Friday after crypto trader Coinbase's share price surged just a week after CNBC's financial experts warned of an SEC investigation into the company. , Jim Cramer became the target of outrage on social media.
On July 26, Cramer tweeted: But they always wanted to avoid SEC scrutiny. A
Twitter user then posted a screenshot showingCoinbase's stock price jumped more than 16% on Thursday, topping $106 per share.
Coinbase was trading at about $92 per share on Friday. Over the past five days, the company's stock price has risen more than 50%.
The cryptocurrency exchange announced Thursday that it has entered into a partnership with investment giant BlackRock, the world's largest asset manager. This will allow institutional investors to buy digital currencies such as Bitcoin.
Critics on Twitter turned to Cramer as Coinbase's stock skyrocketed.
"I don't care if a company is the next Amazon. If Jim Cramer recommends the stock, I would never buy it." accountant and financial news analyst Genevieve Lochdecter tweeted.
Another Twitter user said:
"Never take financial advice from Jim Cramer!" cryptocurrency podcaster Tony Edward tweeted.
Last month, a former Coinbase employee was arrested and charged with an insider trading scheme.
Coinbase's product His manager. The federal government claims that Wahi tipped his brother Nikhil Wahi and a friend about the company's secret plans to start offering a particular cryptocurrency.
Federal investigators , claims the three men were able to get his $1.5 million profit.
Coinbase said it had launched its own internal investigation into the matter and submitted its findings to the Justice Department.