The brother of a former Coinbase manager, Nikhil Wahi, was sentenced to 10 months in prison on Jan. 10 for making trades based on confidential Coinbase information he acquired from his brother, Reuters reported.
Nikhil Wahi is the brother of Coinbase’s former product manager Ishan Wahi. Prosecutors claimed that Ishan Wahi tipped his brother and their friend, Sameer Ramani. According to the claims, Nikhil Wahi and Ramani used anonymous Ethereum (ETH) wallets and made over $1 million on trades between July 2021 and May 2022.
The brothers were arrested in July 2022. Twenty-six-year-old Nikhil Wahi pleaded guilty to committing wire fraud in September, while Ishan Wahi pleaded not guilty. Ramani, who was also included in the arrest warrant, was outside U.S. borders at the time and hasn’t made an appearance in the case yet.
Prosecutors recommended Nikhil Wahi be sentenced to prison for at least ten months and up to 16 months. His defense lawyers managed to settle on ten months by claiming that Wahi’s primary motivation for his actions was to repay his parents for funding his college education and that he hadn’t been arrested before.
Read Our Latest Market Report
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://cryptoslate.com/former-coinbase-managers-brother-jailed-for-insider-trading/