The brother of a former Coinbase supervisor, Nikhil Wahi, was sentenced to 10 months in jail on Jan. 10 for making trades primarily based on confidential Coinbase info he acquired from his brother, Reuters reported.
Nikhil Wahi is the brother of Coinbase’s former product supervisor Ishan Wahi. Prosecutors claimed that Ishan Wahi tipped his brother and their good friend, Sameer Ramani. In keeping with the claims, Nikhil Wahi and Ramani used nameless Ethereum (ETH) wallets and made over $1 million on trades between July 2021 and Might 2022.
The brothers had been arrested in July 2022. Twenty-six-year-old Nikhil Wahi pleaded responsible to committing wire fraud in September, whereas Ishan Wahi pleaded not responsible. Ramani, who was additionally included within the arrest warrant, was exterior U.S. borders on the time and hasn’t made an look within the case but.
Prosecutors really helpful Nikhil Wahi be sentenced to jail for at the least ten months and as much as 16 months. His protection attorneys managed to choose ten months by claiming that Wahi’s major motivation for his actions was to repay his mother and father for funding his school schooling and that he hadn’t been arrested earlier than.
