On Tuesday, Nikhil Wahi was sentenced to 10 months in prison for insider trading involving cryptocurrencies. U.S. Attorney Damian Williams noted that the sentence serves as a reminder that the cryptocurrency markets are not lawless, and that there are real consequences to illegal insider trading.
Nikhil Wahi was charged in July alongside his brother, Ishan Wahi, a former Coinbase product manager, and a friend, Sameer Ramani. Prosecutors allege that Nikhil received confidential tips from his brother and used them to sell crypto assets for a profit. Ishan Wahi has pleaded not guilty to the charges against him, and Ramani is at large. In addition to the prison sentence, Nikhil Wahi was also ordered to pay $892,500 in restitution.
The case serves as a reminder to the public that insider trading is illegal and has serious consequences. Cryptocurrency traders must take caution when trading and ensure that they are not breaking the law. This case demonstrates the importance of abiding by the laws and regulations that govern the cryptocurrency markets.