Coinbase Insiders Got a Windfall From the Biggest Financial Fraud in Modern History
A shady group of digital counterfeiters engineered a crypto bull market in the lead-up to Coinbase’s direct listing IPO
If you followed the news last week, you might have noticed that the popular American crypto-exchange Coinbase just had a blockbuster IPO. For years, they have been the go-to exchange for American crypto investors, as they have complied with regulatory instructions and given an outward impression of both transparency and accountability. They provide forms to help you pay your capital gains taxes, they have a fairly responsive support team, they have a reputation for avoiding so-called “shitcoins” — a derogatory term for useless or ponzi-scheming digital currencies — and, while they might charge outrageous transaction fees, they’ll give you free crypto just for watching a few videos. What’s not to love, right?
Well, last Tuesday, after nearly nine years of operation, they finally had their long-awaited IPO, and they came out the gates with a massive $60 billion valuation. Contributing to that enormous value was the obvious fact that the crypto markets have exploded in 2021. Only two and a half years ago, in 2018, the company was valued at approximately $8 billion, but that was in the…
