TechFlow news — The U.S. Department of Justice announced that Ishan Wahi, a former Coinbase product manager, along with two others, has been charged with conspiracy to commit wire fraud and wire fraud. Ishan Wahi and Nikhil Wahi were arrested today, while the third individual remains at large. In a press release, U.S. Attorney Damian Williams stated this is the first-ever insider trading case involving the cryptocurrency market.
Starting around October 2020, Ishan Wahi served as a product manager on Coinbase’s asset listing team, participating in the highly confidential process of listing digital assets on the Coinbase exchange. From at least June 2021 through April 2022, Ishan Wahi knew in advance on at least 14 occasions about Coinbase’s plans to list specific cryptocurrencies and the timing of those public announcements. He shared this non-public information with his brother Nikhil Wahi and their associate Sameer Ramani, enabling them to execute profitable trades in these cryptocurrencies before Coinbase’s public announcements, collectively generating at least approximately $1.5 million in realized and unrealized gains.
