Coinbase has won nearly $470,000 in restitution as part of an ongoing insider trading case, according to a Wall Street Journal report on April 10th.
That report indicates that Nikhil Wahi, who allegedly received inside information from a brother who worked for Coinbase, will pay $469,525 to the company. The amount will cover Coinbase’s legal fees and expenses related to an investigation.
Judge Loretta Preska, responsible for the ruling, labeled Coinbase a “victim” of Wahi’s crimes during proceedings in Manhattan federal court.
Nikhil Wahi was previously sentenced to 10 months in prison in January. He was also ordered to seize $892,500 in funds obtained from the illegal trade.
Nikhil Wahi’s brother, Ishan Wahi pleaded guilty to charges by the US Department of Justice in February and will be sentenced in May. Ishan Wahi and US Securities and Exchange are also involved in proceedings, with direct effects on related civil lawsuits.
The case is significant as it is the first insider trading case involving cryptocurrency trading. As such, the potential impact of the case has drawn attention. The Blockchain Association, in particular, has come to the defense of the Wahi brothers.
The charge Coinbase Wins $470,000 in an Insider Trading Case first appeared in CryptoSlate.
