jh-siesta.com
jh-siesta.com January 21, 2018


Coinbase looking into insider trading following Bitcoin Cash launch

21 December 2017, 12:54 | Sammy Green

Illustration by Alex Castro The Verge

Illustration by Alex Castro  The Verge

Others on Twitter, however, came to Armstrong's defense and said the CEO was clearly not complicit in any insider trading activities.

Bitcoin cash is up 32.03% on Wednesday to $3,5456.90 after Coinbase, the popular crypto trading app, enabled and then disabled enabled then disabled trading of the cryptocurrency.

Armstrong said that all Coinbase employees and contractors were "explicitly prohibited" more than a month ago from trading in bitcoin cash and from revealing launch plans.

"We have been monitoring the bitcoin cash network over the last few months and have chose to enable full support including the ability to buy, sell, send and receive", Coinbase said in its announcement via a blog post. It wouldn't legally be considered insider trading because cryptocurrencies aren't securities, but the allegations, if true, would raise many questions about the company's trustworthiness.


The price of bitcoin cash rose rapidly, likely due to the announcement from Coinbase that it would allow it to be traded on its GDAX exchange. "Given the price increase in the hours leading up to the announcement, we will be conducting an investigation into this matter".

Bitcoin Cash first surfaced online back in August when a group of developers "forked" the Bitcoin blockchain.

Although bitcoin cash was already rising steadily before Coinbase enabled trading of it last night, it was trading at a significant premium on the platform versus the rest of the market. But just minutes after opening, Coinbase suspended trades and eventually canceled orders. The price that Coinbase displayed was also nearly triple what was being quoted on other exchanges.

It's not certain when Bitcoin Cash transactions will return to the exchange. 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. Even with futures trading and tighter regulation in place to add some stability, virtual money still tends to be volatile - it doesn't take much to create havoc.



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