Ex-Coinbase Employee Pleads Guilty to Wire Fraud Conspiracy

• The United States Department of Justice announced on Tuesday that Ishan Wahi, an ex-Coinbase product manager, pled guilty to two counts of conspiracy to commit wire fraud.
• Wahi was charged by the DOJ last year with „wire fraud conspiracy in connection with a scheme to commit insider trading in cryptocurrency assets.“
• Wahi is scheduled to be sentenced on May 10 and faces up to 20 years in prison for each count of conspiracy to commit wire fraud.

Former Coinbase Employee Pleads Guilty To Wire Fraud Conspiracy

The United States Department of Justice (DOJ) announced on Tuesday that Ishan Wahi, an ex-Coinbase product manager, pled guilty to two counts of conspiracy to commit wire fraud. Wahi was charged by the DOJ last year with „wire fraud conspiracy in connection with a scheme to commit insider trading in cryptocurrency assets.“ He is scheduled to be sentenced on May 10 and faces up to 20 years in prison for each count of conspiracy to commit wire fraud.

Scheme Involved Tipping Off Brother And Associate

Ishan Wahi tipped off his brother Nikhil and associate Sameer Ramani regarding crypto assets that were going to be listed on Coinbase exchanges. Prosecutors alleged that this data allowed Mr. Wahi’s co-accused to execute profitable trades secretly and generated around $1.5 million in profits from 14 listings.

Federal Authorities Crack Down On Cryptocurrency Industry

This case marks the first insider trading case involving cryptocurrencies and is part of federal authorities‘ global onslaught on the industry as Nicolas Roos, one of the assistant U.S. attorneys who prosecuted Ishan Wahi, is also leading the DOJ’s case against Sam Bankman-Fried.

Possible Consequences For Insider Trading In Crypto Market

Whether it occurs in the equity markets or the crypto markets, stealing confidential business information for your own personal profit or the profit of others is a serious federal crime according US attorney Damian Williams in a statement released following Ishan’s plea deal announcement..

Conclusion

Ishan Wahi’s brother Nikihil was sentenced last month after pleading guilty while he will face sentencing next month which could result up 20 years imprisonment along with fines due into account any potential profits made through illegal activities such as insider trading related crimes when dealing within cryptomarkets

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