Home Ex-Coinbase Manager Pleads Guilty

Ex-Coinbase Manager Pleads Guilty

Share
Share

Ex-Coinbase Manager Pleads Guilty

A former manager at cryptocurrency exchange platform Coinbase Global, Inc. pleaded guilty on 7th Feb to conspiracy to commit wire fraud as part of an insider crypto trading scheme, the first of its kind, according to the US Department of Justice (DOJ).

A former Coinbase manager pleaded guilty on Tuesday to running an insider crypto trading scheme, the first of its kind, according to the DOJ.

Former product manager Ishan Wahi plotted insider trading by using confidential company information about crypto assets that were set to be listed on Coinbase’s exchanges.

According to the DOJ, his position also gave him access to the timing of announcements for when such crypto assets would be made public.

Wahi also admitted that he shared this information with others while his scheme was still active, so that they, too, could profit from trading the soon-to-be-listed crypto assets.

Soon after, Coinbase tweeted that it had launched an internal investigation into the matter. Company representatives then stated unequivocally that any employees found to be involved in the conspiracy would be fired immediately and referred to the appropriate authorities for potential criminal prosecution.

(With inputs from Shikha Singh)

Share

Latest News

News

Tokenized Commodities Surge Past $6B As Gold Rally Accelerates

The tokenized commodities market has crossed $6.1 billion, rising 53% in less than six weeks. The growth is largely driven by tokenized...

News

Citadel Securities Backs LayerZero’s ‘Zero’ Blockchain

LayerZero Labs has introduced Zero, a new blockchain designed for institutional-grade financial markets. The launch includes a strategic investment from Citadel Securities...

News

Robinhood Tests Blockchain As Q4 Revenue Misses On Crypto Slump

Robinhood has introduced the public testnet of Robinhood Chain. It is a new Ethereum Layer 2 network built using Arbitrum technology. With...

News

Wallet Linked To $50M Infini Hack Buys $13M ETH Dip

A wallet linked to the $50 million Infini hack has become active once again after a gap of more than 200 days....

Latest Blogs

Exclusive Interview: John Dagostino on India’s Crypto Future

In a world where digital assets are quickly moving from the periphery of finance to the very heart of the global infrastructure,...

Bitcoin Price Prediction 2025, 2026-2030: Can BTC Rally to $200K?

Will Bitcoin Reach $200k in the Future? Expert Bitcoin Price Predictions for 2025 and beyond The future direction of Bitcoin from 2025...

AI-Powered Crypto Trading Bots: The Hype, The Reality, & What Every Trader Must Know

Artificial Intelligence is transforming industries, and crypto trading is one of those affected by automation. AI-powered crypto trading bots promise emotionless execution...

Daily Trends in Web3, Crypto, AI & Blockchain

Introduction: Daily Trends in Web3 and Blockchain Technologies Web3 and blockchain technology enable users to control their data through digital standards which...

Related Articles

Exclusive Interview: John Dagostino on India’s Crypto Future

In a world where digital assets are quickly moving from the periphery...

Bitcoin Price Prediction 2025, 2026-2030: Can BTC Rally to $200K?

Will Bitcoin Reach $200k in the Future? Expert Bitcoin Price Predictions for...

AI-Powered Crypto Trading Bots: The Hype, The Reality, & What Every Trader Must Know

Artificial Intelligence is transforming industries, and crypto trading is one of those...

Daily Trends in Web3, Crypto, AI & Blockchain

Introduction: Daily Trends in Web3 and Blockchain Technologies Web3 and blockchain technology...