- He pleaded guilty on Monday to a wire fraud conspiracy charge, in what U.S. prosecutors have called the first insider trading case involving cryptocurrency.
- Nikhil Wahi, 26, admitted during a virtual court hearing before U.S. District Judge Loretta Preska in Manhattan that he made trades based on confidential Coinbase information.
- Prosecutors say Ishan Wahi, the former product manager, shared confidential information with his brother and their friend Sameer Ramani about new digital assets Coinbase was planning to let users trade.
- Nikhil Wahi and Ramani then allegedly used ethereum blockchain wallets to acquire the assets and traded at least 14 times before Coinbase announcements in June 2021 and April 2022.
- Those announcements typically caused the assets to rise in value and generated at least $1.5 million in gains, prosecutors said.