Ishan Wahi, the former Coinbase Product Manager has reached a settlement with the United States Securities and Exchange Commission (SEC) for one of the first insider trading cases flagged in the cryptocurrency ecosystem. <\/span>Accordingly<\/span><\/a> To the regulator, the settlement also featured Ishan’s brother Nikhil Wahi, both of whom played a key role in the insider trading offense for which they were charged.<\/span><\/p>\n The Wahi brothers were charged with trading at least 25 different digital currencies based on Ishan’s prior knowledge of their listing on the trading platform, a benefit of his role as a product manager with the exchange. Per the terms of the settlement, the Wahi brothers have agreed to return the ill-gotten gains from their activities. They will also be paying the accrued prejudgment interests related to the case.<\/span><\/p>\n <\/p>\n The insider trading activities by both the brothers was flagged back in July last year and through a series of coordinated investigative efforts, both of them were apprehended and charged to Court. Earlier development revealed that Nikhil was <\/span>sentenced<\/span><\/a> to 10 months imprisonment back in January this year while Ishan <\/span>bagged<\/span><\/a> 2 years for his misconduct.<\/span><\/p>\n Despite the jail terms, Ishan has been ordered to forfeit 10.97 Ether and 9,440 Tether, and Nikhil has been ordered to forfeit $892,500.<\/span><\/p>\n <\/p>\n <\/p>\n Besides these forfeitures, Ishan has also agreed to cooperate with the SEC in any investigations that might relate to the case. As part of the indictment, the SEC said that of the 25 cryptocurrencies that were flagged, at least 9 of the assets were deemed to be unregistered securities.<\/span><\/p>\n <\/p>\n This implies the regulator might also plan to take more aggressive action against Coinbase, both of whom are currently <\/span>embroiled in a legal battle<\/span><\/a> at this time.<\/span><\/p>\n \u201cWhile the technologies at issue in this case may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple,\u201d said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, \u201cThe federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC.\u201d<\/span><\/p>\n <\/p>\n <\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalist who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, LinkedIn<\/a> <\/p><\/div>\n<\/p><\/div>\nAdditional Demand Placed on the Former Coinbase Manager<\/b><\/h2>\n
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/733ca3c15c1fbb2629eeb51edb886efb?s=200&d=mm&r=g\")