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Nikhil Wahi a brother to a past Coinbase Product Manager, was found guilty of committing crypto fraud. He committed fraud by using information gotten from an insider. Also, the information used was even collected from his brother (Ishan Wahl).
Going by the release, the culprit may serve a 20 years jail term. Also, he will have all his unlawful monetary profit confiscated. The past Coinbase product manager answered not guilty to the fraud charges which were leveled against him. Nevertheless, his brother’s plea may supply a bad twist to his case.
According to CryptoPotato, both brothers were apprehended sometime last two months (July). This happened after an investigation operation conducted by the United States authorities in collaboration with Coinbase was carried out.
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Since last year July, Nikhil Wahl has been making use of the information gotten from his brother to purchase crypto before their listing on Coinbase. He’ll then sell those cryptos immediately after they are publicly listed and announced. Nikhil has been benefiting from the fame effect of crypto being listed on Coinbase.
Coinbase had issued a warning to its employees about disclosing the crypto listing information, saying it is forbidden. The company also ban its employee from providing tips about crypto investment to their friends and family members. Consequently, Ishan wasn’t oblivious of his criminal act before being apprehended.
Various accounts were being used by Nikhil on centralized exchange platforms to hide his tracks. Also, going by the authorities, he created various wallets via Ethereum. However, the authorities were successful in discovering all his selling and buying operations.
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