million. The US Department of Justice (DOJ) claimed that Wahi 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.
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.
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