A former Coinbase product manager pleaded guilty on Tuesday to wire fraud charges in a criminal case brought against him.
The Justice Department indicted Ishan Wahi in July, alongside his brother and friend, in connection with an insider trading scheme to front-run listings of new tokens on Coinbase.
The guilty plea may moot a legal argument in separate civil charges brought by the Securities and Exchange Commission as to whether the nine tokens in question are securities. Lawyers for Wahi filed a motion to dismiss that case last night. The agency said Wahi tipped off his friend and brother about which tokens were going to be listed for trading on Coinbase — and in the process made over $1 million. That case is still ongoing, pending a decision in the motion to dismiss.
Nikhil Wahi, the brother of the ex-Coinbase manager pleaded guilty in September to a wire fraud conspiracy charge.
David Miller, a shareholder at Greenberg Traurig, LLP, representing Ishan Wahi, declined to comment.
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Source: https://www.theblock.co/post/209149/former-coinbase-product-manager-pleads-guilty-to-criminal-charges-in-landmark-case?utm_source=rss&utm_medium=rss