There is never a shortage of drama and speculation in the cryptocurrency world. Former Bakkt CEO Kelly Loeffler is now accused of insider trading.
A lot of people are making good money during the novel coronavirus crisis.
Former Bakkt CEO has Some Explaining to do
Some may have done so due to insider information, including the former CEO of Bakkt.
Kelly Loeffler sold millions of dollars in stock holdings following a Coronavirus briefing in late January of 2020.
That meeting could only be attended by senators, as Loeffler is a Junior US Senator today.
Many people she effectively sold the stocks following the meeting by leveraging information disclosed during the meeting.
A week or so later, all markets began to crash and are still waiting to recover today.
Selling stocks on the same day as the private senator meeting is perhaps a coincidence.
When millions of dollars are at stake, however, that is not necessarily the case.
In the following weeks, more stocks were liquidated by the former Bakkt CEO and her husband alike.
While it is not illegal to sell millions of dollars in stocks, doing so based on insider information is a criminal offense.
No charges have been filed yet, but US regulators have taken a keen interest in the matter.