Is Ishan Wahi Coinbase Arrested? Charges Of Product Manager At The Cryptocurrency Exchange
Financial Fraud 2022: Ishan Wahi, a former Coinbase employee, is arrested with allegations of insider trading. Here are his allegations and charges explained.
An ex-product manager of Coinbase, Ishan Wahi, allegedly gave the privileged information to his brother and a friend to buy cryptocurrency. As a result, they traded over two dozen cryptocurrency assets making a total profit of around $1.5 million within a year.
As per our sources, Wahi tipped off his brother and friend about the company’s secret plans to begin to offer digital tokens. With the information, they bought cryptocurrency before the public listing and hence experienced a steepness in value.
Ishan Wahi Coinbase Arrested 2022: What Did He Do?
Ishan Wahi is a former product manager of Coinbase. He was arrested for insider trading in July 2022.
Wahi reportedly shared the privileged information of the company’s confidential plans with his brother, Nikhil Wahi, and a friend, Sameer Ramani. As a result, they traded a total of two dozen crypto assets within a year or so.
According to the FBI, the trading started in June 2021 and lasted until April 2022. They amassed a total profit of around $1.5 million during this time.
Moreover, the Department of Justice has said it is the first-ever insider trading involving cryptocurrency.
Wahi, along with two others, has been arrested by the FBI.
#US authorities arrested a former #Coinbase employee and two others for allegedly using confidential information from the popular crypto brokerage to commit insider trading. #Forbes https://t.co/z0tQRRgFlV
— Forbes Middle East (@Forbes_MENA_) July 21, 2022
Ishan Wahi Arrest And Charges: Will He Go To Jail?
Ishan Wahi has been arrested, and he is facing federal charges.
According to the SEC, Wahi has been charged with two counts of conspiracy to commit wire fraud and two counts of wire fraud. His brother and his friend also face similar charges.
Insider trading is a federal crime with a maximum prison sentence of 20 years. So, looking at these charges, Wahi’s maximum prison time is 80 years if he pleads guilty to all of them.
As he has already been arrested, the former Coinbase manager is currently under FBI custody. As it is the first insider trading involving cryptocurrency, the eyes of the world have shifted to his case. It is common knowledge that many people still don’t think crypto trading is worth the risk.
DOJ charged a former Coinbase manager, Ishan Wahi, alleging he passed along confidential information about upcoming token listings on at least 14 occasions—information that let his friend and brother profit to the tune of $1.5 million. https://t.co/dS8dTGfToH
— FORTUNE (@FortuneMagazine) July 21, 2022
Where Is Ishan Wahi Now? Family and Ethnicity To Know
Ishan Wahi comes from an Indian ethnic group. He resides in Seattle with his brother, Nikhil.
Migrated from India, the 32-year-old graduated from Carnegie Mellon University in Pittsburgh. As per his LinkedIn profile, he is also the co-founder of “The Teacher” app.
As of now, Wahi’s social media accounts are private. He has protected his tweets and deleted his Instagram account as well. Also, further facts about his family remain unknown for the time being.
We will update you as soon as anything develops on the case.
