{"id":9731,"date":"2023-01-13T02:58:02","date_gmt":"2023-01-13T02:58:02","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=9731"},"modified":"2023-01-13T02:58:04","modified_gmt":"2023-01-13T02:58:04","slug":"ex-coinbase-managers-brother-sentenced-to-prison-in-crypto-insider-trading-case","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9731","title":{"rendered":"Ex-Coinbase Manager&#8217;s Brother Sentenced to Prison in Crypto Insider Trading Case"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>A former Coinbase employee\u2019s brother has been sentenced to 10 months in prison in what the U.S. Department of Justice (DOJ) called a \u201cgroundbreaking cryptocurrency insider trading case.\u201d<\/strong><\/p>\n<h2>\u2018Groundbreaking\u2019 Crypto Insider Trading Case<\/h2>\n<p>The U.S. Department of Justice (DOJ) announced Tuesday that Nikhil Wahi \u201cwas sentenced to 10 months in prison\u201d in a \u201cgroundbreaking cryptocurrency insider trading case.\u201d He pled guilty to one count of conspiracy to commit wire fraud.<\/p>\n<p>The Justice Department explained that Wahi was sentenced \u201cfor his participation in a scheme to commit insider trading in cryptocurrency assets by using confidential information from his brother, a former product manager at Coinbase Global Inc. (Coinbase), about which crypto assets were scheduled to be listed on Coinbase\u2019s exchanges.\u201d<\/p>\n<p>Referring to the case as \u201cthe first-ever insider trading case involving cryptocurrency markets,\u201d U.S. Attorney Damian Williams commented:<\/p>\n<p>At a time when the cryptocurrency markets have been plagued by fear, uncertainty, and doubt, insider trading creates the impression that everything is rigged and that only people with secret advantages can make a real buck.<\/p>\n<p>\u201cToday\u2019s sentence makes clear that the cryptocurrency markets are not lawless. There are real consequences to illegal insider trading, wherever and whenever it occurs,\u201d he continued.<\/p>\n<p>The DOJ and the U.S. Securities and Exchange Commission (SEC) filed \u201cinsider trading charges\u201d in July last year against Nikhil Wahi, his brother Ishan Wahi, and their friend, Sameer Ramani.<\/p>\n<p>The authorities explained that around October 2020, Nikhil Wahi obtained confidential information from his brother, who was working on which cryptocurrencies would be listed on Coinbase exchanges. He then anonymously acquired those crypto assets shortly before Coinbase publicly announced that it was listing them on its exchanges.<\/p>\n<p>\u201cOn multiple occasions following Coinbase\u2019s public listing announcements, Nikhil Wahi sold the crypto assets for a profit,\u201d the DOJ noted, adding:<\/p>\n<p>In addition to the prison sentence, Wahi, 27, of Seattle, Washington, was ordered to pay $892,500 in forfeiture.<\/p>\n<p><em><strong>Do you think the ex-Coinbase employee\u2019s brother should go to prison for 10 months for insider trading? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/ex-coinbase-managers-brother-sentenced-to-prison-in-crypto-insider-trading-case\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Coinbase employee\u2019s brother has been sentenced to 10 months in prison in what the U.S. Department of Justice (DOJ) called a \u201cgroundbreaking cryptocurrency insider trading case.\u201d \u2018Groundbreaking\u2019 Crypto Insider Trading Case The U.S. Department of Justice (DOJ) announced Tuesday that Nikhil Wahi \u201cwas sentenced to 10 months in prison\u201d in a \u201cgroundbreaking cryptocurrency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-9731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9731"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9731\/revisions"}],"predecessor-version":[{"id":9733,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9731\/revisions\/9733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9732"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}