Coinbase employee denies fraud charges

The former product manager of the Coinbase crypto exchange said that he would not plead guilty to insider trading, because there are no clear provisions in the US law that would prohibit insider trading.

According to the accused, Ishaan Wahi, he and his brother, who is believed to be an accomplice of the ex-Coinbase employee, filed a motion to dismiss the case in the Federal Court of Manhattan. Wahi’s lawyer, David Miller, emphasized that according to American law, insider trading includes securities or commodities, and cryptocurrency tokens are not included in this list.

Miller also said that Coinbase has adopted a strategy of testing new tokens before their public offering, so the information that the SEC said Ishaan Wahi had illegally disclosed is no longer confidential.

In late July, the U.S. Securities and Exchange Commission and the New York prosecutor’s office arrested Ishaan Wahi, a former product manager at Coinbase. According to law enforcement agencies, former Coinbase employee Ishaan Wahi disclosed confidential Coinbase information to his brother and friend Nikhil Wahi and Samir Ramini. The suspect provided illegal financial advice to his accomplices and recommended when and which tokens to buy.