Coinbase Investigates Suspicions of Insider Trading for Bitcoin Cash


Coinbase, one of the world's most popular cryptocurrency apps, surprised its users by adding Bitcoin Cash to its offerings this week.

The San Francisco-based company said it's investigating a price increase in Bitcoin cash ahead of the announcement.

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At the time of writing, the last quoted price on GDAX was listed at $9,500, almost $6,000 above Bitcoin Cash's new all-time high price average.

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. Prices fluctuated wildly-briefly reaching $8,500, or almost three times higher than the current market price of around $3,500. Increased trading led to a spike in Bitcoin Cash's valuation, and just four hours after its introduction, Coinbase suspended trading of the digital currency.

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Armstrong warned, "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".

While it's unclear whether any Coinbase or GDAX employees actually acted on this information, the company explained via Twitter, "Coinbase maintains a strict trading policy and internal guidelines for employees".

It turns out Coinbase had a confidential plan in place a month ago to launch Bitcoin Cash, and no information was leaked- until a few hours before the trading on GDAX and Coinbase started.

When the Bitcoin "crash" happened earlier in the day, Gemini - the exchange which works with the CBOE on its futures trading - said that they couldn't process transactions due to problems on the blockchain related.

"We have been monitoring the Bitcoin Cash network over the last few months and have made a decision to enable full support including the ability to buy, sell, send and receive", Coinbase wrote in a Tuesday blog post. 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. Bitcoin Cash's value has remained low compared to Bitcoin's recent record-setting highs.