'I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions.' Ishan Wahi admitted during Tuesday's hearing in a Manhattan federal court.
by Reuters, the prosecutors claimed that Wahi disclosed private information to his brother Nikhil and friend Sameer Ramani, regarding imminent announcements of new digital assets that Coinbase would enable users to trade. The announcement later caused assets to rise in value, allowing Nikhil and Sameer Raman to generate illicit gains of at least $1.5 million.
"I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions," Ishan Wahi admitted during Tuesday's hearing in a Manhattan federal court."It was wrong to misappropriate and disseminate Coinbase's property," he added. As part of his plea deal, Ishan Wahi has agreed to be sentenced to between 36 and 47 months in prison. His sentencing hearing is scheduled for May 10. His brother Nikhil Wahi has already pleaded guilty and was sentenced to 10 months in prison, while Ramani remains at large. Coinbase reportedly shared its findings from an internal probe into the trading with the prosecutors.
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