Former Coinbase employee received 2 years in prison for insider trading
Former Coinbase employee Ishaan Wahi received 2 years in prison for insider trading in cryptocurrencies
The insider who pleaded guilty in a cryptocurrency trading case was able to make $1.5 million with accomplices by buying tokens before listing them on the cryptocurrency exchange
Former Coinbase manager Ishaan Wahi was sentenced to two years in prison for insider trading in cryptocurrencies, Reuters writes. The charge against him was filed last July, and last February he pleaded guilty and was named in court as the first insider to plead guilty in a case involving cryptocurrency trading.
While working at Coinbase from June 2021 until April 2022, Wahi passed confidential information about cryptocurrencies scheduled to be listed on the exchange to accomplices his brother Nikhil and their acquaintance Samir Ramani.
Based on the information received from Ishaan Wahi, Nikhil Wahi, and Ramani worked together to trade 55 different crypto-assets shortly before their listing on Coinbase. The scammers were able to make about $1.5 million from this.
Ishaan and Nikhil Wahi were arrested on July 21; Samir Ramani's arrest was not reported. Nikhil Wahi pleaded guilty last September and was sentenced to ten months in prison earlier this year.
At the May 9 court hearing, Wahi said he made a huge mistake "that will haunt him for the rest of his life." At the same time, the assistant prosecutor noted that Wahi's behavior was not a one-time mistake; he had been committing his actions for ten months.
The prosecutors insisted on imprisoning the defendant for more than three years, the defense asked the court to sentence him no harsher than for Nikhil Wahi. Judge Loretta Preska eventually sentenced Nikhil Wahi to two years in prison. According to the Cointelegraph, he will be sent to Fort Dix Federal Correctional Institution in New Jersey.
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