Coinbase is also facing a lawsuit in Illinois over privacy law violations; it is alleged that the exchange is collecting face templates and fingerprints of its customers.
At press time, the exchange’s stock price was down 8% in a 24-hour period., top executives of Coinbase Inc., the largest US-based crypto exchange, have been sued for allegedly utilizing inside information to sell their stock within days of the crypto platform’s public listing. The members successfully avoided over $1 billion in damages.An investor named the exchange’s Chairman and CEO, Brian Armstrong, as well as board member Marc Andreessen and other officers, in the lawsuit.
According to the lawsuit, the defendants liquidated the stock before negative news coverage related to Coinbase caused it to fall. According to reports, the exchange’s market value fell by more than $37 billion as a result of this. Coinbase’s market cap topped $100 billion shortly after its launch. Share prices rose to $429 before plummeting to around $310 shortly after the offering.in Illinois over privacy law violations; it is alleged that the exchange is collecting face templates and fingerprints of its customers.
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