Ex-Coinbase Product Manager Sentenced To 2 Years For Insider Trading
CoinEdition
Published May 10, 2023 06:19AM ET
Updated May 10, 2023 06:30AM ET
Ex-Coinbase Product Manager Sentenced To 2 Years For Insider Trading
- Ishan Wahi, former Coinbase (NASDAQ:COIN) product manager, was sentenced to 2 years for insider trading.
- Wahi’s disclosure of confidential information led to over $1 million in illicit gains.
- Nate Chastain, former OpenSea head of product, was found guilty of money laundering and wire fraud.
On May 9, Ishan Wahi, a former product manager at Coinbase was convicted and sentenced to two years in prison by the Department of Justice (DOJ) for engaging in insider trading, reported Bloomberg. This event has refocused public scrutiny on the problem of insider trading within the crypto sector and the serious ramifications it can entail.
In July 2022, Wahi was taken into custody and accused of wire fraud, as he purportedly disclosed confidential details regarding forthcoming cryptocurrency listings to his brother and another individual, which led to illicit gains surpassing $1 million.
This marks the second instance in which the DOJ has prosecuted a case of insider trading in the cryptocurrency sphere.
On May 3, a verdict was reached in the case of Nate Chastain, a former head of product at OpenSea. Chastain was found guilty of money laundering and wire fraud, having leveraged privileged information to reap profits from the trading of NFTs. While awaiting sentencing, Chastain potentially faces a maximum sentence of 40 years for the charges brought against him.
Meanwhile, Nikhil Wahi, brother of Ishan Wahi, admitted guilt to the charge of conspiracy to commit wire fraud and received a 10-month prison sentence in January.
Despite the defense team’s plea for a sentence not exceeding 10 months, Wahi was handed a two-year prison term. While the duration surpasses the desired outcome of his lawyers, it remains significantly shorter than the maximum sentence of 60 years that could have been imposed for his involvement in the illegal activity.
The post Ex-Coinbase Product Manager Sentenced To 2 Years For Insider Trading appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.