[NEWS] Former Bakkt CEO to Sell All Holdings After Insider Trading Accusations

[bbc.reporter]

Are they dumping bitcoins?

This might not be a coincidence hehehe. She was also accused of dumping stocks after receiving infomation from a private hearing of a government health commitee.

Is she dumping their holdings because they know something or is she preparing to pay for lawyers fees hehehe?



Following major accusations of insider stock trading during the coronavirus-induced market crash, Senator Kelly Loeffler (R-GA), the former CEO of Bakkt, is liquidating her holdings along with her husband.
In an April 8 tweet, Loeffler said that she and her husband Jeffrey Sprecher, CEO of ICE, which is the company that owns Bitcoin (BTC) options contracts regulator Bakkt, are liquidating their holdings in managed accounts to focus on tackling the coronavirus situation.

The former CEO of Bakkt has also published an opinion piece in the Wall Street Journal, emphasizing that her action is not caused by Senate requirements but rather a strong commitment to defeat the coronavirus.

Read in full https://cointelegraph.com/news/former-bakkt-ceo-to-sell-all-holdings-after-insider-trading-accusations

[Baofeng]

Perhaps this is just to save her face with all the allegations surrounding the supposedly insider trading.

And maybe this corona virus is a good excuses as well, sort of a camouflage so that they can stay away and separate themselves from the issue itself. And I don't think that they are preparing to pay for lawyers fee here.

[bitgolden]

Well, this is more about politics than about BAKKT honestly, that senator was on the news 7/24 for a while along with corona because she took advantage of a human misery and that is the lowest you can reach as a human. Think about it, you as a senator know that humanity is in big trouble, there are 2k people dying every day, and the first thing that comes to your mind is to make sure you are not doing worse financially and move with an insider trading info so you can make more profits while people are dying.

So, I am not even a single bit sad about her being forced to liquidate her assets, she should be punished with more money than she made as well, whatever amount she profited, she should give x2 to federal government to be used against defending people from corona.

[The Sceptical Chymist]

I'm not sure the bitcoin (options) sale is related to the insider trading accusation, but whatever.  It's kind of interesting that she and her hubby are getting out of bitcoin so soon--and in my very humble opinion now is a horrible time to be doing that, as there's likely a lot of money to be made going long on anything in the crypto world.

Not a huge news story IMO.  And by the way OP, was that enormous and un-relevant image really necessary to your post?

[coolcoinz]

I'm also not amazed that some wall street investors are selling, that's all fine, you get in, you get out, but blaming the corona virus is such a weak defense. Like she's trying to explain her actions and since everybody is talking about the virus panic, she chose it too. I see this argument abused over and over:
You were late for work? -there was a line to the ATM because of coronavirus
You forgot to do homework? -It's because of the coronavirus panic
You did not wash the dishes? -felt down and afraid of corona

How can corona be the reason for you selling your house, car, bitcoin investment? She could just say she needs to get away somewhere and has not enough money at hand. Selling "to battle the virus"? Give me a break!

[Fundamentals Of]

...a strong commitment to defeat the coronavirus.

That's a funny excuse indeed. But very handy these days. What is she doing? Trying to get out from the mess and make herself into some kind of hero?

[hugeblack]

In an April 8 tweet, Loeffler said that she and her husband Jeffrey Sprecher, CEO of ICE, which is the company that owns Bitcoin (BTC) options contracts regulator Bakkt, are liquidating their holdings in managed accounts to focus on tackling the coronavirus situation.

We cannot consider this as economic advice rather than a personal opinion that may be right or wrong.
The purpose of this advice may be humanitarian, or it may be the purpose of some political claims, but this is not considered Bakkt position and therefore will not have an impact on Bitcoin.
Do not forget that many people fear about this pandemic, and therefore focusing on treating the coronavirus situation may be more economic benefit.

[BrewMaster]

looks to me more like FUD specially coming from cointelegraph that is known to do these things. the market has been getting more calm and price has been rising back up again so that is scaring a lot of people who sold too late and now are in a big loss since they haven't yet bought back thinking price could go lower!

[Stedsm]

The biggest bullshit is in their words itself where they relate their ways of tackling Coronavirus to dumping their holdings in BTC. After being accused of their wrongdoings, these guys are on their way towards doing more bad to the economy with their huge stock that they've piled up till date. I told this every single time that more of us will definitely see the Corona pandemic as an opportunity to make money by dumping more money.

[buwaytress]

Truth or not, this is why I'm loathe to trust anything from anyone that claims something good for the community and yet has a company with goals at odds with the community (profit). Nothing wrong with having a business, but no need to pretend to be good.

looks to me more like FUD specially coming from cointelegraph that is known to do these things. the market has been getting more calm and price has been rising back up again so that is scaring a lot of people who sold too late and now are in a big loss since they haven't yet bought back thinking price could go lower!

All the FUD could do was break 7k support, this will soon be recovered. I'm actually pretty chuffed that all best efforts from sellers can only cause BTC to take on just this much damage. Come at us, bears!

