Former Coinbase Manager Admits Fraud Charges

Jose Sequeira
Jose Sequeira Crypto
2 Min Read

In a criminal case brought against him, Ishan Wahi, an ex-Coinbase product manager, pleaded guilty on Tuesday and admitted to wire fraud charges. The Justice Department charged Mr. Wahi, along with his brother and companion, in July for conspiring in a front-running plan of new tokens listed on Coinbase. On May 10, Wahi will face sentencing for two counts of conspiracy to commit wire fraud. The guidelines require up to 40 years in prison as his sentence; however, due to his cooperation with authorities, he is likely to receive a more lenient punishment.

Wahi Leaked Information Of Coins To Be Listed On The Exchange

Last night, Ishan Wahi entered a guilty plea that could moot any legal debates on whether or not the nine mentioned tokens are classified as securities. His lawyers submitted a motion for dismissal against these related civil charges brought by SEC. The agency declared that he disclosed information about which exact tokens would be listed on Coinbase, gaining over one million dollars from it. This case is still in progress and awaiting resolution of their motion for dismissal.

former coinbase manager admits fraud charges

Damian Williams, U.S. Attorney for the Southern District of New York, stated: “Wahi is the first to plead guilty in an insider trading case that concerned cryptocurrency markets.” He continued to emphasize that such crime, stealing confidential business information for personal gain or others’ profit, is a federal offense whether it occurs in equity markets or crypto ones.

Coinbase Is Not Charged, and Wahi’s Lawyers Have No Comment

In response to the criminal and civil charges against Ishan Wahi, Coinbase launched an internal investigation with no incriminating evidence regarding their involvement. After Nikhil Wahi’s plea of guilty for wire fraud in September, David Miller from Greenberg Traurig had nothing to say about his client’s case.

Read on: Bitcoin Analysts Fear The Bear Market May Return

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Strong media and communication professional with a MA in Broadcast Journalism from City University and a BA in Media Studies with Spanish from the University of Sussex. Started my career as a journalist I have been working for almost 10 years in different regional and national news channels along with assorted media and still now I am working for different digital content creators. I love staying up to date with the latest developments in the crypto world, and I'm always on the lookout for new and innovative blockchain projects. I believe that crypto has the potential to revolutionize the way we think about finance and money, and I'm committed to bringing the most important news and analysis to my readers. With my extensive knowledge of the industry and my ability to spot emerging trends, I'm confident in my ability to keep my readers informed and engaged in this fast-paced and rapidly changing space.
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