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Coinbase Investigates Insider Trading Following Launch Of Bitcoin Cash

Coinbase Investigates Insider Trading Following Launch Of Bitcoin Cash

Bitcoin Cash, a fork of the more popular cryptocurrency that was created in August, is now fully supported on Coinbase's exchange, so you can buy and sell the currency there - just not immediately.

In the meantime, Coinbase launched an internal probe of insider trading in the run-up to Tuesday's launch.

As the announcement was published, the price of Bitcoin Cash spiked drastically on most exchanges to around $3,500 (it had previously been hovering around $1800).

Bitcoin is facing a major threat as a cloned cryptocurrency that shares its name and many of its key features launched on one of the largest cryptocurrency exchanges, sending Bitcoin prices tumbling. Cryptocurrency watchers noticed that the price of Bitcoin Cash was climbing like insane before Coinbase's announcement and they cried foul.

"It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement", he said, via Medium.

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Armstrong said he "will not hesitate" to fire any employee found to have violated Coinbase policies, which bar them from trading on material non-public information - such as when an asset will be added to the platform.

Coinbase had initially stated it would not support Bitcoin Cash, however, it reversed this decision within weeks.

Coinbase users have always been calling for the platform to add Bitcoin Cash, now the world's third-biggest cryptocurrency, to its roster after it initially shunned the launch of the offshoot cryptocurrency in August. The second coin has been implemented to better handle some of the shortcomings of Bitcoin such as ever-growing transaction fees and confirmation times.

He added that Coinbase will be conducting an investigation. Trading resumed at $4,329 Wednesday morning, quickly correcting closer to other BCH exchanges in the $3,300-$3,500 range. "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", it wrote in the announcement.

Over the last 24 hours, there was a tectonic shift in the cryptocurrency world, as GDAX launched three order books for bitcoin cash (BCH). This meant a lot of people were suddenly getting in on the Bitcoin Cash game, in addition to the fact that the cryptocurrency would be tradeable on an app that recently topped Apple's download charts.

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