Coinbase, one of the largest cryptocurrency trading platforms, shocked the crypto-world with its announcement Tuesday evening that it would allow users to buy and sell bitcoin cash.
The news sent bitcoin cash, the spin-off cryptocurrency of bitcoin launched in August, to an all-time high above $3,609 per data from Markets Insider. On Coinbase's GDAX platform, the price of the cryptocurrency reached well above $8,000 per coin.
Bitcoin cash's appreciation began slightly before the announcement on some exchanges, raising concerns about the possibility of insider trading by employees with advanced knowledge of the news.
Coinbase CEO Brian Armstrong said in a post early Wednesday morning that the company was looking into the matter.
"Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter," he said. "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."
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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