Nikhil Wahi, brother of ex-Coinbase manager Ishan Wahi, on Monday, pleaded guilty to charges wire fraud conspiracy, making his case the first case of insider trading in the crypto space. Nikhil Wahi pleaded guilty in a virtual court hearing in front of U.S. District Judge Loretta Preska in Manhattan. He admitted during the trial that he made trades based on confidential Coinbase information shared by his brother Ishan Wahi. As per U.S. prosecutor records, Ishan Wahi shared confidential information with both Nikhil Wahi and their friend Sameer Ramani, who then used the information to acquire the assets and traded at least 14 times before Coinbase announcements in June 2021 and April 2022. They allegedly made $1.5 million in gains from insider trading.
