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Bitcoin Cash comes to Coinbase with suspicions of insider trading

Bitcoin Cash comes to Coinbase with suspicions of insider trading

Coinbase CEO Brian Armstrong published a statement acknowledging the situation and attempting to allay suspicion: "All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago".

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.

The original SegWit2x hard fork was pulled in November this year after the Bitcoin community lacked consensus on the split. Now, an investigation is underway.

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.

Charlie Lee denied any connection, stating he only sold for convenience. Bitcoin payments processor BitPay and cryptocurrency storage company Blockchain also added support for bitcoin cash in the last few days.

"All BCH books will enter cancel-only mode, and all existing orders will be cleared".

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Coinbase has revealed it is investing a possible instance of insider trading related to Bitcoin Cash. "The problem is that @brian_armstrong chose to launch Bitcoin Cash secretly and abruptly giving their employees a huge incentive to do so". Because of the curious price increase for BCH ahead of Coinbase's announced support, the company has determined to undertake an investigation into the matter.

"We've had a trading policy in place for some time at Coinbase".

If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you.

As of Wednesday morning ET, the ability to buy or sell Bitcoin Cash remained disabled on Coinbase, though customers could transfer it to other digital currency wallets. In addition to trading restrictions, it prohibits communication of material non-public information outside the company.

We will abbreviate Bitcoin Cash as BCH on our platform. This was communicated multiple times via multiple channels to employees.

"Insider trading laws mostly have to do with securities trading, but bitcoin is now treated as a commodity", said Peter Van Valkenburgh, research director at Coin Center, a cryptocurrency research and advocacy organization based in Washington, D.C.


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