Insider trading charges filed over Long Island Iced Tea's blockchain 'pivot'
CNN
As the bitcoin craze took off in 2017, a Long Island iced tea company sent its share price spiking as much as 380% merely by announcing a "pivot" to blockchain technology. Long Island Iced Tea Corp. even changed its name to Long Blockchain Corp.
At the time, the episode underscored the excessive hype around the crypto space. Now, regulators say the name change was at the heart of an illegal insider trading scheme. The Securities and Exchange Commission charged three people Friday with insider trading in advance of the announcement that sent Long Island Iced Tea Corp.'s stock price to the moon.
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