The brother of a former Coinbase product manager pleaded guilty to a wire fraud conspiracy charge in connection with an ongoing insider trading case, according to Reuters.
Nikhil Wahi, brother of ex-Coinbase manager Ishan Wahi, reportedly told the court he conducted trades based on confidential information passed to him. The government said it is the first cryptocurrency market insider trading case.
"I knew that it was wrong to receive Coinbase's confidential information and make trades based on that confidential information," Nikhil Wahi said in court.
The Wahi brothers, along with a family friend who was also provided the information, were charged in July. The brothers previously pleaded not guilty in August.
The defendants made illegal trades in at least 25 different crypto assets and realized ill-gotten gains totaling approximately $1.5 million, the U.S. Attorney’s Office Southern District of New York said in July.
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