Coinbase halts Bitcoin Cash transactions amidst accusations of insider trading

Coinbase halts Bitcoin Cash transactions amidst accusations of insider trading

Armstrong said he will not hesitate to terminate any employees who violated company policies. Trading resumed just after 11:00 AM PST, a little more than two hours later.

"I take the confidentiality of material non-public information very seriously as CEO".

Several months after promising it would add support for Bitcoin Cash to its exchange by the end of the year, Coinbase hit its deadline last night, albeit with a few snags.

Bitcoin cash traded about 33 percent higher over the last 24 hours at $3,786 as of 6:03 p.m. Wednesday, according to Coinbase.

According to data from Markets Insider, the price of bitcoin had dropped below $17,000 a coin but has since recovered some ground.

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One of the leading crypto-currency exchanges has halted its newly introduced Bitcoin Cash after suspicions of insider trading.

On other exchanges, such as Kraken, bitcoin cash traded at about $3,600 on Wednesday. As of now, both Coinbase and GDAX seem to be experiencing some irregular outages, so Bitcoin Cash trading has been suspended temporarily.

San Francisco-based firm Coinbase allowed its users to receive, buy and sell bitcoin cash, an offshoot of bitcoin that was created by a fork in August of this year. "Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter", said Armstrong. "A lot of people think bitcoin is highly anonymous and untraceable, that it is outside the view of regulators and authorities, but once you start digging into it it's surprising how much sense you can make of it". That fork was the result of competing camps in the Bitcoin community wanting to pursue different ways of solving limitations in Bitcoin's underlying technology. The second coin has been implemented to better handle some of the shortcomings of Bitcoin such as ever-growing transaction fees and confirmation times. The 2x fork was supposed to double the block size on the chain to 2MB and change other protocols. An account for Whalepool, which describes itself as a community of day traders focused mainly on bitcoin and other cryptocurrencies, commented, "Very unusual accumulation and pump on Bcash in the hours leading up to the @Coinbase BCH add". In the event that insider knowledge was used to obtain a profit, this event could also become a test of whether Bitcoin Cash will be treated the same way as traditional regulated securities.

For the sake of full disclosure, the author holds tiny positions in various cryptocurrencies that are not believed to color his views.

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