The former product manager of Coinbase insists he is not guilty for insider trading. In a new report, it’s been said that during a hearing on Wednesday, Ishan Wahi and his brother pleaded not guilty to an insider trading scheme.
[DB] FORMER COINBASE PRODUCT MANAGER ISHAN WAHI PLEADS NOT GUILTY TO CRYPTOCURRENCY INSIDER TRADING CHARGES: RTRS
— db (@tier10k) August 3, 2022
Previously, Ishan Wahi, his brother, and a friend were charged by the SEC over being part of an alleged insider trading scheme. He reportedly handed confidential information to his brother, Nikhil Wahi, and a friend, Sameer Ramani, regarding cryptocurrencies that Coinbase would list for trading before they were listed onto the platform. The action gained them around $1.5 million from June of 2021 to April 2022. This was reported to have been the first insider trading case directly related to the crypto industry. Both Ishan and Nikhil Wahi have been arrested, however, Ramani, remains missing to this day.
On the 21st of July, the US DOJ stated, “On at least 14 occasions beginning [at least] in June 2021 and continuing through April 2022, Ishan Wahi knew in advance both that Coinbase planned to list particular crypto assets and the timing of Coinbase’s public announcements of those asset listings and misappropriated that Coinbase confidential information.”
Wahi Pleads Not Guilty To Insider Trading
In a new report, David Miller, Ishan Wahi’s lawyer, claims that anything related to an insider trading scheme has to involve securities and commodities, which this specific case did not. Because of this, Miller argues that the charges against Ishan Wahi should be dismissed. He also added that Coinbase had “tried out the new tokens” before it publicly listed them, which means that the tokens were not technically confidential.
Coinbase has personally not given a response to the latest news regarding their former manager Wahi pleading not guilty in this case. Previously however, they had posted a thread via Twitter on 22 July in response to the news of Wahi being arrested. Through their tweet, they stated that they were going to continue monitoring and investigating illegal activities.
Coinbase identified these individuals and provided information about them to the DOJ. Coinbase proactively monitors for illegal activity and investigates alleged misconduct.
— Coinbase (@coinbase) July 22, 2022