The post Ex-Coinbase Manager Gets 2 Years In Prison For Insider Trading appeared first on Coinpedia Fintech News
A former product manager of Coinbase has been sentenced to two years in prison for insider trading charges, just weeks after the company announced its move to conduct business in the Bahamas. This development has brought renewed attention to the issue of insider trading in the cryptocurrency industry and its potential consequences.
2 Years Imprisonment For $1 Million In Illegal Profits
The Department of Justice (DOJ) has charged and sentenced Ishan Wahi, a former product manager at the U.S.-based crypto exchange, to two years in prison for insider trading. Wahi was arrested in July 2022 and charged with wire fraud for allegedly providing insider information about upcoming crypto listings to his brother and another man, resulting in over $1 million in illegal profits. This is the second crypto-related insider trading case brought by the DOJ.
On May 3, a former head of product at NFT platform OpenSea, Nate Chastain, was found guilty of money laundering and wire fraud for using insider knowledge to profit from trading NFTs. Although Chastain has not yet been sentenced, he faces a maximum sentence of 40 years.
Additionally, Ishan Wahi’s brother, Nikhil Wahi, pleaded guilty to conspiracy to commit wire fraud and was sentenced to 10 months in prison last January. Ishan Wahi, a former Coinbase employee, was arrested in July 2022 and pleaded guilty in February to two counts of conspiracy to commit wire fraud for providing insider information to his brother and another man, resulting in over $1 million in trades.
Ex-Coinbase Manager’s Sentence Longer Than Expected
Wahi’s lawyers had requested a sentence of no more than 10 months in prison, but the former Coinbase product manager has been sentenced to two years for his involvement in insider trading.
Although the sentence is longer than his lawyers had hoped for, it is still much lower than the 60-year maximum sentence he could have received.
The case highlights the increasing scrutiny that regulators are placing on the crypto industry and serves as a warning to others who may be considering engaging in similar illegal activities.
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