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A former product manager at Coinbase Global, Ishan Wahi, has pleaded guilty to two counts of conspiracy to commit wire fraud in a case called the first insider trading case involving cryptocurrency.
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Ishan Wahi shared confidential information with his brother and a friend, who used the information to make trades, generating at least $1.5 million in illicit gains.
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His brother, Nikhil Wahi, has pleaded guilty and has been sentenced to 10 months in prison, while their friend, Sameer Ramani, is still at large.
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As part of a plea deal, Ishan Wahi faces a sentencing range of 36 to 47 months in prison.
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Coinbase is one of the world's largest cryptocurrency exchanges and cooperated with prosecutors in an internal probe.
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A parallel lawsuit from the Securities and Exchange Commission (SEC) is ongoing, with Ishan Wahi asking for it to be dismissed.
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The SEC lawsuit concerns whether nine tokens listed on Coinbase were securities and subject to SEC regulation.
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In pleading guilty, Ishan Wahi stated he did not believe the tokens were securities.
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The question of whether the tokens are securities is not an element of the prosecutors' case.
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Ishan Wahi's sentencing hearing is scheduled for May 10.