The SEC is still investigating former product manager Ishan Wahi as well as Coinbase itself over allegations its listed unregistered securities.
Prosecutors said Wahi worked at Coinbase starting in 2020 as a product manager listing assets on the exchange. Listing a cryptocurrency could give it legitimacy, bumping up its price. Wahi then brought in his brother and friend Sameer Ramani by letting them know when the exchange planned to list certain crypto assets. The two could then buy up those cryptocurrencies and sell them after listing for a tidy profit.
In April last year, Coinbase started investigating murmurings of a crypto wallet that was buying hundreds of thousands of dollars worth of tokens exclusively listed on Coinbase. Before the exchange could fire Wahi, he allegedly tried to board a plane to India but he was stopped by police.Though Coinbase currently sits as the second-largest crypto exchange in market cap , it was only in the top three just a year ago when it found out about Wahi’s scheme.
The SEC has claimed that Coinbase lists securities from among its various crypto tokens, though Coinbase has routinely denied it’s under the federal agency’s purview. The SEC is
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