Fired Coinbase Exec Caught With Insider Trading Sentenced to 2 Years in Prison

After pleading guilty earlier this year, former Coinbase product manager Ishan Wahi was sentenced to two years in prison in a landmark case of insider trading with cryptocurrencies.

The punishment exceeded the 10-month jail sentence for Ishaan’s brother – Nikhil Wahi – with whom he conspired to commit the crime.

2 years on cryptocurrency insider trading

According to a report from ReutersIshan Wahi was sentenced by US District Judge Loretta Prisca in federal court in Manhattan on Tuesday.

The sentence follows a guilty plea by Wahi in February to two counts of conspiracy to commit telephone fraud. Prisca stated that his plan was a “massive abuse” of the trust of Coinbase – America’s largest cryptocurrency exchange which has been the subject of a slew of lawsuits launched by the government and customers over the past year.

Wahi was arrested and indicted by the Justice Department last July for allegedly tipping his brother — along with his friend Samir Ramani — information about Coinbase’s upcoming coin listings that had not yet been made public. Analysis has shown that listings on large cryptocurrency exchanges often contain Dramatic effect on the original price

The group’s scheme made nearly $1.5 million in total across 55 different token ads between June 2021 and April 2022, according to prosecutors.

Assistant US Attorney Noah Solwijk said during the hearing that 10 months of consistent advice showed Wahi’s actions were “not a one-time mistake.” Meanwhile, Judge Prisca added that attempts by Wahi and the co-defendants to cover up their actions demonstrated that they knew what they were doing was wrong.

Fatal error”

Wahi said, “I made a grave mistake that will follow me for the rest of my life.” His comment echoed that of his brother Nikhil from back in January, who said his mistake was “something I’ll have to live with forever”, after guilt concern each of them.

Ishan Wahi in the beginning He pledged his innocence to convert the fraud charges soon after they were made public, but he eventually followed the lead of his brother B guilty plea in feb.

Wahi asked for a ruling not exceeding his brother’s ruling in court papers, citing other insider trading cases where lawbreakers served a short prison term. On the other hand, prosecutors have called for Wahi to be jailed for 3 years to set an example for other cryptocurrency exchange insiders who misuse their privileged information.

Similarly, OpenSea’s Head of Product was given the job of NFT Insider Trading in June – but the former employee has since done so. foot to drop those charges.