Indian citizen pleads guilty in 1st ever crypto insider trading case in US

A 26-year-old Indian citizen has pleaded guilty in the first-ever cryptocurrency insider trading case in the US, in which he along with his brother and their Indian-American friend made ill-gotten profits totalling over a million dollars. Nikhil Wahi, a citizen of India and residing in Seattle, on Monday pleaded guilty to wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase's exchanges. Coinbase was one of the largest cryptocurrency exchanges in the world. This is the first time that a defendant has admitted his guilt in an insider trading case in the US involving the cryptocurrency markets. The charge carries a maximum sentence of 20 years in prison. He is scheduled to be sentenced by Judge Preska on December 13. In July this year, Nikhil and his elder brother Ishan, 32 along with their Indian-American friend

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