The brother of the ex-coinbase manager was sentenced to prison in the crypto insider trade-regulation
The brother of the ex-coinbase manager was sentenced to prison in the crypto insider trade-regulation
The brother of a former coin base employee was sentenced to 10 months in prison, which the US Ministry of Justice (DOJ) described as the "groundbreaking case of insider trade in cryptocurrencies".
"groundbreaking" crypto insider trading case
The US Justice Ministry (DOJ) announced on Tuesday that Nikhil Wahi was sentenced to 10 months in prison in a "groundbreaking case of insider trade in cryptocurrencies". He guilty to an accusation point of the conspiracy, for wire fraud too commit.
The Ministry of Justice said that Wahi was convicted of "Coinbase because of his participation in a plan for insider trade with cryptocurrency assets using confidential information from his brother, a former product manager at Coinbase at Coinbase (Coinbase), was planned for the crypto assets."
With reference to the case as "The very first Insider trade with cryptocurrency markets, ”commented US lawyer Damian Williams:
at a time when the cryptocurrency markets were plagued by fear, uncertainty and doubt, insider trade gives the impression that everything is manipulated and only people with secret advantages can really make money.
"Today's sentence makes it clear that the cryptocurrency markets are not lawless. Illegal insider trade has real consequences where and whenever it takes place," he continued.
The doj and the US Securities and Exchange Commission (SEC) submitted " Fees for insider trading "in July last year against Nikhil Wahi, his brother Ishan Wahi and her friend Sameer Ramani.
The authorities said that Nikhil Wahi received confidential information from his brother around October 2020, who worked on the cryptocurrencies on coinbase exchanges. Then he acquired these crypto-assets anonymously, shortly before Coinbase announced publicly that it would write down on his stock exchanges.
"Nikhil Wahi sold the crypto-assets with profit several times after the announcements of the public listing of Coinbase," said the doj and added:
In addition to the prison sentence, the 27-year-old Wahi from Seattle, Washington, was sentenced to pay $ 892,500 for forfeiture.
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