“Today’s sentence makes clear that the cryptocurrency markets are not lawless,” one prosecutor on the case said.
Nikhil Wahi told the sentencing judge, Loretta Preska. He is subject to deportation to India following the completion of his prison term. Nikhil’s defense attorney claimed that her client was motivated by a desire to support his parents in India, and repay them for his U.S. college education, reported Bloomberg.
Ishan and a third party, a friend of Nikhil’s named Sameer Ramani, are also facing criminal charges over the insider trading scheme. Ishan pled not guilty to his charge, and was in July. His case is pending. Ramani, on the other hand, is not in U.S. custody and is considered at large.“There are real consequences to illegal insider trading, wherever and whenever it occurs,” Williams, the prosecutor, said. A crypto insider trading scandal even reached the hallowed halls of Congress earlier this year. The House Ethics Committee fined North Carolina Rep. Madison Cawthorn $
for his apparent illicit advanced knowledge of NASCAR’s failed Let’s Go Brandon Coin sponsorship, and his promotion of the memecointrial of FTX’s CEOThe fact that the Wahi brothers were caught mostly came down to a luck. Twitter user @cobie noted a sketchy Ethere um purchase and posted about it. “Found an ETH address that bough hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published,” @cobie tweeted on April 12, according
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