Ex-Coinbase Product Manager's Brother Pleads Guilty in Crypto Insider Trading Case

Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, pleaded guilty in a Monday hearing to one count of conspiracy to commit wire fraud in connection with an alleged insider trading scheme. "Less than two months after he was charged, Nikhil Wahi admitted in court today that he traded in crypto assets based on Coinbase’s confidential business information to which he was not entitled," said Damien Williams of the U.S. Attorney's Office in New York in a statement. "For the first time ever, a defendant has admitted his guilt in an insider trading case involving the cryptocurrency markets," Williams continued. "Today’s guilty plea should serve as a reminder to those who participate in the cryptocurrency markets that the Southern District of New York will continue to steadfastly police frauds of all stripes and will adapt as technology evolves." Nikhil now awaits sentencing in December, which could mean up to 20 years in prison. He has also been ordered to give back the money earned as a result of the illicit Coinbase trading, Williams said.