Coinbase users have always been calling for the platform to addBitcoin Cash, now the world's third-biggest cryptocurrency, to its roster after it initially shunned the launch of the offshoot cryptocurrency in August. Now, an investigation is underway.
Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter.
"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.
Charlie Lee denied any connection, stating he only sold for convenience.
And yet more and more skeptics believe it was the inside information, and not the intrinsic qualities of BCH, that made the price spike possible.
"Once paused, we cancelled resting orders and cleared all BCH order books", explainedGDAX. Coinbase insisted it operates a strict insider trading policy. "The problem is that @brian_armstrong chose to launch Bitcoin Cash secretly and abruptly giving their employees a huge incentive to do so".
In a post on Medium, he elaborated: "We've had a trading policy in place for some time at Coinbase".
In a statement earlier today, CEO Brian Armstrong wrote that the company would investigate whether any employees had traded on the pre-public news.
Trading in bitcoin cash will be suspended until 1200 ET on Wednesday, according to Coinbase'sstatus page. 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.
For now, all eyes are on Bitcoin Cash while other tokens are seeing dives. Although Bitcoin Cash has seen less extreme growth in valuation than Bitcoin, which skyrocketed past $15,000 per coin this month, Bitcoin Cash's value has steadily risen. This was communicated multiple times via multiple channels to employees.
However, because of the notorious lack of KYC protocols on some exchanges and the possibility of hiding trades through other accounts or cryptocurrencies, this investigation may prove hard.
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