Nikhil Wahi will serve 10 months in prison for conspiracy to commit wire fraud, in the first-ever cryptocurrency insider trading case. The guilty man had a brother working at crypto-exchange, Coinbase, as a project manager, who gave him inside info that made him money.

For example, Wahi knew when a coin was about to be listed on the platform and he bought them, knowing that its value would rise after being listed.

The reports claimed that he made about $892,500 doing this. He agreed to pay back his gains from the shady transactions after pleading guilty in a New York court in the Southern District.

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While Wahi pled guilty, his brother, Ishan, has refused to do the same and is facing trial. There is also a third person implicated in the scheme but they are yet to be apprehended.

A tweet had raised the red flag after finding the timing of Nikhil Wahi’s purchase suspicious. Then, Coinbase chief security officer responded to the user, saying that they were looking into the matter.

Ishan was caught as he was about to board a flight to India, likely after coming under suspicion during the investigation. His brother’s lawyer told the court that he was not trying to get rich off the trades, instead, he was helping his parents retire and thank them for sending him to college. There is a possibility that Nikhil could be deported.

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