According to the Wall Street Journal, an analysis of regulatory announcements revealed that Coinbase co-founder and CEO Brian Armstrong has made $4 million since November by selling shares at prices ranging from $35.01 to $58.16 per share. Wait. A spokesperson for Coinbase responded that Armstrong’s recent stock sale was part of a standard, pre-arranged plan and “has nothing to do with recent market events.” The Wall Street Journal previously reported that four Coinbase executives made approximately $1.2 billion in proceeds from stock sales from April 2021, when Coinbase went public, to the end of January 2022. According to the analysis, with the exception of Armstrong, the other three have not sold shares since then. Coinbase shares are down more than 80% in 2022, closing around $335 late last year.