According to Reuters, Ishan Wahi, a former employee of Coinbase, He was sentenced to two years in prison on charges of cryptocurrency insider trading in a lawsuit filed by the US Department of Justice (DOJ) today.
During a May 9 hearing in the Southern District Court of New York, Judge Loretta Preska sentenced Wahi to two years in prison for using confidential information she had obtained during her tenure at Coinbase to profit from new token listings.
USA’s largest cryptocurrency Ishan Wahi, a former product manager at the exchange Coinbase, was arrested in July of 2022.
Ishan Wahi tells his brother and another man about the upcoming exchange on the Coinbase exchange. altcoin He was accused of electronic fraud and insider trading for providing inside information about his listings.
U.S. prosecutors claimed that Ishan Wahi made more than $1 million in trading with Wahi’s information that he gave inside information and information regarding crypto listings between June 2021 and April 2022.
Ishan Wahi’s brother Nikhil Wahi was also accused of electronic fraud and pleaded guilty to fraud last September. At the hearing in January, he was sentenced to 10 months in prison.
Ishan Wahi also admitted to the charges against him after his brother admitted to the accusations.
However, Wahi’s lawyers stated that Ishan Wahi’s sentence was too high compared to his brother’s 10-month sentence.
*Not investment advice.
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