According to a Wall Street Journal report, Coinbase has won around $470,000 in damages as part of an ongoing insider trading lawsuit. April 10th.
The report shows that Nikhil Wahi, who allegedly received insider information from his brother who worked at Coinbase, will pay the company $469,525. This amount will cover Coinbase’s legal costs and expenses related to the investigation.
Judge Loretta Presca, the person responsible for the ruling, called Coinbase a “victim” of Wahi’s crimes during the proceedings in Manhattan federal court.
Nikhil Wahi was sentenced to 10 months in prison in January. He was also ordered to confiscate $892,500 in funds from his illegal trading.
Ishan Wahi, brother of Nikhil Wahi plead guilty He was indicted by the U.S. Department of Justice in February and is expected to be sentenced in May. Ishan Wahi and the U.S. Stock Exchange are also involved in the litigation and have direct repercussions in related civil lawsuits.
This case is important because it is the first insider trading case involving cryptocurrency trading. As such, the potential impact of this matter is drawing attention. The Blockchain Association specifically defends the Wahi brothers.
The post, where Coinbase won $470,000 in insider trading, first appeared on CryptoSlate.