Former Coinbase executive liquidated $ 4.6 million in options
Brooks disowns Coinbase for government commission position
Former top manager sold shares worth $ 4.6 million
Coinbase has once again become the center of scandals due to their strategy
This decision was made by a former top manager of the American cryptocurrency exchange after Togo, How is he left his post to join the national regulatory commission of banks USA. Options for the amount more $ 4.6 million were cashed.
New post – new conditions
Right after adoption the decision to leave the top management of the Coinbase cryptocurrency exchange Brian Brooks, who earlier worked as general counsel for Coinbase, decided to liquidate stock options in the amount of $ 4.6 million. Such solution rather Total, It was dictated by the terms of his new job. On today’s day Brooks appointed as acting head of the Compliance Control Office currencies. Since Brooks has been temporarily appointed to this position, and confirmation of his employment for this position has not been agreed with President Donald Trump, Brooks himself has not can be associated with companies, which may affect him activities and are contrary to ethical principles state authorities. Therefore, Brooks himself sent a letter to the Ethics Commission, where he indicated that intends stay away from companies like Amazon.com Inc., a division of Bank of America Corp. Merrill Lynch, Coinbase, and a number of other tech firms he worked with.
Recall that Brian Brooks worked the main legal counsel cryptocurrency exchanges Coinbase with an annual salary of $ 1.4 million, not taking into account a certain part of the company’s shares, which he successfully traded, receiving at least $ 300 thousand a year. after liquidation of options and sale of shares, he still owns valuable securities of the company in the amount of $ 1 – $ 2.2 million, according to Bloomberg.
Another blow to Coinbase’s reputation?
The last time The Coinbase cryptocurrency exchange has received a lot of bad publicity. The site regularly goes offline as soon as bitcoin becomes more expensive or cheaper. Wherein millions users crypto exchanges are not may get access to accounts and make transactions.
Previously BeInCrypto reported that Coinbase went offline as only bitcoin broke through $ 10 000. The organizers of the site explained this situation as a “connection problem”. Without going into details, administrators exchanges stated, what is investigating and solving the problem.
It looks like the head-in-the-sand strategy works great at Coinbase. Literally a few days later, the site repeated this trick. The popular American cryptocurrency exchange Coinbase may use special algorithms for stopping trading every time bitcoin falls or soars in price more, than for $ 500.
Recall that in March, when bitcoin per some hours collapsed from $ 10,000 to $ 8,000, the exchange did the same. For unknown reasons, as administrators will later explain by a technical malfunction, the exchange went offline for several hours, and clients were unable to access their wallets and money, and also lost millions dollars on the fall of bitcoin.
A similar incident occurred in 2019 year, when the value of the cryptocurrency fell by 15% in 15 minutes. Traders again failed to receive access to his accounts and means, as Coinbase “ran into a technical problem”.
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