Insider Trading Probe Launched After Bitcoin Cash Increases Suddenly
21 December 2017, 12:41 | Shawn Tate
The Insane Hour After Coinbase Added Bitcoin Cash Is Leading to An "Insider Trading" Investigation
Coinbase, one of the most popular USA cryptocurrency exchanges, is adding bitcoin cash to its offerings, giving momentum to a rival to the most popular digital unit.
"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".
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.
Coinbase is one of the US's largest digital currency exchanges, and it has recently been landed in hot water as market-watchers accuse it of illegal activity via social media.
Bitcoin cash's price in 2017.
San Francisco-based firm Coinbase allowed its users to receive, buy and sell bitcoin cash, an offshoot of bitcoin that was created by a fork in August of this year.
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However, many exchanges, including Coinbase, initially refused to support the innovation, casting doubt on its prospects. Further, one of the biggest exchanges supporting Bitcoin Cash leads to the assumption that prices of the cryptocurrency would rise in the future. Bitcoin cash surged on the news, up 41 percent over the past 24 hours, to $3,305.15 as of 10:45 am London time, according to data compiled from coinmarketcap.com.
There have been many changes in the industry, but this divergence would offer each and everyone the same amount of Bitcoin cash that they had in the virtual currency.
Bitcoin price saw a major correction in a matter of just 24 hours when it dipped from a high of $19,000 to $16,390 - a near 15 per cent decline.
The Coinbase launch was a huge boon for Bitcoin Cash investors, but it didn't come without its share of controversy. The policy prohibits employees and contractors from trading on "material non-public information", such as when a new asset will be added to our platform. This also had it canceling all resting orders and clearing order books for Bitcoin Cash.
"It appears the price of Bitcoin cash on other exchanges increased in the hours before our announcement", Brian Armstrong, chief executive at Coinbase, said in a blog post.
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