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Companies Coinbase Global Inc FollowMay 30 (Reuters) - A former product manager for Coinbase Global Inc (COIN.O) and his brother have agreed to settle U.S. Securities and Exchange Commission (SEC) charges related to insider trading of crypto asset securities. A lawyer for Ishan Wahi declined to comment on the settlement. Ishan Wahi was sentenced to two years in prison earlier this month. In January, Nikhil Wahi was sentenced to 10 months in prison. In pleading guilty to the criminal charges, Ishan Wahi said he did not believe any of the relevant tokens were securities.

Persons: Ishan Wahi, Nikhil Wahi, Gurbir Grewal, Nikhil, ”, Kanishka Singh, Chris Prentice, Hannah Lang, Bill Berkrot, Cynthia Osterman Organizations: Coinbase, Coinbase Global Inc, U.S, Securities, Exchange Commission, SEC, Thomson

Companies Coinbase Global Inc FollowNEW YORK, May 9 (Reuters) - Ishan Wahi, a former Coinbase Global Inc (COIN.O) product manager, was sentenced on Tuesday to two years in prison in what U.S. prosecutors have called the first insider trading case involving cryptocurrency. U.S. District Judge Loretta Preska sentenced Ishan Wahi, 32, in Manhattan federal court after the defendant pleaded guilty in February to two counts of conspiracy to commit wire fraud. Nikhil Wahi pleaded guilty in September to a wire fraud conspiracy charge, and in January was sentenced to 10 months in prison. At Tuesday's hearing, Ishan Wahi expressed remorse for his actions and their effect on his friends and family, several of whom were in court. Prosecutors had called for Ishan Wahi to spend more than three years in prison to deter other cryptocurrency insiders from misusing corporate information.

☆ Trade group argues U.S. SEC case unfairly labels crypto as securities
▼ + stars: | 2023-02-22 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

Feb 22 (Reuters) - Cryptocurrency trade association Chamber of Digital Commerce is urging a federal court to dismiss a case brought by the U.S. securities regulator against ex-Coinbase (COIN.O) employees accused of insider trading, arguing that the case unfairly labeled several crypto assets as securities. The Blockchain Association also filed an amicus brief in the case earlier this month. The crypto industry has previously criticized the SEC for bringing enforcement cases against digital asset companies, arguing that the regulator should instead engage in formal rulemaking specific to cryptocurrency. The SEC has maintained that pre-existing securities laws also apply to digital assets, and that many crypto tokens meet the definition of a security. The move would also likely hurt the value of those tokens, which could harm retail investors, the group said.

Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially pleading not guilty last year. "I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions," Ishan Wahi said during Tuesday's hearing in federal court in Manhattan. As part of a plea deal, prosecutors stipulated that sentencing guidelines called for Ishan Wahi to be imprisoned for between 36 and 47 months. In pleading guilty to the criminal charges on Tuesday, Ishan Wahi said he did not believe any of the relevant tokens were securities. Noah Solowiejczyk, a prosecutor, said the question of whether or not the tokens are securities was not an element of prosecutors' case.

☆ Ex-Coinbase Staffer Pleads Guilty in First Crypto Insider-Trading Case
▼ + stars: | 2023-02-07 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

A former Coinbase Global Inc. employee pleaded guilty Tuesday to two counts of conspiracy to commit wire fraud for his role in what prosecutors said was the first cryptocurrency insider-trading case. Ishan Wahi , 32 years old, told U.S. District Judge Loretta Preska that he had conspired with others to misappropriate valuable confidential information that he gained from his job at Coinbase. His brother, Nikhil Wahi , and an associate then used that information to make trades on digital tokens, he said.

☆ First Cryptocurrency Insider-Trading Case Yields 10-Month Prison Term
▼ + stars: | 2023-01-10 | by ( James Fanelli | ) www.wsj.com time to read: 1 min

The brother of a former Coinbase Global Inc. employee was sentenced in a New York federal court Tuesday to 10 months in prison for his role in what prosecutors called the first cryptocurrency insider-trading scheme. Nikhil Wahi , 27 years old, pleaded guilty last year to one count of conspiring to commit wire fraud, admitting to profiting from confidential information that federal prosecutors say his brother obtained about assets to be listed on the crypto exchange. Mr. Wahi netted nearly $900,000 in proceeds by using the information to trade on digital tokens, according to prosecutors in the Manhattan U.S. attorney’s office.

☆ Ex-Coinbase manager's brother sentenced to 10 months in insider trading case
▼ + stars: | 2023-01-10 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

Nikhil Wahi admitted last year that he made trades based on confidential Coinbase information. Ishan Wahi has pleaded not guilty. Two of his closest associates, Caroline Ellison and Gary Wang, have pleaded guilty and agreed to cooperate with prosecutors. Prosecutors had recommended Nikhil Wahi be sentenced to between 10 and 16 months in prison, arguing that he earned nearly $900,000 in profits from the scheme. Reporting by Luc Cohen in New York; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

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