Ex-Coinbase employee charged with insider trading

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  • Ishan Wahi, a former product manager at Coinbase, has been arrested committing insider trading.
  • Coinbase fired Wahi on unpaid administrative leave on July 15.
  • The perpetrators bought a one-way ticket to their home country but failed to board his flight as law enforcement prevented him.

Yesterday, a former Coinbase business owner, Ishan Wahi, was arrested for leaking information to his brother, Nikhil Wahi, and his friend Samir Ramini, for buying tokens even before they were listed on the exchange. Wahi was found to be violating Coinbase’s anti-fraud rules.

According to the sources, this information was allegedly used by Nikhil Wahi and his friend to exchange heaps of tokens from July 2021 to April 2022, with their value exceeding $1 million.

Furthermore, the lawyers charged the three men with “conspiracy to wire fraud,” “telegraph fraud” and the United States Securities and Exchange Commission (SEC) He accused them of insider trading.

Research says Ishan Wahi and his brother’s lawyers declined to comment. Meanwhile, Ramini’s whereabouts are currently unknown.

Paul Grewal, Coinbase Chief Legal Officer, said:

Any wrongful behavior is something we take very seriously. We do not tolerate that.

In addition, Grewal said that Queen Piece He immediately launched an investigation after learning of the insider trading case and fired Wahye on unpaid administrative leave on July 15.

“Our message with these accusations is clear: Fraud is fraud, whether it occurs on the blockchain or on Wall Street,” Manhattan US attorney Damian Williams reported.

Additionally, Williams reminded the audience that today’s incident is a reminder that Web3 is not law-free territory.

According to the sources, despite the suspicion, Nikhil Wahi bought a one-way ticket to his homeland, India, when he was called to a meeting with Coinbase’s director of security. However, he was not able to board the plane as law enforcement was on the lookout.

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