One of the perpetrators in the first-ever crypto insider trading case must pay Coinbase for the exchange of digital assets in addition to serving jail time.
A New York State Court filing signed by Judge Loretta A. Preska on April 6 orders Nikhil Wahi, the brother of former Coinbase product manager Ishan Wahi, to pay the exchange $469,525.50 in restitution while serving his sentence. is behind bars.
“The defendant will make installment payments for restitution and may do so through the Bureau of Prisons’ (BOP) Inmate Financial Responsibility Plan (IFRP). Any unpaid amount remaining after release from prison will be paid in installments of at least 10 percent of the defendant’s gross income on the 15th of each month.”
The Wahi brothers and their friend Sameer Ramani are accused of trading crypto assets using confidential information about which tokens are scheduled to be listed on Coinbase.
In January, Nikhil was sentenced to 10 months in prison for his role in the scheme. He was also ordered to pay $892,500 in forfeiture.
The new restitution order says Nikhil must pay Coinbase within 20 years of being sentenced or released from prison. His brother Ishan is liable if he does not pay.
“Restitution is joint and several with the following defendants in the following case: Ishan Wahi in 22 Cr. 392 (round). Defendant’s liability to pay restitution shall remain unaffected until Defendant has paid the full amount of the restitution ordered herein, or each victim in Schedule A has recovered the aggregate amount of each loss from Defendant’s and all co-defendant paid refund. to pay the same victims.”
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