The amount in question will be paid by Nikhil Wahi to the cryptocurrency exchange Coinbase.
According to an April 10 Wall Street Journal article, Coinbase has been awarded nearly $470,000 in restitution as part of an ongoing insider trading case.
This report indicates that Nikhil Wahi, who reportedly received inside information from a Coinbase employee’s brother, will pay the company $469,525 in restitution. The quantity will fund Coinbase’s legal fees and investigation-related expenses.
During proceedings in Manhattan federal court, the judge in charge of the judgment, Loretta Preska, referred to Coinbase as a “victim” of Wahi’s offenses.
In January, Nikhil Wahi was sentenced to ten months in prison. In addition, he was ordered to forfeit $892,500 in unlawful trading earnings.
Ishan Wahi, the sibling of Nikhil Wahi, pleaded guilty to U.S. Department of Justice charges in February and will be sentenced in May. Ishan Wahi and the U.S. Securities and Exchange Commission are also involved in proceedings, with direct implications for related civil cases.
The case is significant because it is the first instance of insider trading involving cryptocurrency trading. Consequently, the prospective impact of the case has garnered interest. Notably, the Blockchain Association has rushed to the Wahi brothers’ defense.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.