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.

Decentralized exchanges (DEX) on Coinbase newly launched layer2 network Base had more trading volume than those on established layer1 networks like Cardano (ADA) and others less than 24 hours after it went public, according to DeFillama data.

Data from the DeFiLlama showed that Base was among the top 10 networks by trading volume, with a volume of $26.23 million. On the other hand, established layer1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) saw less than $20 million in transactions cumulatively.

It should be noted that Base’s volume is miles behind Ethereum, Solana (SOL), and Binance-backed BNB Chain.

Meanwhile, even before its public launch, Base had seen significant usage through the BALD meme coin. At its peak, the meme coin reached a market cap of over $85 million before crashing.

TVL surpasses $150M

Besides that, the total value of assets locked (TVL) on Base also surpassed $150 million during the period, according to L2Beat data.