Coinbase top executives have sold more than $30 million worth of the company shares since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the crypto exchange on June 6, according to Dataroma.

Armstrong lead sales

Coinbase’s co-founder and CEO Brian Armstrong led the sales with 43 transactions between June 5 and August 1. During this period, Armstrong divested $21.17 million worth of COIN stocks.

Armstrong’s timing in selling his shares, including the sale of almost 30,000 shares in eight transactions just a day before the SEC lawsuit, raised eyebrows from the crypto community. Some believed he might have had advance knowledge of the regulatory action.

However, these suspicions were dispelled as the stock sales were revealed to be part of a pre-arranged …