On Friday, credit rating agency Moody’s said that it has reduced Coinbase’s (COIN) credit rating and guaranteed senior unsecured notes due to the company’s significantly diminished revenue and cash flow production capabilities. The long-term rating that represents the possibility of default on a business family’s debt, known as the corporate
Plaintiff Dallas Woody has filed a class action lawsuit against Coinbase in the United States District Court for failing to provide Songbird and Flare tokens to Coinbase clients. Supposedly, the cryptocurrency exchange openly consented to divide up the airdrop among XRP investors. The complaint said that it was filed on
Since Coinbase has recently been laying off a large number of employees. Investors’ faith in the company’s debt has taken a beating. The debt of the cryptocurrency exchange has been downgraded by one notch. From “BBB” to “BB-,” from “investment grade” to “speculative grade,” by S&P Global, one of the
An email sent to investors on Tuesday revealed that Cathie Wood’s investment business, Ark Invest, had bought an additional 33,756 shares of Coinbase (COIN) on Tuesday. With a price of $43.23 per share approx, the total value of the acquisition is around $1.45 million. The money was invested in the
The next FTX bankruptcy hearing is scheduled on Wednesday, January 11, at 9 a.m. EST in the District of Delaware Bankruptcy Court. The former CEO of FTX Sam Bankman-Fried’s ‘SBF’ attorneys will join the discussion about the deadline expansions and auction of distressed assets. Additionally, the court proceeding is to
The brother of a former Coinbase employee was found guilty of his part in an insider trading conspiracy involving cryptocurrencies. To one count of conspiracy to commit wire fraud, Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, pled guilty in September. Wahi was handed a 10-month jail term
Amid the continued bear market and FTX outbreak, Coinbase CEO Brian Armstrong intends to lay off another 20% of the company’s personnel in an effort to reduce operational expenditures. Coinbase had reduced its personnel by 18% in June of last year, and the new move will result in the loss
Financial services company Cowen’s analysts lowered their rating on cryptocurrency exchange Coinbase on Thursday. Following FTX’s demise and the general fall in trading volumes in the cryptocurrency market. Crypto firms are under closer scrutiny than ever. The price of COIN dropped by 8.89% at the time of writing, and it
An agreement has been reached between the New York State Department of Financial Services and Coinbase, a publicly listed cryptocurrency exchange based in the United States, for the payment of a fine of $50 million. The exchange was found to be in breach of anti-money-laundering laws. When it was discovered
Ark Invest, headed by Cathie Wood, continued its long-standing dip-buying strategy on Thursday by purchasing an additional 158,116 Coinbase shares (COIN). Based on COIN’s closing price of $34.78, the deal represents roughly $5.5 million in value. As per Ark’s daily trading information, the full purchase went toward the ARK Fintech
