Fired coin base manager at insider trade and sentenced to 2 years in prison

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After he was guilty at the beginning of this year, the former product manager of Coinbase, Ishan Wahi, was sentenced to two years in prison for insider trade in a pioneering case for insider trade.

The punishment exceeds the 10-month prison sentence of Ishan's brother-Nikhil Wahi-with whom he conspired for the crime.

two years for the crypto insider trade

according to a report by reuters Ishan Wahi was condemned by the US district judge Loretta Preska in Manhattan on Tuesday.

The judgment follows a confession of guilt by Wahi in February in two charges of the conspiracy for wire fraud. Preska said his plan was a "massive abuse" of the trust of Coinbase - America's largest cryptocurrency exchange, which was the subject of a large number of complaints from customers and governments last year.

Wahi was arrested and accused by the Ministry of Justice last July because he had given his brother-together with his friend Sameer Ramani-about upcoming cases Coin Listings at Coinbase, which have not yet been made public. Analyzes have shown that quotations on large crypto exchanges often have dramatic effect at the price of an asset

The group's scheme brought them a total of around $ 1.5 million at 55 different token announcements between June 2021 and April 2022.

The deputy US lawyer Noah Solowiejczyk said during the hearing that the ten-month information showed that Wahi's actions were "not a unique mistake". Meanwhile, judge Preska added that the attempts by Wahi and the co -accused to cover up their actions proved that they knew that their deeds were wrong.

a "big mistake"

"I made a big mistake that will pursue me for the rest of my life," said Wahi. His comment recalled that of his brother Nikhil from January, who said that his mistake was "something I have to live with", then for guilty to his respective protégé.

Ishan Wahi first not guilty Confession in February.

Wahi called for a lesson in court in court files than that of his brother and referred to other cases of insider trade, in which law breakers spent little time in prison. On the other hand, the prosecutors demanded that Wahi get 3 years in prison to give an example of other insiders of the crypto exchange that abuse their privileged information.

The Head of Product by OpenSea was also charged in June for NFT insider trade-but the ex-employee has done it since then to drop these charges.

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