CovOps
Location : Ether-Sphere Job/hobbies : Irrationality Exterminator Humor : Über Serious
| Subject: Coinbase Is Getting Sued for Insider Trading Mon Mar 05, 2018 9:44 pm | |
| On Thursday, a class action lawsuit was filed in a California district court alleging that employees of the popular cryptocurrency exchange Coinbase engaged in insider trading of Bitcoin Cash.
The class action lawsuit was filed by cryptocurrency trader Jeffery Berk on behalf of himself and other traders who claim to have suffered monetary damages as a result of the alleged insider trading at Coinbase.The amount in damages the plaintiffs are seeking is not included in the documents and will be decided in court. On December 19, Coinbase made a surprise announcement that it had started to trade a cryptocurrency called Bitcoin Cash. Coinbase has more customers than the mainstream finance company Charles Schwab, so its decision on whether to support a cryptocurrency has a big impact on that cryptocurrency’s value. Indeed, within minutes of Coinbase’s announcement, the price of Bitcoin Cash shot up by nearly $1,000 and all further Bitcoin Cash trades were cancelled. Berk is alleging that he and everyone else who wasn’t aware of Coinbase’s decision to begin supporting Bitcoin Cash got screwed over by those who were privy to that info ahead of the announcement. A Coinbase spokesperson told me the company is aware of the lawsuit and is currently reviewing the claims.
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