Coinbase Price Tumbles 7% Over $3 Bln Stock Dumping Claims

    Coinbase News: Coinbase (NASDAQ: COIN), the U.S. biggest crypto exchange is slapped with an investor lawsuit alleging that its top executives manipulated insider information in order to ditch $1 billion in losses. Coinbase stocks which is having a tough 2023 saw its share price dropping by around 7% over the past day.

    Also Read: Crypto Crash Imminent? US Risks Running Out Of Cash Amid Banking Crisis

    Coinbase CEO Dumped $292 Mln Worth Of $COIN

    As per reports, Coinbase CEO Brian Armstrong and other investors Marc Andreessen and Fred Wilson have been named in the lawsuit. It is being mentioned that Coinbase officials sold $2.9 billion worth of $COIN stocks between Aprile 14, 2021 and the day when the firm issued its quarterly earnings.

    Coinbase made a Nasdaq debut on April 14, 2021, while Wilson sold around $1.8 billion worth of stocks. Reports suggest that CEO Brain sold $292 million worth of his shares and Andreessen got rid of his $119 million worth of shares.

    As the investor lawsuit news broke out, COIN price has shrunk by 7% over the past. Its trading price closed at $50.14. However, data depicts more trouble for Coinbase as its price registered a drop of 1.5% pre-market to stand at $49.39.

    However, NASDAQ: COIN price is on a constant drop as the exchange received several legal warnings from the U.S. top regulator Securities and Exchange Commission (SEC). COIN price has declined by 21% over the last month.

    Also Read: FOMC, ECB: Bitcoin To Face Tough Week Ahead; Here’s Why

    Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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