The SEC Charges Former Coinbase Manager with Insider Trading By Investing.com

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The SEC Charges Former Coinbase Manager with Insider Trading

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By Sam Boughedda

The U.S. Securities and Exchange Commission (SEC) announced Thursday that it has charged a former Coinbase (NASDAQ:COIN) manager and two associates with insider trading.

The charges were brought against former Coinbase product manager Ishan Wahi, his brother, and his friend. The trio allegedly traded ahead of multiple announcements regarding crypto assets being made available for trading on the Coinbase platform.

The SEC’s alleges that while employed at Coinbase, Ishan Wahi helped to coordinate the public listing announcements, including what crypto assets or tokens would be made available for trading on the platform — considered confidential information.

However, according to the SEC, from at least June 2021 to April 2022, Ishan repeatedly tipped the timing and content of upcoming listing announcements to his brother, Nikhil Wahi, and his friend, Sameer Ramani.

The announcements usually led to a significant increase in the coin's price. The SEC said the trio allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then sold them shortly after the announcements for a profit, generating profits totaling more than $1.1 million.

“In nearly a year, the defendants collectively earned over $1.1 million in illegal profits by engaging in an alleged insider trading scheme that repeatedly used material, nonpublic information to trade ahead of Coinbase listing announcements,” said Carolyn Welshhans, Acting Chief of the Enforcement Division’s Crypto Assets and Cyber Unit.

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