Coinbase Former Manager’s Brother Found Guilty In Crypto Insider Trading Case

The post Coinbase Former Manager’s Brother Found Guilty In Crypto Insider Trading Case appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

On Monday, the U.S. Department of Justice (DOJ) announced that Nikhil Wahi, the brother of a former product manager at Coinbase Global Inc. (Nasdaq: COIN), “pled guilty to one count of conspiracy to commit wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets.” The DOJ has tagged this as the “first-ever cryptocurrency insider trading case.” Nikhil Wahi was arrested back in July. According to the U.S. DOJ, Wahi shall face up to 20 years in federal prison.

The Justice Department elaborated on the case-  On multiple occasions between July 2021 and May 2022, Nikhil Wahi profited from using “confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase.” According to DOJ, “Following Coinbase’s public listing announcements, on multiple occasions, Nikhil Wahi sold the crypto assets for a profit.”

The U.S. Securities and Exchange Commission (SEC) had also charged the two brothers and their friend with insider trading charges