{"id":538651,"date":"2023-01-10T23:15:00","date_gmt":"2023-01-10T20:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ex-coinbase-managers-brother-sentenced-to-10-months-in-insider-trading-case\/"},"modified":"2023-01-10T23:15:00","modified_gmt":"2023-01-10T20:15:00","slug":"ex-coinbase-managers-brother-sentenced-to-10-months-in-insider-trading-case","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ex-coinbase-managers-brother-sentenced-to-10-months-in-insider-trading-case\/","title":{"rendered":"# Ex-Coinbase manager&#8217;s brother sentenced to 10 months in insider trading case"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407170cc4fd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407170cc4fd\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ex-coinbase-managers-brother-sentenced-to-10-months-in-insider-trading-case\/#%E2%80%9D_Ex-Coinbase_managers_brother_sentenced_to_10_months_in_insider_trading_case_%E2%80%9C\" >&#8221; Ex-Coinbase manager&#8217;s brother sentenced to 10 months in insider trading case  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ex-Coinbase_managers_brother_sentenced_to_10_months_in_insider_trading_case_%E2%80%9C\"><\/span>&#8221; Ex-Coinbase manager&#8217;s brother sentenced to 10 months in insider trading case  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZmQ3YWFmNzQtYWQyYi00YmNmLWE3NWItNTRkOWM3YjA2Mjg2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>The brother of a former Coinbase product manager, Nikhil Wahi, has been sentenced to 10 months in prison for wire fraud conspiracy charges, in what is believed to be the first insider trading case involving cryptocurrency.\u00a0<\/p>\n<p>As <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/ex-coinbase-managers-brother-sentenced-10-months-insider-trading-case-2023-01-10\/\">reported<\/a> by Reuters, Nikhil Wahi pleaded guilty in September to initiating trades based on confidential information obtained from his brother, Ishan Wahi, who was a former Coinbase product manager.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Ex-Coinbase manager&#8217;s brother sentenced to 10 months in insider trading case <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Kyy6DqSb9D\">https:\/\/t.co\/Kyy6DqSb9D<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ruQjwr5i4h\">pic.twitter.com\/ruQjwr5i4h<\/a><\/p>\n<p>\u2014 Reuters (@Reuters) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Reuters\/status\/1612861922948399104?ref_src=twsrc%5Etfw\">January 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Nikhil Wahi admitted to trading with the use of inside information obtained from Coinbase. According to the federal prosecutors in Manhattan, Ishan Wahi, a former product manager, had shared confidential information regarding new digital assets that Coinbase was planning to add to its trading platform, with both his brother and their friend Sameer Ramani.<\/p>\n<p>The U.S. prosecutors recommended a prison sentence of between 10 to 16 months for Nikhil Wahi, citing the fact that he had made almost $900,000 in profits from his illegal actions. However, his defense attorneys suggested a different outcome, arguing that Nikhil&#8217;s motivation for committing the crime was to repay his parents for paying for his college education and that he had no prior criminal record.\u00a0<\/p>\n<p><strong><em>Related: Coinbase to cut another 20% of its workforce in the second wave of layoffs<\/em><\/strong><\/p>\n<p>The sentencing of Nikhil Wahi is taking place amid increased scrutiny from U.S. prosecutors and regulators toward cryptocurrency companies and their executives.\u00a0<\/p>\n<p>On Jan 4, Coinbase reached an agreement with the New York State Department of Financial Services (NYDFS) following an investigation into the company&#8217;s compliance program. According to NYDFS, Coinbase has agreed to pay a $50 million fine in response to violations of New York&#8217;s financial services and banking laws and also to invest $50 million to correct its compliance program. The investigation revealed that Coinbase had various deficiencies related to anti-money laundering requirements and issues with its process for onboarding users and monitoring transactions.<\/p>\n<p>Coinbase\u2019s woes seem to continue, as on Jan 10, Coinbase CEO Brian Armstrong officially announced that Coinbase will cut 950 jobs as part of the company\u2019s measures to reduce the firm\u2019s operating costs by around 25% amid the ongoing crypto winter.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ex-coinbase-manager-s-brother-sentenced-to-10-months-in-insider-trading-case\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ex-Coinbase manager&#8217;s brother sentenced to 10 months in insider trading case &#8220; The brother of a former Coinbase product manager, Nikhil Wahi, has been sentenced to 10 months in prison for wire fraud conspiracy charges, in what is believed to be the first insider trading case involving cryptocurrency.\u00a0 As reported by Reuters, Nikhil Wahi&#8230;<\/p>\n","protected":false},"author":1,"featured_media":538652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/fd7aaf74-ad2b-4bcf-a75b-54d9c7b06286.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74860,117,71511,4965,67874],"class_list":["post-538651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-business","tag-government","tag-technology","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=538651"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/538652"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=538651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=538651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=538651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}