{"id":42164,"date":"2017-12-20T16:11:55","date_gmt":"2017-12-20T16:11:55","guid":{"rendered":"http:\/\/www.bnreport.com\/bitcoin-cash-freeze-as-insider-trading-probed\/"},"modified":"2017-12-20T16:11:55","modified_gmt":"2017-12-20T16:11:55","slug":"bitcoin-cash-freeze-as-insider-trading-probed","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bitcoin-cash-freeze-as-insider-trading-probed\/","title":{"rendered":"Bitcoin Cash freeze as insider trading probed"},"content":{"rendered":"

One of the US's leading crypto-currency exchanges is carrying out an insider trading investigation.<\/p>\n

Coinbase fears its own workers may have exploited its move into Bitcoin Cash \u2013 a spin-off of the original Bitcoin.<\/p>\n

The San Francisco-based firm announced the move after Bitcoin Cash's price jumped.<\/p>\n

Coinbase began letting its users buy, sell, send and receive Bitcoin Cash<\/a> on Tuesday in a surprise decision but has temporarily suspended trade.<\/p>\n

The company's chief executive intervened after several market watchers posted allegations of illegal activity on social media sites.<\/p>\n

Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends or to trade in the digital asset themselves.<\/p>\n

"It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement," he wrote on the news site Medium<\/a>.<\/p>\n

"If we find evidence of any employee or contractor violating our policies\u200a \u2013 \u200adirectly or indirectly\u200a \u2013 I will not hesitate to terminate the employee immediately and take appropriate legal action."<\/p>\n

Bitcoin Cash \u2013 which is no more tangible than Bitcoin itself \u2013 came into being in August after several developers became frustrated at lengthening transaction times for the original crypto-currency.<\/p>\n

Bitcoin Cash addressed this problem by tweaking the underlying technology \u2013 the blockchain \u2013 to allow bigger chunks of data to be processed at a time.<\/p>\n

Although there have been other Bitcoin splits before, this "fork" was unusual in that everyone who owned the original virtual currency was offered a matching sum of Bitcoin Cash. This effectively created money out of nothing.<\/p>\n

However, many exchanges, including Coinbase, initially refused to support the innovation, casting doubt on its prospects.<\/p>\n

Price surge<\/h2>\n

Claims of insider dealing were not the only hitch that Coinbase experienced when it finally added support for the new asset.<\/p>\n

Trade of Bitcoin Cash was frozen just four minutes after it began<\/a> on the firm's Global Digital Asset Exchange (Gdax) and existing orders were cancelled.<\/p>\n

The move seems to have been a reaction to an apparent price surge in Bitcoin Cash on the platform beyond its already elevated level elsewhere.<\/p>\n

When Coinbase launched Bitcoin Cash at 17:20 PST (01:20 BST) it was valued at about $3,500 (\u00a32,612) per coin.<\/p>\n

At the time it suspended it, the company was quoting a price of about $8,500. It remains unclear whether or not this was a software glitch or if deals were really being made at this level.<\/p>\n

Coinbase has yet to give a full explanation but has said that it intends to reopen Bitcoin Cash order books later on Wednesday<\/a>.<\/p>\n

Bitcoin Cash is currently the world's third biggest crypto-currency with a total market capitalisation of about $59bn, according to Coinmarketcap<\/a>.<\/p>\n

That compares with there being $77bn worth of Ethereum and $282bn worth of the original Bitcoin.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

BBC<\/a><\/h5>\n

[contfnewc] [contfnewc] <\/p>\n

The post Bitcoin Cash freeze as insider trading probed<\/a> appeared first on News Wire Now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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