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Coinbase Executive Sued by Shareholders for Alleged $4.2 Billion Insider Trading
BlockBeats News, December 2nd, several Coinbase shareholders have filed a lawsuit against the company's executives, accusing them of engaging in insider trading worth billions of dollars over the years. The lawsuit, filed in Delaware, alleges that Coinbase's top management and investors have concealed the company's failures in implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, vulnerabilities to data breaches, and the extent of regulatory scrutiny into these issues.
During the period when this information was allegedly concealed, internal personnel at Coinbase, including CEO Brian Armstrong and board member Marc Andreessen, sold $4.2 billion worth of company stock. The plaintiffs claim that these profits constituted "large-scale insider trading," taking advantage of the artificially inflated stock price of Coinbase.
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