Coinbase Exec’s Brother Pleads Guilty to Cryptocurrency Wire Fraud

Nikhil Wahi, brother of ex Coinbase product manager Ishan Wahi, used his brother’s information to buy tokens and sell them after Coinbase listed them. The U.S. Department of Justice released a statement on September 12 reporting that Nikhil Wahi, brother of ex-Coinbase product manager Ishan Wahi, pleaded guilty to committing cryptocurrency wire fraud using insider information sourced from his brother. U.S. Attorney Damian Williams said this is the first time in history that a person accused of cryptocurrency insider trading has pled guilty as charged. According to Williams, this case should serve as a reminder to all crypto traders to think twice before engaging in any fraudulent activity. The Southern District of New York will continue to steadfastly police frauds of all stripes and will adapt as technology evolves.