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Coinbase Investigating Possible Insider Trading of Bitcoin Cash

Coinbase Investigating Possible Insider Trading of Bitcoin Cash

The suspicion, as TechCrunchnoted, was that Coinbase employees or others who knew the change was coming could have stocked up on Bitcoin Cash through other exchanges before the company publically announced its addition to the platform.

Something similar happened yesterday when Coinbase finally added Bitcoin Cash to the platform.

Coinbase was concerned that its own workers had exploited the shift towards Bitcoin Cash and away from Bitcoin after its price skyrocketed.

If you look at the average price of Bitcoin Cash on the other major platforms, it now hovers around $3,600-$3,700.

Additionally, Coinbase employees have been restricted from trading in bitcoin cash for several weeks, Coinbase said on Twitter.

Shortly after trading opened, the price of bitcoin cash rocketed to a high of $8,500, more than double what it had been on Monday.

In a statement earlier today, CEO Brian Armstrong wrote that the company would investigate whether any employees had traded on the pre-public news.

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The largest USA cryptocurrency exchange, Coinbase, announced today that the company will begin support for Bitcoin Cash. "Given the price increase in the hours leading up the announcement, we will be conducting an investigation".

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.

Coinbase had a policy that prohibited employees and contractors from trading Bitcoin Cash and disclosing launch information before the exchange made things official.

Bitcoin cash was created after bitcoin forked in August, and bitcoin owners began receiving tokens-one bitcoin cash for each bitcoin they owned.

"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", said Armstrong in his blog.

While Coinbase briefly enabled orders to be posted in US dollars on its platform for more sophisticated traders, it suspended the facility after two minutes due to "significant volatility", the company said in a blog post. In the few minutes that trading was accessible, the price shot as high as $9,500, a level that represented a large premium over other exchanges.

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