Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC), according to data shared on Twitter by crypto sleuth, @theirish_man.

Armstong has been selling his shares since November 2022, but the three sales transactions recorded days before the SEC warning caused Coinbase shares to drop by 10% have raised concerns within the community.

The data shows that Armstrong facilitated four sales transactions since the beginning of March – on Mar. 3, Mar. 15, and two on Mar. 21. He sold a total of 89,196 Coinbase shares — which add up to $5,871,561 in value. Almost half of this amount was sold within the 24 hours before the SEC warning.

(By Zeynep Geylan)