Secondary token sales in the case of one of the Coinbase insiders were securities, a court ruled on Friday.

Sameer Ramani, accused of selling tokens in the Wahi brothers case, faces a default judgment from the court after allegedly leaving the country. 

Ishan Wahi, an ex-Coinbase employee, was accused of insider trading by the Securities and Exchange Commission in 2022. The case is the first of its kind.

The SEC claimed that Wahi tipped Nikhil Wahi and Ramani off to some listing announcements for certain tokens it claimed were securities. The three generated around $1 million in profit from buying and selling 25 crypto assets. The SEC alleged that nine of those were securities. 

Ishan…

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