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Ex-Coinbase Manager’s Brother Sentenced to Prison in Crypto Insider Trading Case

News Feed - 2023-01-12 04:01:49

Ex-Coinbase Manager"s Brother Sentenced to Prison in Crypto Insider Trading Case


A former Coinbase employee’s brother has been sentenced to 10 months in prison in what the U.S. Department of Justice (DOJ) called a “groundbreaking cryptocurrency insider trading case.” ‘Groundbreaking’ Crypto Insider Trading Case


The U.S. Department of Justice (DOJ) announced Tuesday that Nikhil Wahi “was sentenced to 10 months in prison” in a “groundbreaking cryptocurrency insider trading case.” He pled guilty to one count of conspiracy to commit wire fraud.


The Justice Department explained that Wahi was sentenced “for his participation in a scheme to commit insider trading in cryptocurrency assets by using confidential information from his brother, a former product manager at Coinbase Global Inc. (Coinbase), about which crypto assets were scheduled to be listed on Coinbase’s exchanges.”


Referring to the case as “the first-ever insider trading case involving cryptocurrency markets,” U.S. Attorney Damian Williams commented: At a time when the cryptocurrency markets have been plagued by fear, uncertainty, and doubt, insider trading creates the impression that everything is rigged and that only people with secret advantages can make a real buck.


“Today’s sentence makes clear that the cryptocurrency markets are not lawless. There are real consequences to illegal insider trading, wherever and whenever it occurs,” he continued.


The DOJ and the U.S. Securities and Exchange Commission (SEC) filed “insider trading charges” in July last year against Nikhil Wahi, his brother Ishan Wahi, and their friend, Sameer Ramani.


The authorities explained that around October 2020, Nikhil Wahi obtained confidential information from his brother, who was working on which cryptocurrencies would be listed on Coinbase exchanges. He then anonymously acquired those crypto assets shortly before Coinbase publicly announced that it was listing them on its exchanges.


“On multiple occasions following Coinbase’s public listing announcements, Nikhil Wahi sold the crypto assets for a profit,” the DOJ noted, adding: In addition to the prison sentence, Wahi, 27, of Seattle, Washington, was ordered to pay $892,500 in forfeiture. Tags in this story Coinbase, Coinbase insider trading, crypto insider trading, cryptocurrency insider trading, DOJ, Ishan Wahi, Nikhil Wahi, SEC


Do you think the ex-Coinbase employee’s brother should go to prison for 10 months for insider trading? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Despite SEC Objection, Court Greenlights Billion-Dollar Asset Purchase Deal Between Binance US and Voyager REGULATION | 3 hours ago The Fed Will Keep Focusing on Crypto — Fed Governor Says "We Do Not Want to Hinder Innovation" REGULATION | 5 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDespite SEC Objection, Court Greenlights Billion-Dollar Asset Purchase Deal Between Binance US and Voyager Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


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