Coinbase CEO's Stock Sale Raises Questions Amid SEC Suit Timing

Coinbase CEO's Stock Sale Sparks Doubts About Timing of SEC Suit

Coinbase CEO Brian Armstrong sold company shares a day before the SEC filed a complaint against the exchange, avoiding a sharp loss. Armstrong sold 29,730 shares on June 5, the day before the SEC suit, while the share price plummeted by 20% on the day of the suit. The trades were made under a pre-determined plan, suggesting the timing may not have been influenced by the news of the SEC action. Armstrong's net worth reportedly dropped by 11.8% following the SEC's action. Only board members Lutke and Ehrsam have purchased Coinbase stock in the last year.