Less than a week after Coinbase said it was looking into price movements that occurred shortly after it launched bitcoin cash on its exchange, some of the evidence behind the allegations begins to emerge. While it seems the popular cryptocurrency exchange doesn’t have a smoking gun, a few posts on Reddit forum might be enough.
As reported last week, Bitcoin cash’s wild price swings, which occurred only a few hours after beginning to offer it, led Coinbase to suspect exchange staff of possible insider trading. Suspicions arose when the price of third most valuable cryptocurrency’s price arrived at $8,500 on Coinbase-affiliated exchanges while being around $3,500 on all others.
Albert Renshaw, a digital currency enthusiast and entrepreneur, has pointed to a Reddit thread from December 18, which was published by a user called “mukiwa2″. The publication titled “”Bitcoin Cash coming in the next few days.” Mukiwa2 also claimed to have spotted evidence of Bitcoin Cash’s addition through his contacts with one of Coinbase’s staff.
Mukiwa2 may have tried to run a ‘pump and dump’ scheme, just to nudge BCH prices, which has become a fairly common practice within the cryptocurrency community. Still, many Reddit users appeared to lend this particular thread enough credence to check it out for themselves.
According to a Forbes report, Reddit’s /r/btc community took the mukiwa2’s post as a significant sign of insider trading that would surely influence the altcoin’s price across exchanges. This interest promoted ”mukiwa2″ to delete his or her comment. And after some members saved a screen capture of the commentary, the Reddit user’s entire account was deleted.
mukiwa2 comments
Last week, Roger Ver, CEO and co-founder of Bitcoin.com, vocally defended Coinbase with regard to recent allegations of suspected insider trading. When he was asked for his opinion regarding the situation, Ver responded that he believes crypto “insider trading is a non-crime.”
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