NEW YORK (AP) — The brother of a former Coinbase product supervisor was sentenced to 10 months in jail on Tuesday in what federal prosecutors have known as the primary insider buying and selling case involving cryptocurrency.
Nikhil Wahi, 27, of Seattle, was sentenced in federal court docket in Manhattan after pleading responsible in September to 1 rely of conspiracy to commit wire fraud.
Prosecutors stated that Nikhil Wahi started in round October 2020 to obtain confidential suggestions from his brother, Ishan Wahi — then a product supervisor for Coinbase International Inc., one of many world’s largest cryptocurrency exchanges — and used the data to promote crypto belongings for a revenue.
Each Wahi brothers and a buddy, Sameer Ramani, have been charged in July in what U.S. Lawyer Damian Williams described as the federal government’s first insider buying and selling case involving cryptocurrency markets.
Willams stated Tuesday’s sentence “makes clear that the cryptocurrency markets are usually not lawless. There are actual penalties to unlawful insider buying and selling, wherever and at any time when it happens.”
Along with the jail sentence, Nikhil Wahi was ordered to pay $892,500.
Ishan Wahi has pleaded not responsible to the fees towards him, and Ramani is at massive.
