Remember back in the day when Coinbase added Bitcoin Cash and the price went from a few hundred to a few thousand in legit a hours time. Because of this coinbase shut down their trading for bitcoin cash thinking insider trading was happening.
However today we learn that coinbases internal probe finds no evidence of bitcoin cash insider trading.
Coinbase hired two outside firms to come in and investigate this but found no wrong doings.
However the timing of everything that happened to everyone just looked shady as hell if it was not coinbase then was it the owner of bitcoin cash that pumped it? Granted he would have known when it was being accepted on to coinbase right?
The breakdown of events which I pulled from CCN's post here - https://www.ccn.com/coinbase-internal-probe-finds-no-evidence-of-bitcoin-cash-insider-trading/ are as follows.
July 2017 – Coinbase announces that it will not support BCH and advises investors to redeem their funds.
August 2017 – Coinbase announces partial support for BCH.
December 20, 2017 – Bitcoin Cash records a sudden price spike due to a sharp and unexpected rise in demand from South Korea.
December 20, 2017 – Coinbase makes a surprise announcement informing the market that it is listing Bitcoin Cash
December 20, 2017 – Accusations of insider trading begin to surface as investors and observers smell a rat.
December 20, 2017 – Coinbase announces that it has launched an internal investigation into insider trading accusations.
March 2018 – Arizona resident Jeffrey Berk files a class action lawsuit against Coinbase in the US District Court for the Northern District of California seeking a payout of more than $5 million on allegations that Coinbase tipped off its employees about its decision to list Bitcoin Cash, enabling them to carry out insider trades ahead of the listing announcement.
P.S As far as I am concerned bitcoin cash can die lol
Coinbase did insider investigating pretty much, it like the tether "audit" it hired firms that were not neutral aka had coinbase connections...
Curious to see what happens on the next coin they add you know a few hours before its announced lol
If they were using insider information they well probably be a lot more cautious next time seeing that the world will be watching.
Wild...wild west.
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never invest in BCH ! HAHAHAH
How does one determine whether that spike was insider trading or just random? Or was that probe just to cover themselves...