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CoinEx Surpasses Binance as World’s Top Crypto Exchange by Trade Volume

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Being the world’s top crypto exchange by trade volume is no mean feat in this ever expanding industry. That accolade has been held by Binance for some time now however there could be a shift at the top as a newcomer has entered the fray.

According to coinmarketcap.com Binance is no longer at the top spot. It has been overtaken recently by OKEx as the two exchange giants battle it out but a third and relatively unknown exchange has now taken the crown. CoinEx is currently handling a daily trade volume of $1.46 billion, or 230,180 BTC, according to CMC stats. This puts it above Binance which is trading $1.25 billion per day.

Rounding out the top five at the time of writing is OKEx in third with a daily volume of $880 million, Huobi in fourth with $465 million and another obscure exchange, ZB.COM in fifth with $410 million. Maybe CMC has adjusted the way it ranks crypto exchanges explaining how two obscure platforms have just shot into the top five global exchanges.

USDT is the crypto of choice on CoinEx with over 92% of the total trade on the exchange being made using Tether. The top pairs traded using the stablecoin are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. CoinEx however does support a further 36 cryptocurrencies.

According to the blurb on its website CoinEx was;

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Bitgrail Exchange Claims $195 Million Hack in Face of Serious Skepticism

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A relatively obscure Italian cryptocurrency exchange is claiming a major hack involving Nano tokens but critics are calling it an exit scam.

Another multi-million dollar hack?

Bitgrail claims it was hacked last week of 17 million customers owned Nano Tokens equal on the day to about $195 Million dollars. Bitgrail was one of the main portals for trading the Nano token, previously known as RaiBlocks.

The claim made by founder Francesco Firano has been met with serious skepticism though created in part by suspicious moves made by Bitgrail itself. In January the exchange put a halt to all withdrawals and deposits of Nano, Lisk, and Crytpoforecast tokens. Then they announced identity verification and anti-money laundering protocols and the possibility of blocking non-European users.

These moves generated rumors that the site was setting up what some call an exit scam causing the price of the Nano to drop by 20%. In the wake of the alleged hack, Firano asked the developers of the Nano token to ‘fork’ their records. That is to change the transaction records in order to restore the lost tokens.

The Nano team immediately took to social media to quash the suggestion that the loss was due in any part to their tech.

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North Korean Hackers May Have Been Behind Coincheck Hack, Claims South Korea’s Intelligence Service

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South Korea’s intelligence agency has said that North Korean hackers may have been behind the Coincheck hack that saw the theft of $530 million worth in digital currency.

While South Korea’s National Intelligence Service didn’t have evidence to back this claim up, it’s reported to have said to lawmakers that North Korea’s involvement was a possibility, according to a report from Reuters.

Last month, it was reported that Japanese digital currency exchange Coincheck had been hacked resulting in the theft of $530 million worth of XEM, the token for the NEM network.

Following the hack, Japan’s financial watchdog, the Financial Services Agency (FSA), ordered the exchange to submit a report on the measures it would take to prevent a repeat. The exchange has also vowed to reimburse 260,000 of its customers despite concern from authorities that it doesn’t have the money to do so.

Since the hack, the FSA has said that it will be conducting on-site inspections of the country’s exchanges to ensure that the correct measures are in place to protect customers and their funds.

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Japanese Authorities Raid Hacked Coincheck Exchange

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Japan’s Financial Services Agency raided the offices of the hacked Coincheck cryptocurrency exchange to see if they had adequate funds to repay customers.

The recent hack of the Coincheck cryptocurrency exchange in Japan sent a shock wave through the crypto world. The total value of the loss was staggering, coming in at around $530 million. The Financial Services Agency (FSA) originally gave the exchange essentially a slap on the wrist, but due to the seriousness of the situation, FSA regulators raided the offices of Coincheck today.

Knock, Knock

After the hack occurred, the exchange publicly stated that they would refund $425 million back to the 260,000 users who had been affected. This represented about 90% of the funds stolen, but getting back 90% is far, far better than getting nothing back at all.

The Financial Services Agency came out with a pretty light punishment for the exchange. Essentially, they were told to put in safeguards to ensure that such hacks would not happen in the future and to submit a written report about the hack by February 13th to the agency.

