RATE Group | Amended Suit Against Coinbase Details Bitcoin Cash Insider Trading Claims
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Amended Suit Against Coinbase Details Bitcoin Cash Insider Trading Claims

22 Nov Amended Suit Against Coinbase Details Bitcoin Cash Insider Trading Claims

Posted at 00:13h in Bitcoin News by

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A new amended class action complaint has been filed against Coinbase, providing more detail on how insiders allegedly profited from the cryptocurrency exchange’s rollout of bitcoin cash last December.

The document, filed Nov. 20 with the U.S. District Court for the Northern District of California, outlines why the plaintiffs believe Coinbase “made false and deceptive statements” about its rollout of the bitcoin fork; how the exchange allegedly caused bitcoin cash’s price to spike while simultaneously depressing bitcoin’s price; and how insiders who knew Coinbase would list bitcoin cash were able to allegedly buy and sell the token before other customers.

The complaint explained:

“As a consequence of this scheme, the Individual Defendants and Coinbase enabled Coinbase to earn significant fees from the trades of its customers, from which Coinbase earned a spread over an inflated price for BCH, and to avoid a ‘run’ on the Company by sellers anxious to take…

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