Nikhil Wahi, the brother of a former Coinbase product manager, has been sentenced to 10 months in prison after admitting to insider trading of cryptocurrency tokens.
The trades were made by leveraging insider information provided by his brother, Ishan Wahi. Nikhil also has to return $892,000 in profits he made from the trades.
Both brothers were arrested in July 2022, along with a friend, Sameer Ramani, on allegations of insider trading. This generated a total of $1.5 million in profit. R
amani remains at large and has been charged with wire fraud. This case marks the first instance of a guilty plea in an insider trading case involving cryptocurrency markets.
