New Development in Coinbase ‘Insider Trading’ Case: He Confessed His Guilt!

Cryptocurrency In the “insider trading” case involving exchange Coinbase Global, the brother of the company’s product manager pleaded guilty.

According to US prosecutors, this made history as the first insider trading case involving cryptocurrencies.

One of Defendants in Coinbase Case Admits to Insider Trading Accusation

Nikhil Wahi, 26, admitted to trading based on confidential Coinbase information during a virtual court hearing in Manhattan before US District Judge Loretta Preska.

Prosecutors say former product manager Ishan Wahi shared confidential information with his brother and friend Sameer Ramani about new digital assets that Coinbase plans to allow users to trade.

Nikhil Wahi and Ramani later to buy these assets Ethereum They allegedly used the blockchain in their wallets and transacted at least 14 times prior to the Coinbase announcements in June 2021 and April 2022.

Prosecutors said these announcements often resulted in an increase in the value of assets, with criminals earning at least $1.5 million.

In his statement to the judge, Nikhil Wahi said:

“I knew it was wrong to take Coinbase’s confidential information and trade based on that confidential information.”

Wahi said he understood that pleading guilty meant that he would eventually be expelled from the United States and would “lose everything he worked for.”

Nikhil Wahi pleaded guilty last month, but changed his defense through an agreement with prosecutors. Wahi will be sentenced in December.

Ishan Wahi pleaded not guilty and his next hearing will be on March 22. Ramani, who has been charged with, is on the run.

*Not investment advice.