Today, US District Judge Loretta Preska handed down a ten-month prison sentence against Nikhil Wahi in connection with the Coinbase insider trading case.

Wahi’s brother, Ishan, used to work for Coinbase. When Ishan Wahi became aware of the cryptocurrency tokens that were about to be listed on Coinbase, he allegedly tipped off his brother Nikhil and a friend of his, Sameer Ramani. The Department of Justice claimed that they made $1.5 million from the scheme in 25 different crypto tokens.

Nikhil Wahi, who was sentenced today, pleaded guilty and was further ordered to pay $892,500. Former Coinbase employee Ishan Wahi has pleaded not guilty and Ramani is still at large and believed to be outside the United States, leaving in April 2022.

There is also an SEC insider trading case pending against all three, and the SEC has requested permission to deliver documents to Ramani via WhatsApp or email. Ramani has an American lawyer for the criminal process.

“At a time when cryptocurrency markets have been plagued by fear, uncertainty and doubt, insider trading creates the impression that everything is rigged and that only people with secret advantages can earn real money,” the prosecutor said. Fed Damian Williams. “Today’s ruling makes it clear that cryptocurrency markets are not lawless. There are real consequences for illegal insider trading, wherever and whenever it occurs.”

In related news, today Coinbase is the latest cryptocurrency firm to announce job cuts, laying off 950 employees.