Coinbase Manager’s Brother Admits Guilty to Insider Trading

Coinbase-Manager’s-Brother-Admits-Guilty-to-Insider-Trading
  • Nikhil Wahi has pleaded guilty to insider trading.
  • He is the brother of former Coinbase Product Manager Ishan Wahi.
  • Nikhil now faces up to 20 years in prison and will receive his sentence on December 13.

Nikhil Wahi, brother of Coinbase’s former Product Manager Ishan Wahi, has pleaded guilty to insider trading. He now faces up to 20 years in prison.

Atty. Damian Williams said: 

“Less than two months after he was charged, Nikhil Wahi admitted in court today that he traded in crypto assets based on Coinbase’s confidential business information to which he was not entitled.  For the first time ever, a defendant has admitted his guilt in an insider trading case involving the cryptocurrency markets.” 

According to documents sent to the Southern District court of New York, Wahi has consulted his brother on which cryptocurrencies would be listed on Coinbase. With the exclusive information, Wahi would then purchase those crypto assets using anonymous Ethereum wallets. 

Once Coinbase has listed those assets on its exchange, he would immediately sell them on the platform. Given that cryptocurrencies — especially low-cap altcoins — drastically increase in prices prior to listing, Wahi was expected to have profited off from the illicit information.

Wahi’s sentence is due to arrive on December 13, 2022. As mentioned above, he may be incarcerated for 20 years. What is more, he has to forfeit his profits from the said activity.

“Today’s guilty plea should serve as a reminder to those who participate in the cryptocurrency markets that the Southern District of New York will continue to steadfastly police frauds of all stripes and will adapt as technology evolves,” Atty. Williams said. “Nikhil Wahi now awaits sentencing for his crime and must also forfeit his illicit profits.”

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.