The brother of a former product manager at Coinbase Global Inc. was found guilty of his position in a conspiracy to trade on inside knowledge of when the cryptocurrency exchange was going to approve new crypto tokens and open them for public trading. In what U.S. prosecutors have hailed as the first case of insider trading involving cryptocurrency, Nikhil Wahi, the perpetrator of the illicit trading plan, was handed a sentence of 10 months in prison for his participation in the scheme.
Insider Trading At Coinbase
Nikhil Wahi stated in September of the previous year that he had executed trades based on information that was deemed exclusive by the U.S.-based crypto exchange Coinbase. Ishan Wahi, the erstwhile product manager at Coinbase, is accused by federal authorities in Manhattan of disclosing confidential information to his brother and their mutual acquaintance Sameer Ramani on new crypto tokens that Coinbase intended to make available for users to trade.
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