Coinbase former product manager Ishan Wahi, accused of insider trading with his brother and partner by U.S. authorities, has pleaded not guilty to the charges. He is currently facing wire fraud charges, and he pleaded not guilty in a Manhattan Federal Court on Wednesday, 3rd August 2022.
This development comes shortly after the Department of Justice, the former Coinbase employee along with his brother Nikhil Wahi, and partner Sameer Ramani with allegations of insider trading.
The DoJ alleged that Ishan Wahi used his position at the cryptocurrency exchange giant to obtain information on which coins Coinbase would be listing beforehand. Wahi shared the confidential information with his brother and Ramani.
Also, the DoJ stated that the suspects allegedly took advantage of 14 different listing announcements known in advance regarding 25 cryptocurrencies. Consequently, Nikhil Wahi and Ramani made around $1.5 million through the insider trading scheme.
While the Wahi brothers were arrested in Seattle, Washington, Sameer continues to remain at large.
Upon filing the charges, this became the first such case of possible insider trading in the cryptocurrency industry.
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