Ishan Wahi is a former Coinbase employee who was charged with wire fraud in July. He allegedly collaborated with his brother, Nikhil Wahi, and a third person to commit the fraud. The two brothers were arrested after their associate, Sameer Ramani, fled. They were charged in Seattle in July. Nikhil Wahi’s hearing took place recently. Find out what comes out of it.
Nikhil Wahi acknowledges the facts attributed to him
Nikhil Wahi pleaded guilty to the charges against him. During a virtual hearing with the judicial authorities, he admitted to having committed insider trading. So, he admits to using classified information from Coinbase to make profit through crypto trading. The data used was communicated to him by his brother Ishan Wahi who was then product manager at Coinbase. They concerned token launch dates and would have allowed the trio to earn approximately $1.5 million.
Nikhil Wahi, Ishan Wahi, and Sameer Ramani traded 25 separate cryptocurrencies between 2021 and 2022. The case is considered the first insider trading in crypto. During his hearing, Nikhil said: “I knew it was wrong to receive confidential information from Coinbase and to make transactions based on this confidential information.It should be noted that in August, his brother Ishan had pleaded not guilty for the charges against him.
Nikhil Wahi has admitted to insider trading after his brother pleaded not guilty in August. Recall that the SEC of the United States had filed a complaint against the Wahi brothers and Sameer Ramani. The regulator accused the trio of violating anti-fraud provisions of securities laws. And according to him, among the 25 cryptocurrencies affected by insider trading, there are at least 9 securities subject to his jurisdiction.
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