Sep 13, 2022 Toghrul Aliyev

Former Coinbase Employee’s Brother Pleads Guilty For Insider Trading

According to a press release from the United States Attorney’s Office for the Southern District of New York, Nikhil Wahi, 26, the brother of a former product manager at Coinbase Global Inc., Ishan Wahi, committed insider trading. The crime was committed using confidential information about which crypto assets were scheduled to be listed on the Coinbase exchange and was arrested in July 2022. 

Ishan Wahi worked at Coinbase as a product manager since October 2020 and was assigned to a Coinbase asset listing team. In the span of 11 months (July 2021 - May 2022), he gave tips to his brother about new cryptocurrency listings on the exchange. 

Nikhil Wahi, using anonymous Ethereum wallets without any prior transaction history, bought the cryptocurrency assets before the listing and sold them after for a profit. To withdraw his profit, he used centralized exchanges’ accounts, which were held in the names of others. 

The maximum sentence for such a crime in the US is 20 years in prison.

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