Coinbase investigates insider trading claims

Bitcoin turns the corner, now higher on the day

The suspicion, as TechCrunchnoted, was that Coinbase employees or others who knew the change was coming could have stocked up on Bitcoin Cash through other exchanges before the company publically announced its addition to the platform.

Trading in bitcoin cash will be suspended until 1200 ET on Wednesday, according to Coinbase's status page. "Factors we considered include developer and community support, security, stability, market price and trading volume".

In separate news, Bitcoin prices plunged 15% in Asian trade on Wednesday before paring losses.

Bitcoin cash emerged earlier this year amid a split between factions in the cryptocurrency space over proposed software upgrades to the blockchain technology underpinning bitcoin. Just four minutes before at the moment the exchange enabled trading of it, the price was only $3,500. Further, one of the biggest exchanges supporting Bitcoin Cash leads to the assumption that prices of the cryptocurrency would rise in the future.

"It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement", he wrote on the news site Medium. Some believe that high transaction costs and long wait times for transaction confirmation is becoming frustrating for traders.

Coinbase had a policy that prohibited employees and contractors from trading Bitcoin Cash and disclosing launch information before the exchange made things official.

Coinbase CEO Brian Armstrong says the company will investigate allegations of insider trading.

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.

Pic: Getty ImagesOne of the US's leading crypto-currency exchanges is carrying out an insider trading investigation.

The largest United States cryptocurrency exchange, Coinbase, announced today that the company will begin support for Bitcoin Cash.

Bitcoin Cash's market cap has since exploded to $60.3 billion, making it the third largest cryptocurrency in the world behind only bitcoin ($293 billion) and ethereum ($80.1 billion).

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



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