Coinbase former product manager Ishan Wahi who was accused of being involved in insider trading by U.S. authorities has pleaded not guilty to the charges.
According to Reuters, Ishan Wahi pleaded not guilty in a Manhattan federal court on Wednesday (August 3, 2022). He is facing wire fraud charges following his involvement in an alleged insider trading scheme.
The latest development comes shortly after the Department of Justice (DoJ) charged the former Coinbase employee along with his brother Nikhil Wahi, and partner Sameer Ramani with allegations of insider trading.
The DoJ alleged that Ishan Wahi used his position at the cryptocurrency exchange giant to obtain information on which coins Coinbase would be listing beforehand. Wahi shared the confidential information with his brother and Ramani.
Also, the DoJ stated that the suspects allegedly took advantage of 14 different listing announcements known in advance, regarding 25 cryptocurrencies. Consequently, Nikhil Wahi and Ramani made around $1.5 million through the insider trading scheme.
While the Wahi brothers were arrested in Seattle, Washington, Sameer continues to remain at large.
Upon filing the charges, this became the first such case of possible insider trading in the cryptocurrency industry.