First Guilty Plea in Coinbase-Related Insider Trading Charges

The brother of a former Coinbase product manager, Nikhil Wahi, in late July was arrested for trading on confidential information.

AccessTimeIconSep 12, 2022 at 5:48 p.m. UTC
Updated Sep 13, 2022 at 4:32 p.m. UTC

Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

Nikhil Wahi pled guilty in U.S. District Court to a wire fraud conspiracy charge, Reuters reported Monday.

Wahi is the brother of former Coinbase (COIN) product manager Ishan Wahi. The Wahi brothers were arrested in late July, charged by the Department of Justice (DOJ) with wire fraud and insider trading – allegedly profiting from information shared by Ishan Wahi regarding least 14 different listings at Coinbase. A friend, Sameer Ramani, was similarly charged but remains at large.

Nikhil Wahi's brother Ishan pleaded not guilty.

Prosecutors have previously declared this matter to be the first-ever crypto-related insider trading case.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

CoinDesk - Unknown

Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.