Coinbase investigating insider trading in bitcoins
00:57, Dec 22, 2017
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Coinbase, one of the largest cryptocurrency trading platforms, on Tuesday started allowing users to trade bitcoin cash, a spinoff of bitcoin that launched earlier this year.
The price of Bitcoin Cash briefly reached more than $8,500 on Coinbase's own exchange, significantly more than the $3,500 it was trading at on other indexes. Because of the curious price increase for BCH ahead of Coinbase'sannounced support, the company has determined to undertake an investigation into the matter.
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 has revealed it is investing a possible instance of insider trading related to Bitcoin Cash. Coinbase's Bitcoin Cash announcement on Tuesday seemed to steal the wind behind other cryptocurrencies, as values for Bitcoin, Ethereum, and Litecoin dropped at around the same time.
This week's Bitcoin Cash debacle is just the latest example of the volatility and mistrust that continues to plague digital currency markets even as millions of ordinary people are rushing to invest.
Using techniques usually associated with forensic accounting, the group of researchers - led by Talis Putnins, a professor at the University of Technology Sydney - found that the blockchain technology underpinning bitcoin held significant promise for revolutionising many industries. The Bitcoin Cash markets will most likely sort themselves out as traders decide exactly how much value trading at Coinbase does or does not bring to BCH.
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Price spikes after major announcements are the norm in financial circles.
"We've had a trading policy in place for some time at Coinbase".
The company is investigating the possibility of insider trading by its employees who had prior knowledge of the announcement. In addition to trading restrictions, it prohibits communication of material non-public information outside the company. The company had apparently banned employees and their family and friends from trading in Bitcoin Cash more than a month before the launch.
For now, all eyes are on Bitcoin Cash while other tokens are seeing dives.
Armstrong further explains that these prohibitions were communicated through "multiple channels", including emails and Q&A sessions. As such, he is taking the investigation into insider trading extremely seriously.
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