Former Coinbase Product Manager Charged With Insider Trading

A former coinbase product manager got charged with insider trading by the US DOJ as we can see more today in our latest Coinbase news.

The former Coinbase product manager Ishan Wahi made more than $1 million trading on the inside information method with authoriteis alleging. The former manager and two others ran a year-long insider trading scheme that generated $1.1 million in profits as the US federal authoriteis noted. Ishan Wahi was an employee at the exchange and provided information about an upcoming asset listing annoucnement to his brother Nikhil Wahi as well as his friend Sameer Ramani.

The US DOJ announced that all of these individuals were arrested and charged with wire fraud and wire fraud conspiracy in connection with the scheme to commit insider trading by using confidential Coinbase information. The SEC also noted that today they filed a civil charge against the three men over the alleged scheme.

As recently reported, Coinbase claims it had no exposure to Three Arrows Capital, Celsius Network, or Voyager Digital which are companies that collapsed and filed for bankruptcy with the crypto market crash. The company said many companies are struggling because they became overleveraged and didn’t manage their balance sheets well.

It came at a time when companies involved in crypto continued to look for ways to shave down the overhead and reduce costs. BlockFi is a Celsius competitor that operates a similar lending business model which started offering employees buyouts after cutting their staff by 20% a month before. OpenSea for example laid off staff by the same amount a week ago. Coinbase reiterated and hasn’t engaged in risky lending practices and focused on building the business in a responsible way. The company said one of the main goals is to be safe and have a trusted bridge for investing in crypto.

It came at a time when companies involved in crypto continued to look for ways to shave down the overhead and reduce costs. BlockFi is a Celsius competitor that operates a similar lending business model which started offering employees buyouts after cutting their staff by 20% a month before. OpenSea for example laid off staff by the same amount a week ago. Coinbase reiterated and hasn’t engaged in risky lending practices and focused on building the business in a responsible way. The company said one of the main goals is to be safe and have a trusted bridge for investing in crypto.