📌 TOPINDIATOURS Breaking crypto: Coinbase Insider Trading Lawsuit Advances Despite

A Delaware judge ruled Friday that a shareholder lawsuit alleging insider trading by Coinbase directors can proceed, rejecting a special committee’s recommendation to dismiss the case despite its 10-month investigation clearing the defendants.

The decision affects several high-profile directors, including venture capitalist Marc Andreessen and CEO Brian Armstrong, who collectively sold over $2.9 billion in stock during the company’s April 2021 direct listing.

According to Bloomberg Law, Judge Kathaleen St. J. McCormick allowed the case to proceed due to conflicts involving one committee member, though she acknowledged the internal investigation “paints a compelling narrative” in support of the directors’ defense.

The lawsuit, filed in 2023 by shareholder Adam Grabski, claims directors used confidential valuation information to avoid more than $1 billion in losses by selling shares when Coinbase went public without traditional lockup restrictions.

Independence Concerns Undermine Internal Review

The special litigation committee comprised two Coinbase board members: Kelly Kramer, former chief financial officer of Cisco Systems, and Gokul Rajaram, a Silicon Valley angel investor.

Neither was named as a defendant nor sold shares in the direct listing. However, McCormick identified substantial business ties between Rajaram and Andreessen Horowitz as disqualifying conflicts of interest.

According to court filings, interactions included a 2007 investment by Andreessen in a startup co-founded by Rajaram, and at least 50 financing rounds in which Rajaram or his venture firm participated alongside Andreessen Horowitz since 2019.

“No one—not plaintiff and thus not the court—questions Rajaram’s good faith,” McCormick wrote. “But the thick ties between him and the subject of the SLC’s investigation are sufficient to raise material disputes regarding his independence.“

Attorneys for the committee argued that the business interactions were “immaterial,” given the 700 total investments, and noted that there was no evidence of coordination in financing rounds.

“These are not close personal ties. These are professional ones,” said Brad Sorrels, representing the committee, during an October hearing.

Direct Listing Structure Enabled Immediate Sales

The shareholder complaint centers on Coinbase’s unconventional path to public markets through a direct listing rather than a traditional IPO.

This structure allowed existing shareholders to sell immediately without the lockup periods typically imposed by underwriters to prevent insider trading on material nonpublic information.

Armstrong sold $291.8 million in shares, according to the complaint, while Andreessen Horowitz divested $118.7 million through the direct listing.

Other defendants included Chief Operating Officer Emilie Choi, who sold $224 million, and co-founder Fred Ehrsam, who sold $219.5 million.

The lawsuit alleges that directors knew the shares were overvalued, based on an internal Andersen Tax valuation that was substantially below market expectations when trading began at $381 per share.

Within five weeks of the April 14, 2021 listing, Coinbase shares declined by more than 37% as the company disclosed fee compression affecting retail revenues and announced a dilutive convertible note offering.

By May 18, 2021, the stock had wiped out just over $37 billion in value, according to the complaint.

Company Disputes Claims Amid Delaware Criticism

“We are disappointed by the court’s decision and remain committed to fighting these meritless claims in court,” Coinbase said in a statement.

The committee’s report concluded that the defendants didn’t rely on confidential information, noting that Coinbase stock is “highly correlated” with Bitcoin prices, making it impossible to prove insider trading allegations.

The committee argued directors “reluctantly” sold stock to provide sufficient supply for the direct listing, divesting only small portions of their holdings.

“The evidence roundly showed that defendants, including the two biggest stockholders, didn’t want to sell because they were bullish about the company,” Sorrels said during the October hearing.

Armstrong and Andreessen Horowitz “ultimately agreed to sell just over 1% of their respective shares only after the company and its banker pleaded with them to provide supply necessary for the direct listing to launch,” according to committee filings.

Andreessen Horowitz has publicly criticized Delaware’s business courts, announcing plans last July to reincorporate portfolio companies elsewhere due to perceived bias “against founders and their boards.“

Coinbase announced its own reincorporation plans on November 12, following similar moves by other major companies seeking to exit Delaware’s jurisdiction.

Beyond civil litigation, Coinbase faced a similar, but criminal insider trading case in 2023, when former product manager Ishan Wahi received a two-year prison sentence for sharing confidential listing information with family members who profited from the advanced knowledge.

The post Coinbase Insider Trading Lawsuit Advances Despite $2.9B Stock Sale Defense appeared first on Cryptonews.

🔗 Sumber: cryptonews.com

📌 TOPINDIATOURS Update crypto: XRP Price Prediction: $70M Liquidated as XRP Tests

XRP is facing more selling, now trading close to $1.70 after another round of declines. The token has dropped about 2.5% in the last day and is having trouble stabilizing after its recent fall. The quick return of downward momentum is especially notable.

This shows the market is still fragile. Buyers are staying away, and each small rally is quickly met with more selling. Right now, XRP looks like it is still correcting instead of getting ready for a strong recovery.

$70 Million in Liquidations Hit Bullish Traders

The latest pullback triggered more than $70 million in XRP futures liquidations, with the majority coming from long positions. In simple terms, many traders were positioned for a rebound, and when price slipped below key levels, forced selling kicked in.

As XRP dropped under nearby support zones, margin calls accelerated the decline. This type of liquidation cascade often creates exaggerated moves, where selling feeds on itself rather than reflecting a sudden change in fundamentals. It also explains why the price struggled to stabilize quickly after the initial dip.

Here are the main points from the liquidation data:

• Most liquidations came from long positions, which shows traders were still optimistic.
• Forced selling made the market more volatile, instead of traders taking profits naturally.
• Leverage is coming down, but it hasn’t been completely cleared from the market yet.

Weak Bitcoin Keeps Risk Appetite Low

XRP’s weakness is part of a bigger trend. Bitcoin’s slow price movement has made the whole crypto market more cautious. When Bitcoin isn’t moving up, traders usually cut back on altcoins, especially those already under pressure.

At the same time, there’s little evidence of aggressive dip-buying. Spot demand appears thin, suggesting many investors are waiting for clearer confirmation before stepping back in. Until overall market confidence improves, XRP is likely to remain sensitive to downside moves.

XRP Technical Picture Points Toward $1.60

On the 4-hour chart, XRP price prediciton is strongly bearish as XRP keeps making lower highs and lower lows, following a clear downward trendline that has limited recoveries since mid-January. The price has dropped below the 1.618 Fibonacci extension near $1.73, drawing focus to lower support levels.

XRP is now just above $1.64, which matches the 2.272 Fibonacci extension. This area might provide a brief pause, but it usually doesn’t hold as a bottom during a strong downtrend. If the price falls below $1.64, it could move toward $1.60 to $1.59, where the 2.618 extension and previous liquidity are found.

Momentum continues to support a bearish outlook. The RSI is still below 40 and moving closer to oversold territory, with no sign of bullish divergence. This points to ongoing weakness instead of a sign that the decline is ending.

For sentiment to improve, XRP needs to move back above $1.75 to $1.78, and then above $1.86. Until that happens, the technical outlook suggests caution, with $1.60 as the next important level to watch on the downside.

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The post XRP Price Prediction: $70M Liquidated as XRP Tests $1.70 – Is $1.60 Next? appeared first on Cryptonews.

🔗 Sumber: cryptonews.com