“When it rains it pours” is an old proverb explaining difficult situations that tend to follow each other in rapid succession. Following the news that the exchange giant Coinbase has been hit with the new amended complaint over alleged insider trading during the launch of Bitcoin Cash (BCH) on its exchange, more bad news concerning Coinbase has hit the wires.
Bloomberg reports that the US-based exchange giant is losing Mike Lempres, its policy head, to the venture capital firm Andreessen Horowitz. Lempres was made the head of the policy unit only recently, after serving more than a year as its legal chief. He moved to head the policy unit following the arrival of Brian Brooks to head Coinbase’s legal department.
“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance,” Coinbase said in an email to Bloomberg News. “We wish him the best in his new position with Andreessen Horowitz.”
Bloomberg reports that, according to their sources, Lempres decided to leave when the exchange hired Brooks, who took over most of his responsibilities. No information has been provided on Lempres’s new role at Andreessen Horowitz.
The venture capital firm was an early investor in Coinbase. It was reported in 2013 that Andreessen Horowitz had led the Series B round of Coinbase funding, which raised around $25 million for the exchange.
Yesterday, Newconomy reported about the amended version of the lawsuit against Coinbase, filed before the U.S. District Court for the Northern District of California. The company is again accused of providing false and deceptive statements about its rollout of the bitcoin fork. The complain outlines that the rollout failed to abide by the token listing standards on the Coinbase trading platform.