A former product manager at cryptocurrency exchange Coinbase has pleaded guilty to insider trading using confidential information about which crypto assets were scheduled to be listed on the cryptocurrency exchange, the Justice Department said Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 07th February, 2023) A former product manager at cryptocurrency exchange Coinbase has pleaded guilty to insider trading using confidential information about which crypto assets were scheduled to be listed on the cryptocurrency exchange, the Justice Department said Tuesday.
Ishan Wahi, a 32-year-old from Seattle in Washington state, pleaded guilty to two counts of conspiracy to commit so-called wire fraud, which each carry, respectively, a maximum sentence of 20 years in prison, a statement from the department said.
"Wahi is the first insider to admit guilt in an insider trading case involving the cryptocurrency markets," Damian Williams, US Attorney for the Southern District of New York, said in the statement, adding that the accused even revealed that he tipped others regarding Coinbase's planned token listings so that they could trade in crypto assets for a profit.
Coinbase is one of the world's largest cryptocurrency exchanges.
Wahi was arrested and charged in July 2022, the statement said.
