Coinbase Insider Trading Perpetrator Requires Sentence Not More Than 10 Months
- Ishan Wahi, the former product manager of cryptocurrency exchange Coinbase, has requested a sentence of no more than 10 months in prison for insider trading.
- He pleaded guilty to one of the first insider trading cases involving cryptocurrency trading.
- Previously, there had been proposed sentences of 3 to 4 years in prison, with fines in the range of $ 15,000-150,000.
The lawyer for former Coinbase product manager, Ishan Wahi, stated in a court document that the defendant hopes that the court will sentence him to prison for no more than 10 months on the insider trading charge.
Ishan Wahi, the former product manager of cryptocurrency exchange Coinbase (COIN), has requested a sentence of no more than 10 months in prison for insider trading, his lawyer said in court filings late last night Tuesday.
The 10-month prison sentence is a “commensurate but not excessive” punishment. It is known that the court will hold Wahi’s sentencing hearing on May 9. Tuesday’s filing cites Wahi’s considerable public attention and previous humble, law-abiding, and admirable life as well as mental health status, as reasons for leniency.
As a result of the case’s widespread media coverage, Coinbase itself intervened in a similar action filed by the Securities and Exchange Commission, claiming that the digital assets listed on the It’s not technically a stock.
On February 7, in a case heard by Judge Loretta Preska in the Southern District of New York, Wahi pled guilty to two charges of conspiring to conduct fraud by disclosing information about upcoming Coinbase crypto token listings to his brother Nikhil and another contact, Sameer Ramani.
A plea agreement signed by Ishan Wahi and the US government in February suggested a sentence of three to four years in prison, with a fine in the range of $15,000-150,000. In January, Nikhil Wahi was sentenced to 10 months in prison for his role in the incident.
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