Coinbase Wins $470K in Insider Trading Case

• Coinbase has won $469,525 in restitution from Nikhil Wahi in an ongoing insider trading case.
• Ishan Wahi, Nikhil’s brother and Coinbase employee at the time of the offenses, pleaded guilty to charges from the U.S. Department of Justice in February and will be sentenced in May.
• This case is important as it is the first insider trading case to involve cryptocurrency trading.

Coinbase Wins Insider Trading Case

Coinbase has won almost $470,000 in restitution as part of an ongoing insider trading case against Nikhil Wahi, according to a report from the Wall Street Journal on April 10. Judge Loretta Preska called Coinbase a “victim” of Wahi’s offenses during proceedings in Manhattan federal court and ordered him to pay $469,525 for Coinbase’s legal charges and expenses related to an investigation.

Nikhil Wahi Sentenced

Nikhil Wahi was previously sentenced to 10 months in prison in January due to his involvement with insider trading with cryptocurrency. He was also ordered to forfeit $892,500in funds earned from illegal trading.

Ishan Wahi Pleads Guilty

Ishan Wahi – Nikhil’s brother who worked for Coinbase at the time of his offense – pleaded guilty to charges from the U.S. Department of Justice in February and will be sentenced in May. The U.S Securities and Exchange Commission is engaged in civil suits against Ishan that could have direct effects on related cases as well.

First Crypto Insider Trading Case

This case is important as it is the first insider trading case involving cryptocurrency that has been investigated by authorities thus far; it has attracted attention due to its potential impact on future cases like this one involving cryptocurrencies.. The Blockchain Association notably came out defending both brothers during their trial period earlier this year..

Conclusion

It remains unclear exactly what kind of impact this ruling will have on other crypto-related cases moving forward but it certainly sets a precedent when it comes to prosecuting crypto-related crimes such as insider trading going forward