[rdbase]

Sounds like what the stockmarket does with insider trading. A couple of hollywood depictions have already been made such as wolf on street and the like
They will make a movie about this once cryptocurrency becomes the only global currency of the world market.

[gentlemand]

Did they ever own bitcoins themselves? As far as I know insider trading with crypto still isn't a crime so they may as well hang on to those at least. Lots of possibilities for milking us lot.

This should serve as a reminder of what The Man is like even if they start making positive ish noises about BTC.

[justdimin]

She didn't owned bitcoins (or at least that is not the topic) this is about her investments to stock market and she dumping before all of this pandemic stuff started, and only connection to crypto world is that she was famously the CEO of bakkt before she moved to focus on her political career and leave crypto behind, she could have bitcoin right now or do not, that is not this topic is about.

She did something immoral, she literally heard about how the horrible situation we are in going to happen before it happened and she dumped all her stocks which means she knew that things would go this bad, but you can't use your political "learn before anyone else" rights to personally benefit yourself. This is why politicians should give up ownership of their assets when they become politicians, not their house or car but their investments to others companies, hell presidents give up ownership of their business when they become president so should congress and senate as well.

[dothebeats]

Saving face or damage control, I guess?

The allegations are just allegations as of now, not unless an investigation gets her under the spotlight. Nevertheless, the actions she made after the alleged insider trading was somewhat suspicious IMO and just goes to show that maybe she does know something about it and try to act as if the funds are for helping the needy.

The former CEO of Bakkt has also published an opinion piece in the Wall Street Journal, emphasizing that her action is not caused by Senate requirements but rather a strong commitment to defeat the coronavirus.[/i]

That's a traditional politician piece right there, thinking about the welfare of the masses rather than my own personal gain--and it must be publicized, too.

[Wexnident]

Saving face or damage control, I guess?

Saving face. Using such a generic reason such as the virus to liquidate all holdings doesn't really seem to hold up IMO. It's a weak support but at the same time could help put out control over the opinions of the masses by at the very least, giving her some form of face that tells about how she tries to help those in need because of the virus. We can't really admonish her for that, but still, it's a weak defense if you looked at it in a more objective manner. This just gives it out more likely that there was something going on behind the scenes.

[Lucius]

The people who had the right information at the right time responded in the only way that is logical, which is to sell stocks before the market collapses. It's not something only her and her husband did, but some other senators -> Four senators sold stocks before coronavirus threat crashed market.

If any of us had reliable information that the price of BTC would go down by 50%, and all that in time price was around $9000 who wouldn't use that information? If one was wondering what is of the highest value in the world, then the answer is information.

And by the way OP, was that enormous and un-relevant image really necessary to your post?

It's OP style, and I do not have anything against images, but they should be resized - I try to warn him in this post, but he obviously didn't understand me.

[el kaka22]

Lucius the point and the illegal part is not that she heard about some impending doom scenario and sold her stocks. Anyone could do that, for example a person who has heard about corona (which was talked for months before even lockdown started) could have sold and predicted this and nothing would have happened to that person at all.

The illegal part is she got secret information that wasn't shared with the public that she used it for, sure we all could see that she didn't get something super secret, it was basically USA will be hit pretty hard and everything will go down, quite obvious when you look at it right now, but she literally went into that meeting and when she got she directly started selling her stuff, which means she actually used that private government meeting for her own personal gain.

[Lucius]

You can watch it from any angle you want, but the fact that some knew and others did not, do not change anything. Their president also had information about what was going to happen, but he kept telling the story that there would be no more than 15 infected. Did they need to share that information with the public and cause the stock market to collapse completely?

Of course, such information is not shared with the public, because then the rich would not get rich at the expense of the poor. Many others have done what she has done, only such things are done in silence and away from the public. Money is the biggest generator of dishonesty, crime, bribery and corruption - and politicians are up to their necks in all this.

[davis196]

The former CEO of Bakkt is a Senator?I didn't know that.
They say they were selling because of the coronavirus?Yeah,right,now the coronavirus is an excuse for everything.I'm not familiar with the US legislation,but can a crime like "insider trading" get those two into jail?
I think it can.
Damn,last year so many people were thinking that the Bakkt project will pump the Bitcoin price to a new ATH.
I was skeptical about it and I was right.

[UnDerDoG81]

Well, this is more about politics than about BAKKT honestly, that senator was on the news 7/24 for a while along with corona because she took advantage of a human misery and that is the lowest you can reach as a human. Think about it, you as a senator know that humanity is in big trouble, there are 2k people dying every day, and the first thing that comes to your mind is to make sure you are not doing worse financially and move with an insider trading info so you can make more profits while people are dying.

So, I am not even a single bit sad about her being forced to liquidate her assets, she should be punished with more money than she made as well, whatever amount she profited, she should give x2 to federal government to be used against defending people from corona.

Actually this is how rich get richer. What you think the Rothschilds, Rockefellers or Soros got rich? By starting and financing wars. This is how our western world has worked and still works. Everything is built on blood of others. You think America and Israel really fight terror? They only fill their bags while TV tells us a different story.