First Crypto Insider-Trading Case Leads to 10-Month Sentence (1)

The brother of a former Coinbase Global Inc. product manager was sentenced to 10 months behind bars for his role in a scheme to trade on inside information about when the cryptocurrency exchange was going to list new tokens.

Nikhil Wahi pleaded guilty in September to a count of conspiracy to commit wire fraud in what Manhattan US Attorney Damian Williams called “the first ever insider trading case involving cryptocurrency markets.” Prosecutors claim tips from his brother enabled Wahi to make almost $900,000 trading in 40 different crypto tokens.

“I made a huge mistake, a terrible mistake,” Wahi told US ...