The crypto market wavers. Mass liquidations, record volatility, abyssal losses: digital finance is going through a storm zone. And while crypto investors tighten their belts, exchanges are not left out. Some, like Coinbase, now have to face another type of upheaval: judicial. The American giant, a symbol of regulated crypto, is being accused by its own shareholders of having taken advantage of the system. At stake: massive sales of shares made just before the steep drop in price.
In summary
In 2023, shareholders sued Coinbase for sales of shares considered dubious.
Brian Armstrong and Marc Andreessen allegedly sold before the price drop.
Judge McCormick keeps the case despite a favorable internal investigation.
The direct listing without a lock complicates the defense of the crypto exchange.
Coinbase in front of justice: when trust cracks
It all started in 2023, when a group of Coinbase shareholders took legal action in Delaware. According to them, several executives, including CEO Brian Armstrong and famous investor Marc Andreessen, allegedly sold $2.9 billion in shares during the direct listing of 2021.