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)
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