SEC urges expedited discovery in Binance case; cites ‘mass exodus’ of US executives who may have key

cyptouser7 months ago358
SEC urges expedited discovery in Binance case; cites ‘mass exodus’ of US executives who may have key information
The U.S. Securities and Exchange Commission (SEC) acknowledged on Sept. 18 that multiple k...

Class action case against Bitfinex gets dismissed, marking another legal win

cyptouser7 months ago216
Class action case against Bitfinex gets dismissed, marking another legal win
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Binance drops support for Sandbox NFT staking, will soon end support for all Polygon NFTs

cyptouser7 months ago223
Leading crypto exchange Binance said that it will end support for features related to non-...

Coinbase, Circle, Aave, and more partner to launch Tokenized Asset Coalition

cyptouser7 months ago205
Coinbase, Circle, Aave, and more partner to launch Tokenized Asset Coalition
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Coinbase insiders dump over $30M stocks amid SEC lawsuit, but share value defies odds

cyptouser7 months ago204
Coinbase insiders dump over $30M stocks amid SEC lawsuit, but share value defies odds

Coinbase top executives have sold more than $30 million worth of the company shares since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the crypto exchange on June 6, according to Dataroma.

Armstrong lead sales

Coinbase’s co-founder and CEO Brian Armstrong led the sales with 43 transactions between June 5 and August 1. During this period, Armstrong divested $21.17 million worth of COIN stocks.

Armstrong’s timing in selling his shares, including the sale of almost 30,000 shares in eight transactions just a day before the SEC lawsuit, raised eyebrows from the crypto community. Some believed he might have had advance knowledge of the regulatory action.

However, these suspicions were dispelled as the stock sales were revealed to be part of a pre-arranged selling plan dating back to August 2022 and fully complied with the SEC’s Rule 10b5-1.

CryptoSlate reported that Armstrong’s selling trend had begun in November 2022 when he pledged to sell 2% of his stake at the crypto firm to fund scientific research and development through two startups — NewLimit and Research Hub.

Aside from Armstrong, several other top executives, including the firm’s chief accounting officer Jennifer Jones, chief legal officer Paul Grewal, chief people officer Lawrence Brock, and Director Rajaram Gokul, also divested their shares during this timeframe.

Coinbase stocks unaffected

COIN stock remains largely unaffected despite these sales, boasting more than 100% year-to-date increase and a robust 50% gain since the SEC’s lawsuit filing on June 6.

Coinbase insiders dump over $30M stocks amid SEC lawsuit, but share value defies odds
Coinbase top executives have sold more than $30 million worth of the company shares since the U.S. S...

Adaptation and Growth: Bitfinex’s Resilience in the Crypto Revolution

cyptouser7 months ago206
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Crypto betting platform Stake silent on reported $41M fund drain

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Binance-backed BUSD circulating supply drops to less than $3B

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Ripple files motion to block SEC appeal attempt

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Ripple has filed a motion requesting the court to deny the SEC’s certification request for...