Two years imprisonment for former Coinbase manager

He made millions with insider information on cryptocurrencies. Now the former Coinbase manager has received a prison sentence.

A US court sentenced Ishan Wahi, a former Coinbase product manager, to two years in prison on 9 May for insider trading. Wahi systematically tipped off his brother Nikhil Wahi and a friend named Sameer Ramani about upcoming listings on Coinbase. To then use for their own benefit.

The tips enabled the three men to earn $1.5 million by trading 55 digital assets in the run-up to the listings announcements between June 2021 and April 2022, prosecutors say. District Judge Loretta Preska called it a "huge abuse" of trust, during the sentencing hearing.

Nikhil Wahi 10 months imprisonment

Nikhil Wahi pleaded guilty in September and was sentenced to 10 months' imprisonment in January. Ramani remains at large.

Last week, an ex-product manager of Opensea was also convicted for insider trading.