Coinbase's former product manager, Ishan Wahi, was sentenced on Tuesday to two years in prison for an insider trading scheme involving crypto.
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According to a report from Reuters, Wahi — who pleaded guilty to two counts of conspiracy to commit wire fraud — shared private information with his brother, Nikhil and their friend Sameer Ramani, about which crypto Coinbase was planning to list.
In total, the three men made around $1.5 million by trading over 50 tokens prior to their listing on Coinbase between June 2021 and April 2022, prosecutors say. Nikhil Wahi also pleaded guilty and was sentenced to 10 months in prison. Sameer Ramani's whereabouts are unknown.
In July last year, reports said the US Securities and Exchange Commission (SEC) opened an investigation into Coinbase Global, alleging the platform might have provided access to trade digital assets that could be considered securities for US residents. Coinbase denies listing any securities on its platform.
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