Coinbase has won almost $470,000 in restitution as part of an ongoing insider trading case, according to a report from the Wall Street Journal on April 10.
That report indicates that Nikhil Wahi, who allegedly received insider information from a brother that worked for Coinbase, will pay $469,525 to the company. The amount will cover Coinbase’s legal charges and expenses related to an investigation.
Judge Loretta Preska, who was responsible for the ruling, called Coinbase a “victim” of Wahi’s offenses during proceedings in Manhattan federal court.
Nikhil Wahi was previously sentenced to 10 months in prison in January. He was also ordered to forfeit $892,500 in funds earned from illegal trading.
Nikhil Wahi’s brother, Ishan Wahi pleaded guilty to charges from the U.S. Department of Justice in February and will be sentenced in May. Ishan Wahi and the U.S. Securities and Exchange are enaged in proceedings as well, with direct effects on related civil suits.
The case is important as it is the first insider trading case to involve cryptocurrency trading. As such, the potential impact of the case has attracted attention. The Blockchain Association, notably, has come to the defense of the Wahi brothers.
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Source: https://cryptoslate.com/coinbase-wins-470k-from-insider-trading-case/