JAKARTA - Coinbase, a leading cryptocurrency exchange platform, is reported to have won a restitution of nearly $470 million in the ongoing insider trading case.
Additional information, restitution is the return or repayment of a number of funds by the perpetrators of the crime to the victim in exchange for the losses suffered as a result of the crime.
According to a Wall Street Journal report released on April 10, totaling Wahi, who allegedly received internal information from his brother who worked at Coinbase, was required to pay some of the money to the company. The amount of restitution will be used to cover Coinbase's legal costs and expenses related to the investigation.
The verdict was taken by Judge Total Preska during a trial at Manhattan federal court. During the trial, Judge Preska called Coinbase a "victim" of the actions ofrdinator Wahi who did insider trading.
Previously, in January, totaling Wahi had been sentenced to 10 months in prison. In addition, he was also required to sacrifice Rp. 8.9 billion in funds obtained from illegal trade.
The case also involved Brother total Wahi, Ishan Wahi, who has pleaded guilty to allegations filed by the United States Department of Justice in February. Ishan Wahi will be sentenced in May. This case also affects the trial process conducted by the United States Securities and Exchange Commission (SEC) regarding a civil lawsuit related to this case.
This insider trading case has significance because it is the first case involving cryptocurrency trading. As a result, this case has attracted the attention of many parties. The Blockchain Association, for example, has defended the Wahi brothers in this case, given the possible impact of the ruling.
Coinbase, one of the largest crypto exchanges in the world, has taken legal steps to ensure transparency and accountability in digital asset trading, as well as working with authorities to maintain the integrity of the crypto market.
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