Coinbase Stock Tumbles After Disclosing SEC Wells Notice – March 23

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,324

Bitcoin price has reclaimed $28,000 following a brief dip to as low as $27,189 over the last 24 hours of trading, following the Federal Reserve’s 0.25% rate hike.

Top-20 altcoins are mostly up for the day, as Ether gains 2%, BNB rises 1% and Litecoin blows everyone else out of the water with a 16% rally.

Top Stories for March 23, 2022 🔥

👉 Coinbase Stock Tumbles After Disclosing SEC Wells Notice

Crypto exchange Coinbase’s stock price dropped by as much as 20% in early trading, after it disclosed that it had received a Wells notice from the SEC.

The Wells notice informed the company that it may be violating securities laws, relating to aspects of Coinbase’s spot market, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.

Wells notices do not always result in enforcement actions, however Coinbase has until March 29 to respond to the SEC’s findings.

👉 Terraform Labs CEO Do Kwon Reportedly Arrested In Montenegro

Terra blockchain founder and Terraform Labs CEO, Do Kwon, has been arrested in Montenegro, according to South Korean police.

The authorities are awaiting fingerprint verification for final identification. Kwon had breached capital markets laws and was issued an arrest warrant by a South Korean court in September.

The US SEC also brought civil charges against him last month for failing to provide full and fair disclosure for a host of crypto asset securities. The collapse of TerraUSD, the stablecoin created by Terraform Labs, in May 2022 wiped out billions of dollars for investors.

👉 Aribitrum Users Claim 42M $ARB Tokens In First Hour

Arbitrum’s token airdrop went live on Thursday, with over 42 million arb tokens claimed in the first hour. However, Arbitrum’s website and blockchain scanner were down ahead of the token claim event due to massive interest from token users.

The ARB token traded at just over $1.30, and it made its market debut on Uniswap at $3.99 as volatility spiked on decentralized exchanges. Out of the total 625,000 eligible wallets, 445,000 received an airdrop of fewer than 2,000 ARB tokens.