Coinbase management used inside information to sell $2.9 billion in shares after the listing, avoiding losses of more than $1 billion

Odaily Planet Daily News According to a lawsuit filed by an investor, Coinbase management personnel, including Coinbase Chairman and CEO Brian Armstrong, board member Marc Andreessen and other managers, after Coinbase went public two years ago, Within days, $2.9 billion in stock was sold using insider information, preventing losses of more than $1 billion. Coinbase management later revealed that "significant negative information undermined market optimism following the company's first-quarter earnings release." (Bloomberg)