Ex-Coinbase Manager Pleads Guilty in Crypto-Related First Insider Trading Case

A former Coinbase product manager pleaded guilty on Tuesday in what U.S. prosecutors have called the first insider trading case involving cryptocurrency, his defense lawyer said in a court hearing. From a report: Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially pleading not guilty last year. Prosecutors said Wahi shared confidential information with his brother Nikhil and their friend Sameer Ramani about forthcoming announcements of new digital assets that Coinbase would let users trade. "I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions," Ishan Wahi said during Tuesday's hearing in federal court in Manhattan. "It was wrong to misappropriate and disseminate Coinbase's property." Nikhil Wahi and Ramani were charged with using ethereum blockchain wallets to acquire digital assets and trading at least 14 times before Coinbase announcements between June 2021 and April 2022.

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