Former Coinbase product manager and others reach settlement with the SEC over insider trading allegations

ChainCatcher news, documents from the U.S. Securities and Exchange Commission (SEC) show that former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi have agreed to settle the insider trading charges brought against them by the SEC, and they are required to pay disgorged profits and pre-judgment interest.

The SEC filed a lawsuit on July 21, 2022, in the U.S. District Court for the Western District of Washington, accusing Ishan Wahi of helping coordinate the public listing announcement of the platform while employed at Coinbase, including which crypto assets would be made available for trading. According to the complaint, Coinbase regarded such information as confidential and warned its employees not to trade based on that information or disclose it to others. However, at least from June 2021 to April 2022, Ishan violated his duties by repeatedly disclosing the timing and content of upcoming listing announcements to his brother Nikhil Wahi and his friend Sameer Ramani. (source link)