Bitcoin Cash: Scandal erupts as Coinbase investigates claims of insider trading

The Insane Hour After Coinbase Added Bitcoin Cash Is Leading to An "Insider Trading" Investigation
Coinbase halts Bitcoin Cash transactions over insider trading fears
Author

21 December, 2017

"If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action". The exchange did this to ensure a "fair and orderly market".

With the issues related to the transaction time of the actual crypto-currency, Bitcoin Cash was introduced in the month of August, which differed slightly from Bitcoin itself. If anyone knew about this and bought Bitcoin Cash before the announcement was made, they could have easily made 300 percent in profit by selling on GDAX.

Earlier on Tuesday, traders on Twitter alleged that news of Coinbase's launch of bitcoin cash support had been leaked before the official announcement. That meant people who owned bitcoin before the split were eligible to receive an equivalent number of bitcoin cash tokens when the cryptocurrency was created.

Coinbase stated: "Coinbase maintains a strict trading policy and internal guidelines for employees". The price of bitcoin cash popped on the news and made additional gains on Wednesday as Coinbase readies to resume trading on its platform.

Coinbase has yet to give a full explanation but has said that it intends to reopen Bitcoin Cash order books later on Wednesday.

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"All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago".

BCH had already climbed about 50% in the session or two prior to the announcement, and then took off anew right after, necessitating Coinbase to halt trading after just a few minutes.

As Bitcoin Cash prices on the Coinbase exchange soared in value, the company moved to restrict orders before taking the whole service offline as liquidity dried up. While there's "no indication of any wrongdoing at this time", he said that "we will be conducting an investigation". CEO Brian Armstrong wrote in a separate post that the company would investigate whether staff or contractors had acted on "material non-public information"-basically, insider trading".

At the time of writing, bitcoin cash is the third most popular cryptocurrency in the world, with ethereum in second place and bitcoin remaining at number one.


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