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id: 628, Created by Stan Vick, Scout
Coinbase (COIN) Unregistered Securities Case
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- Coinbase got an SEC's Wells notice over a securities law violation.
- $COIN fell 14%, losing $2 billion in shareholder value.
- Investors may suspect COIN of unlawful business practices, which led to their losses.
On March 22, 2023, Coinbase (COIN) said that it received a Wells notice from the SEC that made a “preliminary determination” to recommend an enforcement action against Coinbase for violations of federal securities laws.
On this news, $COIN fell over 14% and lost $2B of its market capitalization, seriously damaging shareholders.
Coinbase disclosed that the SEC gave Wells notice regarding an undefined portion of listed digital assets, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet after a cursory investigation.
The fact of the SEC investigation makes Investors and Clients of Coinbase suspect that their rights could be violated, which led to investment losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
23 March 2023