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The ex-Coinbase manager's brother makes a plea deal in an insider trading case
Both Nikhil and Ishan Wahi had initially pleaded not guilty to insider trading charges. Ishan Wahi's lawyer told Blockworks last month that there were "strong grounds for motions to dismiss." The sibling of a former Coinbase product manager charged with insider trading pleaded guilty to wire fraud in the crypto industry's first such case. Nikhil Wahi, 26, admitted at a court hearing that he traded cryptoassets based on confidential Coinbase information that he should not have been privy to, the Justice Department announced on Monday. He pleaded guilty to one count of conspiracy to commit wire fraud,...
The ex-Coinbase manager's brother makes a plea deal in an insider trading case
- Sowohl Nikhil als auch Ishan Wahi hatten sich zunächst nicht der Anklage wegen Insiderhandels schuldig bekannt
- Der Anwalt von Ishan Wahi sagte Blockworks letzten Monat, dass es „starke Gründe für Anträge auf Abweisung“ gebe.
The sibling of a former Coinbase product manager charged with insider trading pleaded guilty to wire fraud in the crypto industry's first such case.
Nikhil Wahi, 26, admitted at a court hearing that he traded cryptoassets based on confidential Coinbase information that he should not have been privy to, the Justice Department said announced on Monday.
He pleaded guilty to one count of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison. His sentencing is scheduled for December 13th.
Nikhil Wahi told the judge he knew it was wrong to act on the basis of confidential information. Reuters reported. The Indian-born Seattle resident understood that his guilty plea meant he would be deported from the United States.
Prosecutors say Nikhil Wahi covered his tracks by using accounts at centralized exchanges in other people's names and transferring funds through multiple anonymous Ethereum wallets. They added that he frequently created and used new wallets without prior transaction history to further conceal his activities.
His plea now differs from that of his brother Ishan Wahi, the former Coinbase employee who allegedly gave him and their friend Sameer Ramani trading tips. Both Ishan and Nikhil Wahi pleaded not guilty in a Manhattan court last month following their deaths arrest in Seattle.
Ishan Wahi's lawyer, David Miller, told Blockworks last month that his client was prepared to fight the charges.
"There are significant legal issues in this case and we have strong grounds for motions to dismiss and suppress. Ultimately, we are confident that Mr. Wahi will be exonerated," he said.
Ramani, who was also charged, reportedly remains at large.
The Securities and Exchange Commission in July accused Ishan Wahi of trading in at least 25 cryptoassets based on confidential information between June 2021 and April 2022, resulting in profits worth more than $1.1 million.
The case has sparked debate over which cryptoassets count as securities. While the regulator labels nine of the traded tokens as securities, Coinbase denies this. Chief Legal Officer Paul Grewal wrote in a Blog from July 22nd that the company completely disagrees with the SEC's decision to file securities fraud charges.
Coinbase did not respond to Blockworks' request for comment by press time.
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The article Ex-Coinbase Manager’s Brother Takes a Plea Bargain in Insider Trading Case is not financial advice.