Who’s There? FSA!

It seems that the FSA decided to be a little proactive, which makes sense in light of the magnitude of the hack. They raided the offices of Coincheck to ensure that the exchange has the necessary funds to make good on their promises of restitution, especially as the funds will be paid in yen and not virtual currencies.

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The biggest theft in the history of crypto market. 526 million XEM stolen

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This morning, the Japanese crypto exchange platform Coincheck was hacked and had 526 million XEM (c. USD 400 m) stolen. It has nothing to do with NEM - there is no issue with the tech, and according to them, the blame lies exclusively with Coincheck: "As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchange...
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Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $3 Billion USD

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Zhao Dong, a prominent Chinese early bitcoin adopter and shareholder in Bitfinex, recently posted on Weibo seeking to provide anecdotal evidence as to the integrity of Bitfinex and Tether’s financial reserves. The post claims that Zhao Dong and Lao Mao, the chief executive of Big.one, have witnessed first hand the balances of Bitfinex and Tether’s respective bank accounts during a meeting with Bitfinex’s chief financial officer, Giancarlo Devasini. The post alleges that the combined bank accounts of Tether and Bitfinex hold nearly $3 billion USD.

Zhao Dong Seeks to Put Criticisms of Bitfinex and Tether’s Opaque Banking Practices to RestZhao Dong

Zhao Dong, a well known Chinese early adopter of bitcoin, has published a post on Weibo claiming that he has personally seen the bank balances of Tether and Bitfinex first hand during a recent meeting with Bitfinex’s CFO, Giancarlo Devasini. Zhao Dong is a shareholder in Bitfinex, and has been described as one of China’s largest over-the-counter (OTC) traders.

According to a rough translation, Zhao Dong’s Weibo post states “Lao Mao (and I) just had a look at the USD account of Tether and Bitfinex in Giancarlo’s (Boss of BFX, CFO) room, in which Tether’s account holds 1.8x billion USD and Bitfinex holds 1.1x billion USD. The total number of the two accounts is around 3 billion USD, which is beyond the current circulated supply of USDT. This debunks all rumors around USDT.”

Big.one to Introduce USDT After CEO’s Meeting with Giancarlo DevasiniLao Mao (left) and Giancarlo Devasini (right)

The chief executive officer of Big.one published a blog post following the trip, in which an interview between Mr. Devasini and one of Lao Mao’s associates is made public. In the interview, Bitfinex’s CFO claims that the “the team of Bitfinex has around 50 people”, and that the “Tether team does not work for money,” adding that “As an early bitcoin investor, the team has a sense of responsibility and mission.”

Seeking to quell criticisms and concerns relating to Bitfinex and Tether’s banking relationships and capitalization, Mr. Davasini also claims that the companies “are not in a position to fully disclose [their] bank accounts” as a consequence of “pressure from [the] US banking industry.” The CFO alleges that the “US banking industry is blocking Tether by various means,” adding that in future, “Tether may no longer anchor to [the] US dollar,” suggesting that the company may “use Euro, Japanese Yen, or other fiats instead.” Notably, the comments came just two weeks after Tether launched EURT – an ERC20 token intended to function as a hedging tool pegged to the value of the Euro.

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Coinbase to the Moon with Revenue over $1Billion in 2017

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Love it or hate it crypto exchange Coinbase is raking it in. Known for some of the highest fees in the industry the company made over a billion dollars in revenue last year. This has caused an unusual problem in too many investors wanting a slice of the burgeoning Coinbase pie.

Silicon Valley tech news website Recode has revealed that the six year old company earned in excess of a billion dollars in revenue in 2017. This is really no surprise considering the thousands of complaints that regularly crop up across social media platforms. These usually involve the exchange’s excessive fees and commissions for transactions, or the total outages it has suffered under high demand. Coinbase is slow, expensive and has virtually non existent customer support but obviously that has not affected its capacity to make a fortune.

Beating the rest

As of September last year the company was only expected to make $600 million in revenue. However the surge in crypto prices and interest towards the end of the year has provided a boost to the firm’s figures. Its bumper revenue suggests it is the most used broker for Bitcoin and crypto exchanges. By comparison South Korean exchange Bithumb only made $280 million last year according to local press.

