Ishan Wahi, a former Coinbase Global Inc product manager, was sentenced on Tuesday to two years in prison in what US prosecutors have called the first insider trading case involving cryptocurrency. US District Judge Loretta Preska sentenced Ishan Wahi, 32, in Manhattan federal court after the defendant pleaded guilty in February to two counts of conspiracy to commit wire fraud. It is one of several high-profile cryptocurrency-related cases brought by US prosecutors in New York, including one against FTX founder Sam Bankman-Fried, who has pleaded not guilty. Prosecutors have said Ishan shared confidential information with his brother Nikhil Wahi and their friend Sameer Ramani about which digital assets would be listed on Coinbase, one of the world’s largest cryptocurrency exchanges. The tipoff allowed the three men to make $1.5 million by trading 55 digital assets ahead of the listing announcements between June 2021 and April 2022, according to prosecutors. Nikhil pleaded guilty in September to a wire fraud conspiracy charge, and in January was sentenced to 10 months in prison. Ramani remains at large. Ishan had asked for a sentence no longer than his brother’s, citing other insider trading cases that resulted in little or no prison time.
Full story : Ex-Coinbase manager Ishan Wahi sentenced to prison in insider trading case.
