In an insider trading case uncovered last year, the brother of a former Coinbase employee will have to repay nearly $470,000. Furthermore, the person concerned is currently serving a 10-month prison sentence.
Coinbase gets redress in insider trading case
In a document made public on Monday, we learn that the court for the Southern District of New York, last week ordered Nikhil Wahi, to return to Coinbase the exact sum of $469,525.50 in an insider trading case.
To understand the facts, you have to go back a year to the day, when suspicious transactions had been spotted concerning tokens then recently listed on Coinbase. A few months later, the exchange informed that following an investigation, Ishan Wahi had been identified as the author of said insider trading, while he operated as a product manager. He had been fired, and the platform had taken legal action.
the interested party acted in complicity with his brother Nikhilwhich we are talking about today, as well as another defendant: Sameer Ramani.
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20 years to repay
Nowadays, Nikhil Wahi is serving a 10 month prison sentence pronounced last January. Thus, he must begin to stagger this reimbursement during his incarceration. When he leaves prison, at least 10% of his gross income will be withheld on the 15th of each month to pay this debt.
Thus, Nikhil Wahi has a period of 20 years to repay the entire amount. In addition, it was also recorded that in the event of the death of the accused, this obligation will be imputed to his legatees.
If insider trading affects any asset class, transparency on public blockchains can still offer an advantage to facilitate the identification of these. A similar case had also taken place at OpenSea, whose person in question had himself been betrayed by his on-chain activity in September 2021.
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Source: Legal document
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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