Former Coinbase employee pleads guilty to insider trading charges
Federal prosecutors claim that, on at least 14 occasions, Wahi shared confidential information with his brother Nikhil Wahi and friend Sammer Ramani about cryptocurrencies that Coinbase was planning to let its users trade so the pair could buy them in advance. Once Coinbase announced that it would list the tokens, their values rose. Nikhil Wahi and Ramani are said to have then sold the assets to make a profit. The scheme allegedly generated north of $1.5 million in ill-gotten gains.
Ramani has not been apprehended. Nikhil Wahi pleaded guilty to a wire fraud conspiracy charge in September and was last month sentenced to 10 months in prison. Ishan Wahi faces a prison sentence of between 36 and 47 months as part of his plea deal, according toTurn on browser notifications to receive breaking news alerts from Engadget
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