An insider trading case filed by the Securities and Exchange Commission (SEC) on Thursday argues that a Coinbase Global Inc. employee passed tips about the timing and content of Coinbase’s “listing announcements” to his brother and friend, resulting in their obtaining at least $1.1 million in illicit profits. The company, a cryptocurrency asset trading platform, apparently flagged the activity before defendant Ishan Wahi (Ishan), a Coinbase employee, unsuccessfully attempted to leave the country.
The civil complaint centers on three Indian nationals, defendants Ishan, his brother Nikhil Wahi (Nikhil), and close friend Sameer Ramani, who attended the University of Texas at Austin at the same time Ishan did and purportedly remains a close friend. Ishan worked as manager in Coinbase’s Assets and Investing Products group, the complaint says.
The suit details how between June 2021 and April 2022 Ishan tipped his brother and friend about trading in at least nine crypto asset securities. The complaint specifies that Ishan did so using a non-U.S. phone number, at one point receiving a message containing a dollar sign and “the eyes” emoji from Nikhil.
The SEC says that Coinbase flagged the brother and friend’s suspicious trading and sought to speak with Ishan. Faced with an interview about “an ongoing company investigation into Coinbase’s asset listing process,” Ishan sent a screenshot of the interview request to both Nikhil and Ramani, stating that he needed to speak with them...
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