The brother of the ex-coinbase manager makes a plea for a bargain in an insider trade case

The brother of the ex-coinbase manager makes a plea for a bargain in an insider trade case

The siblings of a former coin base product manager who is charged with insider trade said in the first case of the crypto industry.

The 26-year-old Nikhil Wahi admitted at a trial that he acted cryptoassets on the basis of confidential coinbase information in which he should not have been inaugurated, according to the Ministry of Justice announced on Monday.

he owed an indictment for conspiracy for wire fraud, which is punished with a maximum penalty of 20 years in prison. His conviction is planned for December 13th.

nikhil Wahi told the judge that he knew that it was wrong to act on the basis of confidential information. Reuters Seattle, born in India, understood that his confession meant that he would be deported from the United States.

The public prosecutor's office explains that Nikhil Wahi had blurred his traces by using accounts with centralized stock exchanges in the name of other people and transferring funds through several anonymous Ethereum wallets. They added that he often created and used new wallets without prior transaction history to further hide his activities.

his plea now differs from that of his brother Ishan Wahi, the former coin base employee who allegedly gave him and her friend Sameer Ramani merchant tips. Both Ishan and Nikhil Wahi had known each other last month before a court in Manhattan after their death on not guilty arrest in Seattle.

The lawyer of Ishan Wahi, David Miller, said Blockworks last month that his client was ready to act against the indictment.

"In this case there are considerable legal problems, and we have strong reasons for applications for rejection and oppression. In the end we are confident that Mr. Wahi will be relieved," he said.

ramani, which was also charged, is reportedly still on foot.

The Securities and Exchange Commission accused Ishan Wahi in July, between June 2021 and April 2022 based on confidential information with at least 25 crypto systems, which led to a value of more than $ 1.1 million.

The case has triggered a debate about which crypto systems are considered securities. While the supervisory authority marks nine of the traded tokens as securities, Coinbase denies this. Chief Legal Officer Paul Grewal wrote in A Decision of the SEC to collect charges for securities fraud is completely incorrect.