The company has been so successful that shareholders have been approached by venture capitalists and private brokers asking them if they would consider selling their Coinbase shares. The firm issued a warning to its own shareholders at the weekend;

“As a private company, Coinbase does not allow trading of stock on secondary markets for a variety of reasons, including the fact that there is not full and equal information available to the market. We will take appropriate action if we find people have sold Coinbase shares in violation of our agreements not to do so.”

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Top Japanese Crypto Exchange Coming to Europe

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Japan has always been seen as a sanctuary for cryptocurrency markets. The government is keen to embrace blockchain technology and allow registered exchanges to operate with impunity. The top exchange in the country will be expanding its markets soon as it has been granted approval to open its digital doors to the European market.

Tokyo based crypto exchange BitFlyer has been granted a payment institution (PI) license for the EU by Luxembourg based regulators according to the Financial Times. The exchange is one of the world’s top in terms of trade volume as it is responsible for 80% of Japan’s Bitcoin trade. Southeast Asian nations are huge players in the crypto trading markets and Japan and South Korea are the dominant countries.

Euro trading

Currently BitFlyer offers fiat trading in three digital assets; Bitcoin, Ethereum and Bitcoin Cash paired with the Japanese Yen. Now that it has the green light for a launch in Europe it will start with a Bitcoin/Euro pair and expand to other altcoins and more fiat currencies in coming months. Being the only licensed exchange in Europe is a big deal. It will give European traders access to one of the world’s largest Bitcoin markets, Japan.

Yuzo Kano, founder and CEO of BitFlyer and former Goldman Sachs trader expressed his pride over the move;

“When I set up bitFlyer in 2014, I did so with global ambitions and the belief that approved regulatory status is fundamental to the long-term future of Bitcoin and the virtual currency industry. I am proud that we are now the most compliant virtual currency exchange in the world; this coveted regulatory status gives our customers, our company and the virtual currency industry as a whole a very positive future outlook.”

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Achain —Building a Boundless Blockchain Reality

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Dear traders,

We are excited to announce the soon listing of ACT, the token of Achain.

Achain is a public blockchain platform that enables developers of all levels of experience to issue tokens, smart contracts, create applications and blockchain systems. Achain is committed to building a global blockchain network for information exchange and value transactions.

Achain was originally developed by the Singapore-based nonprofit organization, Achain Foundation, which is co-constructed and co-maintained by its fan communities around the world. In 2017 it proposed its three-phase development plan of “Smart Contract Network”, “Fork Network”, and “Interconnected Network” as well as led an in-depth research into the technologies that define it today.

The company has gained public acclaim in digital asset issuance field. Achain is based upon a uniquely developed RDPOS (Result Delegated Proof of Stake) distributed consensus mechanism. It is different from DPOS in the way that it validates the execution of smart contracts, which potentially improves the transaction speed on the network.

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New Data Shows Coinbase May Be Spamming the Bitcoin Network

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US exchange and wallet provider Coinbase is facing fresh criticism from both users and Bitcoin industry figures over its delayed SegWit adoption.

‘You Alone Are Spamming The Network’

As the company continues to suffer technical outages due to high demand, its effect on the Bitcoin mempool has become the source of renewed calls for SegWit as a priority.

“You need to batch your outgoing transactions,” Twitter user Civ Ekonom wrote in response to Coinbase’s latest reported system breakdown.

You are ALONE spamming the network. If you would use segwit and batch all outgoing transactions the mempool would be EMPTY.

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Citing analysis of the mempool as “clear evidence,” the mempool size appears to drop significantly when Coinbase recently suspended sending Bitcoin. This has added fuel to existing community anger that the exchange has failed to implement SegWit, which would significantly reduce the cost of Bitcoin transactions it handles.

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Bitstamp Is Asking Users Who Want to Withdraw a Lot of Questions

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Customers of Slovenia’s Bitstamp exchange are being forced to jump through hoops to meet an unprecedented level of compliance. A widely circulated image, purporting to reveal Bitstamp’s enhanced KYC procedure, has been attracting a lot of attention. The document requests screenshots of other cryptocurrency exchange profiles, bank account statements showing fiat deposits to third party exchanges, and signed messages from the BTC and ETH addresses the customer intends to use.

