Nikhil Wahi, brother of the former Coinbase Product Manager, pleaded guilty to insider trading in court yesterday.
The brother of former Coinbase director Ishan Wahi pleaded guilty to insider trading in court. This is the initial situation of sanctioned insider trading in the cryptocurrency market place.
Tippee pleads guilty in the initial ever cryptocurrency insider trading situation https://t.co/Ck1Ic4dKJB
– US Attorney SDNY (@SDNYnews) September 12, 2022
“I know it is wrong to receive Coinbase confidential information and make transactions based on it,” Nikhil Wahi testified in court.
As reported by Coinlive, 32-12 months-outdated former Coinbase boss Ishan Wahi was convicted of “selling” to family members for illicit revenue. According to the SEC, there have been at least 14 occasions Ishan Wahi shared confidential info, urging his brother Nikhil Wahi and good friend Sameer Ramani to obtain massive quantities of tokens that have been about to be listed on Coinbase prior to this info was produced public. . Song the thoughts denied the crime at the August three hearing.
The defendants carried out unlawful transactions for 25 unique cryptocurrencies and raised about $ one.five million, the United States Attorney’s Office for the Southern District of New York mentioned.
This is the 2nd cryptocurrency insider trading situation prosecuted by the Justice Department following a related incident with an OpenSea executive. Shortly thereafter, the US Securities and Exchange Commission (SEC) filed a lawsuit towards Coinbase for listing 9 protection tokens and broadening its investigation into insider trading on cryptocurrency exchanges.
Synthetic currency 68
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