ExCoinbase Executive Reportedly Conducted Insider Trading

Ishan Wahi, former product manager of US crypto exchange Coinbase, has pleaded guilty to two counts of insider trading, according to the US Department of Justice.

US Attorney Damian Williams for the Southern District of New York has said:

“Wahi is the first to plead guilty to insider trading in a cryptocurrency-related case.”

The defendant has been working on a listing on Coinbase since October 2020. From June 2021 to April 2022, Wahi violated the platform’s privacy rules and provided insider information to other people.

These persons have repeatedly traded digital assets based on the data received in order to make a profit. In April, this was noticed on Twitter, and Coinbase launched an internal investigation on the matter.

The court will announce the verdict on May 10.