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Coinbase investigating insider trading in bitcoins
22 December 2017, 12:53 | Ruby West
Bitcoin attacks fuel traders frustrations
This week's launch of Bitcoin futures on the Chicago Mercantile Exchange (CME) has done little to calm the recent volatility in the price of BTC with prices in the cash market trading in a $4,000 range in the last three days.
"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", said Armstrong in his blog.
The cryptocurrency website Coinbase said it was looking into price movements that occurred shortly after Coinbase launched bitcoin cash on its exchange.
Others on Twitter, however, came to Armstrong's defense and said the CEO was clearly not complicit in any insider trading activities. Owners of Bitcoins at the time of the fork were rewarded with an equal sum of Bitcoin Cash. Bitcoin itself tumbled about 10 percent after the news late Tuesday in the USA and registered its biggest one-day drop in about three months. For instance, Coinbase and GDAX often trade Bitcoin itself higher than other exchanges.
When Bitcoin's blockchain network executed a hard fork this summer, spawning Bitcoin Cash, Coinbase was hesitant to embrace it but ultimately announced it would add support by year's end.
The US Securities and Exchange Commission suspended trading temporarily in The Crypto Company, a US based cryptocurrency consultancy, amid concerns over stock manipulation, according to CNBC. "The problem is that @brian_armstrong made a decision to launch Bitcoin Cash secretly and abruptly giving their employees a huge incentive to do so".
When BCH forked, everyone who owned bitcoin suddenly had an equivalent amount of bitcoin cash.
Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. 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 toppedApple's download charts. The price for a single Bitcoin Cash coin soared past $8,000, or more than double its price a day earlier. 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. As smaller miners become overburdened financially, they turn to Bitcoin Cash, or the "second Bitcoin", analysts say.
Best meteor shower of 2017 peaks tonight
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Boy, 5, calls 9-1-1: Grinch trying to steal Christmas
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IDF bombs Hamas positions in Gaza after rocket attacks
On its part, the Israeli military held Hamas responsible for any escalation in the Gaza Strip, and nearby Israeli areas. A third rocket reportedly did reach Israeli territory, but landed in an open area and caused no harm or damage.
Google Chrome to start blocking ads in February
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Xiaomi Mi A1 December Security patch is rolling out
Google Pixel 2 and Pixel 2 Xl with the second developer preview of Android 8 .1 Oreo shall receive the OTA (over-the-air) update. The handset at this price point not only brings better camera quality than the Redmi Note 4, it also flaunts vanilla Android.