The Brother of past Coinbase Manager Found Guilty of Crypto Wire Fraud

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.

Other Details about the News
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.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Susan Marmor

• 

  IQ Option

• 

  Luis Aureliano

• 

  Deb Shaw