 

Bitstamp Wants to Really Know Its Customers

Cryptocurrency exchanges are obligated to closely adhere to the law in their jurisdiction. Government agencies are inherently suspicious of bitcoin, and regulators won’t hesitate to shut down exchanges that are found to have facilitated money laundering or conducted inadequate KYC procedures. But in their quest to be seen as squeaky clean, some exchanges are asking intrusive and unwarranted questions of their customers, with Bitstamp the most egregious example, as exemplified by a screenshot that reportedly originated from the European exchange.

Bitstamp has a generally positive reputation within the cryptocurrency world. With a pedigree dating back to 2011, the site has been around since the time of Mt Gox, and save for a hack of 19,000 BTC in 2015, has emerged from bitcoin’s wild west days unscathed. Europe’s oldest exchange records close to $1 billion in trading volume each day, with bitcoin, ripple, and ethereum the leading currencies. On the surface, Bitstamp is a model in how to run an exchange, with its CEO Nejc Kodrič lauded for his business acumen and entrepreneurship.

There’s just one issue that keeps dogging Bitstamp, and indeed several other exchanges for that matter: withdrawing and depositing fiat currency is fiendishly difficult. News.Bitcoin.com has previously written about the difficulty of cashing out large amounts of money from major exchanges. The situation was best put by a user in one Telegram trading group, who wrote: “Good luck withdrawing anything from Bittrex, it’s hotel California”.

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Binance CEO: Warren Buffett ‘Does Not Understand Cryptocurrency’

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Binance CEO Zhao Changpeng has said Warren Buffett “does not understand cryptocurrency” and that he is making “a big mistake.”

‘Making A Big Mistake’

In brief comments to Bloomberg TV, the Hong Kong exchange chief countered Buffett’s warnings about cryptocurrency this week, in which he forecast all would “come to a bad ending.”

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“I think he knows stock investment and equity investment very well, but I do not think he understands cryptocurrency at all,” Zhao said.

It is what it is; I still respect […] the other parts of his expertise, but I think on cryptocurrency he’s making a big mistake.

Buffett is a well-known naysayer regarding Bitcoin, announcing he and his business empire had adopted a fully hands-off approach and “will never have a position” in crypto.

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Buffets old school. He doesn't need a reason to change stride at his age while in charge and things are going well. The leadersh... Read More
Friday, 12 January 2018 03:50
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Thailand’s Regulators Allow Bitcoin Futures Trading

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Investors in Thailand can now trade bitcoin futures listed on the Chicago Mercantile Exchange and the Chicago Board Options Exchange. The country’s financial authorities say that these instruments should be offered in Thailand and one company is already offering them to their customers.

Bitcoin Futures Trading Available Now

Phillip Securities Thailand Ltd. announced on Monday the launch of its bitcoin futures trading services for investors wanting to invest in bitcoin futures listed on the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), local publications reported.

Apisak Vongvanij, head of global markets at Phillip Securities Thailand, explained that customers “must apply for the company’s global derivatives service,” the Bangkok Post detailed. This service, launched 6 years ago, allows them to trade futures on 15 global futures markets, including CBOE and CME, Vongvanij continued, adding that “Thais are seen as reasonably active investors.”

Prices are quoted in US dollars and investors have to put money down to cover their investment margin, he noted. “In principle, investors should prepare money as a buffer for price movement around 20-30% above the margin.”

Regulators’ Responses

In its advertisement, Phillip Securities “claims to be the first and only brokerage company in Thailand to offer bitcoin futures trading in the CBOE and CME,” the Nation reported.

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trade.io Outlines Exchange Expansion & Liquidity Pool Plans

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Tuesday, 9 January 2018 Zug, Switzerland.  Following its successful ICO, in which over $31 million was raised from nearly 15,000 participants, and on the eve of the start of trading on OKEx & HitBTC, trade.io is outlining its future plans and timelines of its exchange and liquidity pool.  As will be emphasized in the following summary, trade.io is completely committed to ensuring its clients and Trade Token holders are always at the forefront of any of its initiatives and procedures.  We will always put the customers’ interests first and foremost. The Trade Token (TIO) will be listed on 11 January on the OKEx and HitBTC exchanges. We will be announcing additional exchanges in the near future in which Trade Token will be listed.

