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Coinbase Launches Probe on Bitcoin Cash rally Insider Trading

Coinbase Launches Probe on Bitcoin Cash rally Insider Trading

Coinbase believes it may have had some of its employees jump the gun prior to the announcement it would add Bitcoin Cash to the cryptocurrencies it managed. Apparently, there is some case of insider trading ahead of its announcement - and that caused significant volatility in the price where the order book showed that bitcoin cash hit a high of $9,500. In the wake of wild price swings and unusual activity on other exchanges, parent company Coinbase is is now handling concerns about potential insider trading.

The allegation from some critics was that Coinbase staffers could have purchased Bitcoin Cash - or BCH - on other exchanges at a lesser value - all the while knowing it was about to open for public trading.

There are usually some differences in price for most cyrptocurrencies from exchange to exchange, as the length of time it takes to transfer cryptocurrencies makes arbitrage trades hard. On the other hand, Bitcoin's price fell as much as 25% to a low of $14,000, soon after the announcement.

"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", wrote CEO Brian Armstrong in a blog post Wednesday (20 December).

Bitcoin cash split off from bitcoin on August 1 after a minority of developers chose to implement an upgrade to improve transaction efficiency.

Bitcoin Cash: Why the rival cryptocurrency has sent Bitcoin's price plummeting
Coinbase Is Investigating Possible Bitcoin Cash Insider Trading by Employees

Bitcoin cash emerged earlier this year amid a split between factions in the cryptocurrency space over proposed software upgrades to the blockchain technology underpinning Bitcoin. Trading resumed at $4,329 Wednesday morning, quickly correcting closer to other BCH exchanges in the $3,300-$3,500 range.

Bitcoin Cash is now trading at roughly $4,300 on Coinbase.

Bitcoin Cash (BCH) had a rocky debut Tuesday on Coinbase and its GDAX trading platform.

Bitcoin Cash is a "forked" version - or alternative version - of bitcoin, the most traded and most prominent cryptocurrency. It was recently at $17,416, about 11 percent off its record high on Monday, but still up about 18-fold this year.

Bitcoin Cash sends and receives are functional. All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account.

Xiaomi Redmi Note 5 not coming?
The list goes on as Xiaomi makes Wi-Fi routers, repeaters, VR headsets, vehicle chargers, Bluetooth headset, and even backpacks. The Redmi Note 4 variant with double the storage will also be getting a generous Rs 1,000 discount during the sale.

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