Ex-Coinbase manager ordered to spend two years in prison for insider trading - report

A former product manager at Coinbase Global ( NASDAQ: COIN ) was sentenced to two years in federal prison for engaging in insider trading of certain crypto assets before the cryptocurrency exchange announced their availability, according to several media reports dated Tuesday. In February, Ishan Wahi was said to have pleaded guilty to two counts of conspiracy to commit wire fraud, in what U.S. prosecutors had called the case the "first ever cryptocurrency insider trading" scheme. The Securities and Exchange Commission and Department of Justice took legal actions against Wahi last July for sharing private information with his brother and his friend about which crypto assets would be listed on Coinbase ( COIN ). "I made a huge mistake that will follow me for the rest of my life," Wahi said during the sentencing hearing in Manhattan federal court, as quoted by Reuters . More on Coinbase Global Coinbase stock slides 14% after the bell as SEC warns of potential charges Coinbase CEO Brian Armstrong says crypto exchange will always have U.S. presence - report Here Are The Big Problems Dogging Coinbase (Aside From The SEC)