Coinbase CEO Brian Armstrong Allegedly Offloads 5 Million Worth of COIN Shares

Coinbase CEO Brian Armstrong has reportedly received $4.92 million from the sale of 23,075 shares, further reducing his holdings in the cryptocurrency exchange. The recent decline in COIN stock price may have been exacerbated by this sale. The transaction had a significant impact on the stock price, causing COIN shares to sharply fall to $214.63, down 2.25% from the previous closing. However, there are signs of improvement as the stock price rose to $220.36, an increase of 2.67%. Despite these recent transactions, Armstrong still retains a significant number of Coinbase shares. This ongoing unloading of shares is not a new trend for him, as he has sold $5.3 million worth of COIN shares in June and $5.9 million worth in April. Coinbase’s stock price has experienced a turbulent journey since going public in April 2021, and the insider trading scandal has further impacted its value. In other news, a Dutch court has denied the release of a Tornado Cash developer amidst an ongoing legal battle.