Mystery Bet Before SEC Crypto Crackdown May Mint Trader Millions

Mystery Bet Before SEC Crypto Crackdown May Mint Trader Millions

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Less than half an hour before US regulators cracked down on a key crypto exchange, an options trader placed a short-term bet against Coinbase Global Inc. that may have earned them millions of dollars.

At 10:36 a.m. Monday, a block of 4,806 Coinbase $50 put contracts due Friday hit the tape, when the stock was at $61.77. About 24 minutes later, the Securities and Exchange Commission announced that it was suing Binance Holdings Ltd.sparking a sell-off across the crypto universe.

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