Cawthorn’s “direct and unambiguous” promotional commentary on social media followed an undisclosed purchase by the Representative of $150,000 worth of the token in December 2021.
The $150,000 sum Cawthorn paid to an unnamed person involved with the token saw him receive 180 billion LETSGO, which were trading for an average value of around $164,200 at the time. Cawthorn also did notThe $14,237 difference between the amount Cawthorn paid and the average value of the tokens at the time he received them was considered a “gift” by the Committee who recommended Cawthorn repay the amount “to an appropriate charitable organization.
The Committee “did not reach a consensus” on whether Cawthorn intended to “personally profit from his promotional activities” and no “sufficient evidence” was found that Cawthorn used non-public information to time his transactions.
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Source: CoinDesk - 🏆 291. / 63 Read more »