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Nihil Wahi, who along with his brother, former Coinbase product manager Ishan Wahi, was charged with insider trading, pleaded guilty. He faces up to 20 years in prison.
The defendant agreed with the version of the investigation that he made transactions on the basis of non-public information about the listing of digital assets planned on Coinbase. According to Law360, Nihil Wahi will begin serving his sentence on December 13.
“I knew it was wrong to receive sensitive data and make transactions based on it,” he told the judge.
The defendant agreed that such a confession would lead to his deportation from the country.
His brother, Ishan Wahi, plans to challenge the allegations. The defense insists that cryptocurrencies are not securities and, as a result, are not subject to insider trading laws.
Prosecutor Noah Soloveitchik stressed that the Ministry of Justice did not specify the status of the assets in its statement.
The hearing in the case of Ishan Wahi will be held on March 22. Samir Ramani, who was also accused of organizing the scheme, is at large.
Recall that the Wahi brothers were arrested in July 2022. The prosecutor’s office noted that Ishan had access to the data when the company intends to make relevant public statements and open trade.
Between June 2021 and April 2022, the former exchange employee passed on this confidential information to his brother and Ramani at least 14 times.
Earlier accused of insider trading, ex-employee of OpenSea Nathaniel Chastain challenged the verdict of the court. In June, a jury found him guilty of fraud and money laundering in a scheme with insider trading on the marketplace.
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