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Seeking Alpha 2023-02-07 15:23:13

Former Coinbase Global manager pleads guilty to wire fraud - reports

Ishan Wahi, a former Coinbase Global ( NASDAQ: COIN ) product manager, pleaded guilty on Tuesday to two counts of conspiracy to commit wire fraud during a court hearing, several news outlets reported. The U.S. Attorney's Office for the Southern District of New York had called the case the "first ever cryptocurrency insider trading" scheme. Last July, the U.S. Justice Department had charged Wahi , his brother and a friend for allegedly engaging in insider trading of certain cryptocurrency assets before the crypto exchange had announced that those assets would become available on the platform. Wahi had initially pleaded not guilty to the charges, according to media reports . Nikhil Wahi, Ishan's brother, had pled guilty in September to one count of conspiracy to commit wire fraud and was sentenced to 10 months in prison . The friend, Sameer Ramani, remains at large. Coinbase ( COIN ) had turned over evidence to the DOJ from an internal investigation of the alleged frontrunning. In July, the company said his has "zero tolerance for this kind of misconduct." Last month, the Securities and Exchange Commission had sued Avraham Eisenberg for alleged price manipulation of the MNGO token through crypto exchange Mango Markets.

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