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First Guilty Plea in Coinbase-Related Insider Trading Charges
The brother of a former Coinbase product manager, Nikhil Wahi, in late July was arrested for trading on confidential information.
Updated May 11, 2023, 4:22 p.m. Published Sep 12, 2022, 5:48 p.m.
Nikhil Wahi pled guilty in U.S. District Court to a wire fraud conspiracy charge, Reuters reported Monday.
Wahi is the brother of former Coinbase (COIN) product manager Ishan Wahi. The Wahi brothers were arrested in late July, charged by the Department of Justice (DOJ) with wire fraud and insider trading – allegedly profiting from information shared by Ishan Wahi regarding least 14 different listings at Coinbase. A friend, Sameer Ramani, was similarly charged but remains at large.
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Nikhil Wahi's brother Ishan pleaded not guilty.
Prosecutors have previously declared this matter to be the first-ever crypto-related insider trading case.
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