The brother of a former Coinbase product manager has pleaded guilty in a cryptocurrency insider trading case. According to the U.S. Department of Justice (DOJ), he is facing up to 20 years in federal prison.
DOJ’s First Crypto Insider Trading Case
The U.S. Department of Justice (DOJ) announced Monday that Nikhil Wahi, the brother of a former product manager at Coinbase Global Inc. (Nasdaq: COIN), “pled guilty to one count of conspiracy to commit wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets.” The DOJ calls it the “first-ever cryptocurrency insider trading case.” Nikhil Wahi was arrested in July.
His brother, Ishan Wahi, worked at Coinbase as a product manager assigned to the cryptocurrency trading platform’s asset listing team beginning in October 2020.
The Justice Department explained that on multiple occasions between July 2021 and May 2022, Nikhil Wahi profited from using “confidential Coinbase information about which crypto assets were...
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