First Guilty Plea in Coinbase-Related Insider Trading Charges

Nikhil Wahi today pled guilty in U.S. District Court to a wire fraud conspiracy charge, reports Reuters.

Wahi is the brother of former Coinbase (COIN) product manager Ishan Wahi. The Wahi brothers were arrested in late July, charged by the Department of Justice (DOJ) with wire fraud and insider trading – allegedly profiting from information shared by Ishan Wahi regarding least 14 different listings at Coinbase. A friend, Sameer Ramani, was similarly charged but remains at large.

Nikhil Wahi's brother Ishan pleaded not guilty.

Prosecutors have previously declared this matter to be the first-ever crypto-related insider trading case.