First Ever Crypto Insider Trading Case Concludes with Former Coinbase Insider’s Guilty Plea

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Title: First Ever Crypto Insider Trading Case Concludes with Former Coinbase Insider’s Guilty Plea

Former Coinbase insider, Ishan Wahi, has plead guilty in the first ever cryptocurrency insider trading case. As a product manager at Coinbase, Wahi tipped his associates about crypto assets that were going to be listed on Coinbase exchanges.

The U.S. Attorney for the Southern District of New York, Damian Williams, announced the guilty plea, highlighting that insider trading, whether in the stock market or cryptocurrency market, is a federal crime. Ishan Wahi faces a maximum sentence of 20 years in prison for his crimes, with sentencing set for May 10th, 2023.

The case was investigated by the Federal Bureau of Investigation with assistance from the Justice Department’s National Cryptocurrency Enforcement Team and the Securities and Exchange Commission, which also initiated separate civil proceedings against Wahi.

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