Whispers of a massive $120 million insider stock dump have set X ablaze, casting a shadow of suspicion over the crypto exchange giant Coinbase employees.
Rumors are that coinbase employees have made profits using insider trading. Coinbase stocks worth $120 million are believed to be dumped by them.
According to posts trending on X, Coinbase Chief People Officer Brock Lawrence J sold 104,767 Coinbase shares yesterday, worth approximately $18,355,566.
Fellow director Ehrsam Frederick Ernest III also sold shares: 43,675 shares on December 28th for $7,698,892 and 97,836 shares on December 21st for $15,493,716.
The executive sales, coupled with the ongoing rumor, could raise concerns among investors about insider sentiment and potentially impact Coinbase’s stock price.
Also Read: ARK Sold More Coinbase Shares, Total Offloading Reach $210M
