10 Months Behind Bars: Former Coinbase Manager Pleads Guilty To Insider Trading

Ishan Wahi, a former product manager at Coinbase Global Inc (NASDAQ: COIN), requested a sentence of no more than 10 months in jail for insider trading charges, according to court filings made on Tuesday night.

Wahi, who is scheduled for a sentencing hearing on May 9 in New York, recently pleaded guilty to insider trading involving cryptocurrency trading, one of the first cases of its kind.

His lawyers stated that a sentence of "no more than 10 months incarceration, together with several other consequences of Ishan’s conviction, would impose a sufficient, but not excessive, punishment for the crimes of conviction."

Coinbase, the crypto exchange where Wahi formerly worked, has also been involved in a related case brought by the Securities and Exchange Commission (SEC), in which they argue that the digital assets listed were not securities.

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Wahi's lawyers cited the significant media attention surrounding the case and their client's previous "modest, law-abiding and admirable life" and mental health conditions as reasons for leniency.

The document further notes that Wahi's "promising career has ended instantly, with no realistic prospects of similar employment in the future."

In February, Wahi pleaded guilty to two counts of conspiracy to commit wire fraud by sharing details of future Coinbase crypto token listings with his brother and another contact.

The case was heard by Judge Loretta Preska in the Southern District of New York.

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