Coinbase product manager Ishan Wahi denied the charges against him.
Wahi was accused of disclosing confidential information regarding Coinbase’s activities to his brother and a partner.
Ishan Wahi, product manager of Coinbase Global, denied the electronic fraud charges in a statement to Manhattan Federal Court, Reuters reported.
Wahi faced charges of “inside trading” by US law enforcement and the US Securities and Exchange Commission (SEC). Wahi was arrested as he was about to board a flight to India last May.
Wahi is accused of disclosing confidential information about the cryptocurrencies Coinbase will list to his brother Nikhil and partner Sameer Ramani. Allegedly, Wahi and his friends bought the assets before Coinbase listed them and then made a profit. The team allegedly made a profit of $1.5 million between June 2021 and April 2022.
Nikhil Wahi was also arrested just like Ishan Wahi. Ramani was released in late July.
The Justice Department did not include securities fraud in the case. Coinbase has published a blog post denying their involvement in securities after the incident.
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