World Crypto Global
- Written by: Solomon Oladipupo
- Tue, 09 May 2023
- Israel
Ishan Wahi, a former Product Manager at Coinbase, has been sentenced to two years imprisonment in a case US prosecutors called the country's first ever cryptocurrency insider trading case. Thirty-two-year-old Wahi from Washington bagged the jail term for tipping off his brother and friend on multiple occasions with confidential information about Coinbase’s upcoming token listings.With the information, Wahi’s brother, Nikhil, and friend, Sameer Ramani made over $1.1 million from trading ahead of Coinbase’s public announcements, according to the US securities regulator which filed charges against the three individuals in July last year. Coinbase Former Employee Pleads GuiltyThe US Department of Justice announced Wahi's fate on Tuesday, noting that he was sentenced by US District Judge Loretta Preska. However, prosecutors did not comment on the fate of Nikhil and Ramani.The sentence comes over three months after Wahi pleaded guilty to two counts of conspiracy to commit wire fraud. The confession contradicts the former Coinbase staffer's claim in 2022 that he was not guilty of wrongdoing. “Today’s sentence should send a strong signal to all participants in the cryptocurrency markets that the laws decidedly do apply to them,” said Damian Williams, the US Attorney for the Southern District of New York. "[The district] will hold those who engage in insider trading to full account, regardless of whether their illegal conduct occurs in the equity markets or in the market for crypto assets," added Williams. This article was written by Solomon Oladipupo at www.financemagnates.com.
