The head of Coinbase and three top managers sold shares of the exchange for $6.9 million

According to the Dataroma service, which tracks the reports of public company executives to the US Securities and Exchange Commission (SEC), Coinbase CEO Brian Armstrong and three other top managers collectively sold crypto exchange shares worth $6.88 million last week, writes RBC.

Armstrong himself sold over $5.6 million worth of securities during the specified period. Coinbase director Gokul Rajaram - for $366.5 thousand, chief accountant Jennifer N. Jones - for more than $550,000, general counsel Paul Grewal - for $140,000.

The share price of Coinbase (COIN) has more than doubled since the start of the year, with a share price of $78.2 at press time, according to TradingView.

In May, Coinbase was sued for insider trading. Executives and investors of the second largest crypto exchange were accused of selling shares for $2.9 billion before the publication of negative information that influenced the collapse of quotations.

As noted in a lawsuit filed by one of the company's investors, Brian Armstrong, as well as a member of its board of directors, Mark Andreessen, and other company officials avoided losses in the amount of more than $1 billion using insider information.