The brother of the former Coinbase executive has pleaded guilty to the charges in the ongoing inside trading lawsuit.
According to Reuters, Nikhil Wahi, brother of former Coinbase manager Ishan Wahi, admitted to the court that he traded based on confidential information communicated to him.
Brother of Coinbase Ex-Management Admits Accusations
Ishan Wahi, the former director of the largest US crypto exchange Coinbase, was accused of “inside trading” by US officials.
Wahi’s brother admitted to the court that he traded with his inside information.
Inside trading is a term that describes generating unethical income by pre-trading confidential information from platforms.
Nikhil Wahi said in court:
“I knew it was wrong to take Coinbase confidential information and trade based on that confidential information”
The Wahi brothers, along with a family friend, faced inside trading charges in July. The brothers pleaded not guilty last month.
The US Attorney General for the Southern District of New York said in July that the defendants illegally traded more than 25 cryptocurrencies and received $1.5 million in unfair advantage.
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