Former Coinbase product manager Ishan Wahi has pleaded guilty to two counts of conspiracy to commit wire fraud connected to an insider trading scheme at the U.S. exchange.
In a Feb. 7, 2023 court hearing, Wahi admitted to sharing data about forthcoming Coinbase cryptocurrency listings with his younger sibling Nikhil and their friend Sameer Ramani. The rise in the value of the tokens after their Coinbase listing allowed the younger Wahi and their mutual friend to reap at least $1.5 million in profits illegally, U.S. Department of Justice prosecutors asserted.
Ex-Coinbase Manager Faces 3-4 Year Sentence as Brother Serves Jail Time
Ishan Wahi pleaded not guilty last year after a Twitter user unveiled an Ethereum wallet holding hundreds of thousands of crypto tokens bought 24 hours before they were listed on Coinbase. The wallet belonged to Ramani, who purchased the tokens using Wahi’s information.
Following the Twitter post, Coinbase security arranged a meeting with Wahi in their Seattle Office. Before the meeting, Wahi’s flight to India was prevented by U.S. law enforcement.
Federal Judge Preska has set May 10, 2023, as the hearing date for sentencing. Ishan Wahi will likely be imprisoned for 36 to 47 months, while his brother is currently serving a ten-month sentence after pleading guilty to a similar wire fraud charge last year.
