Cryptocurrency insider sentenced for the first time in the US

The first-ever trial on cryptocurrency insider trading has ended in the United States. The brother of a Coinbase-ziznavsya-v-obmani-birzhi-ta-kryptovalyutnyh-mahinacziyah/">former Coinbase employee, Hilary Baxi, was in the dock.

As it was proven during the trial, Baxi received information from his brother about the upcoming listing of digital assets and bought them before the official announcement. After the rate soared due to the listing on the trading platform, Baxi sold the cryptocurrency and managed to earn at least $ 1 million.

Nikhil did not deny his guilt and pleaded guilty, so he received a fairly lenient sentence. He was sent to prison for 10 months and fined $ 892,500. Baxi himself hoped that he would not be imprisoned, but only fined and deported to India.

Nahil’s brother Ishaan pleaded not guilty to fraud. His trial has not yet been completed, but given the sentence handed down to Nahil, he will not get away with it.