This marks the first insider trading conviction in crypto
Wahi worked as a product manager at Coinbase and had detailed knowledge of the company's plans to list new crypto assets.
He shared this confidential information with two individuals, Nikhil Wahi and Sameer Ramani, who engaged in profitable trades around Coinbase's public announcements. The trading activity was noticed and reported by a well-known crypto community Twitter account, which prompted Coinbase to investigate the matter. Wahi purchased a one-way flight to India before he was supposed to be interviewed by Coinbase, but was stopped by law enforcement from leaving the country.
The case was handled by the Office's Securities and Commodities Fraud Task Force, and the prosecution was carried out by Assistant U.S. Attorneys Noah Solowiejczyk and Nicolas Roos. Wahi is scheduled to be sentenced by U.S. District Judge Loretta A. Preska on May 10, 2023, and faces a maximum sentence of 20 years in prison for each count.
The U.S. Attorney praised the investigative work of the Federal Bureau of Investigation and acknowledged the assistance of the Justice Department's National Cryptocurrency Enforcement Team and the Securities and Exchange Commission, which initiated separate civil proceedings against Wahi.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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