According to a Reuters report on Wednesday, the former coinbase product manager Ishan Wahi pleaded not guilty to federal charges of insider trading.
Coinbase Employee Ishan Wahi Charged With Sharing Listing Information Within Coinbase With His Brother
Ishan Wahi is accused of sharing information on which crypto assets Coinbase will list next, with his brother Nikhil Wahi and Sameer Ramani ahead of the actual listing. The SEC has filed charges against all three individuals based on the same insider trading allegations.
According to the US Department of Justice, Ishan Wahi allegedly shared information about at least 14 different listings with the company and the defendants earned up to $1.5 million this way, while the SEC announced this figure as $1.1 million.
This is the second crypto-related insider trading lawsuit followed by the Department of Justice.
The lawsuit also implicates the SEC’s nine altcoins, issuers or cryptocurrency Although he did not blame the stock market, he also drew attention for calling them securities in transactions.
As is known, the SEC claims that cryptocurrencies other than Bitcoin and Ethereum are securities. However, the SEC also sued the crypto asset company Ripple for issuing XRP tokens, which it also describes as securities, and this case has been going on for quite some time.
SEC accuses Coinbase employees AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, CHROME He said that altcoins are securities. The AMP altcoin was delisted by Binance.US after this event.
*Not investment advice.