Crypto
Crypto just got its first insider trading sentence, as the 27-year-old brother of an ex-Coinbase worker gets 10 months in jail
The brother of a former Coinbase product supervisor was sentenced to 10 months in jail on Tuesday in what federal prosecutors have known as the primary insider buying and selling case involving cryptocurrency.
Nikhil Wahi, 27, of Seattle, was sentenced in federal courtroom in Manhattan after pleading responsible in September to at least one rely of conspiracy to commit wire fraud.
Prosecutors mentioned that Nikhil Wahi started in round October 2020 to obtain confidential ideas from his brother, Ishan Wahi — then a product supervisor for Coinbase International Inc., one of many world’s largest cryptocurrency exchanges — and used the data to promote crypto belongings for a revenue.
Each Wahi brothers and a good friend, Sameer Ramani, had been charged in July in what U.S. Legal professional Damian Williams described as the federal government’s first insider buying and selling case involving cryptocurrency markets.
Willams mentioned Tuesday’s sentence “makes clear that the cryptocurrency markets will not be lawless. There are actual penalties to unlawful insider buying and selling, wherever and every time it happens.”
Along with the jail sentence, Nikhil Wahi was ordered to pay $892,500.
Ishan Wahi has pleaded not responsible to the fees towards him, and Ramani is at giant.
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