Regulatory Plans

trade.io intends to have and is actively seeking multiple licenses in an effort to adhere to multiple regulatory regimes around the globe.  Currently in its scope are presences including but not limited to in Gibraltar, Singapore, Malaysia, South Africa, Japan and Switzerland.  The experienced management of trade.io understands the need to have various licenses to ensure its in the best possible position to service its clients in the most compliant manner possible.

Customer Service

It’s not uncommon for crypto exchange customers to experience lengthy support wait times of up to a week plus, and sometimes no reply at all.  trade.io feels this unacceptable and as a result will be introducing a strict “24 Hours or Less” policy.  This means that each and every inquiry will receive a personal response within 24 hours of submission, and will have 24/7 service via email, live chat, and of course our popular Telegram channel.  The trade.io customer support management team has over a decade of experience, and has developed a revolutionary training method, to make the team not only educated in the product, but also quickly scalable to deploy over a hundred + customer support reps at a time.

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Cardano Lists ADA Futures on BitMEX

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Starting on Monday, January 8, 2018, at 8:00 a.m. GMT, the ADA token from Cardano began to be listed on the futures exchange at BitMEX.

This makes BitMEX the fifth exchange to list the ADA token since Bittrex did so in October 2017, followed by Upbit, Binance and Coinnest.

Cardano, a project of IOHK, was designed by leading experts in academics and cryptography over the last couple years and draws from various features of existing cryptocurrencies such as Bitcoin, Ripple and Ethereum, but uses a proof-of-stake/security model as opposed to proof of work.

Charles Hoskinson, CEO of IOHK, said: “As markets evolve, there is an increasing need for liquidity and more sophisticated trading strategies. I’m glad to see BitMEX list ADA and hope this continues to aid our march towards becoming the financial stack for the developing world.”

Cardano is a full blockchain, built from scratch in the functional programming language Haskell. At the heart of Cardano lies Ouroboros, a proof-of-stake consensus algorithm. Ouroboros comes with a mathematical proof of security that has undergone a rigorous peer review, resulting in its acceptance and presentation at the major cryptography conference Crypto 2017.

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Binance Exchange Disables New User Registrations

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Anyone still sitting on the fence and considering whether to jump on the runaway cryptocurrency train way wish to make a move, because another door just slammed shut, reducing the number of on-ramps. The popular Binance exchange is no longer accepting new traders.

No Binance For You

Binance exchange has announced today the immediate suspension of client registration. The company informed all prospective clients about an hour ago that: “Due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.”

The popular trading venue thus joins the growing list of major bitcoin exchanges no longer open for servicing new clients. As previously reported, CEX.IO, Bitfinex, and Bittrex have all announced similar difficulties with handling the massive influx of new business resulting in a halt of registrations. Other exchanges such as Kraken have also reported this situation is causing severe operational difficulties.

Binance Who?

For anyone living under a rock for the past five months, Binance is the hottest cryptocurrency exchange at the moment. It recently proclaimed to have become the largest crypto trading venue in the world by volume with $2.8 billion traded daily, according to data from Coinmarketcap. The company also recently stated it reached 2.9 million users on the platform since its launch in July of 2017.

The Hong Kong based exchange has a global offering and supports multiple languages including English, Japanese, Chinese, Korean, Russian, Spanish, French and German. It also offers instant exchanging between 96 different cryptocurrencies and bitcoin, ethereum, tether (USDT) and its own native BNB token.

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Huobi CEO Announces 100 Million RMB to Compensate WAX Investors

Huobi CEO Li Lin said on Tuesday that he will use 100 million CNY to compensate users for their investment losses in the WAX project. 

Also Read: Several Bitcoin Exchanges Are Closing Their Doors to New Traders

A Pump-and-Dump Incident

Huobi.pro launched an ICO token, WAX, on December 20. The opening price of the token was about 10,000 CNY (0.09 BTC) and was pumped up to over 40,000 CNY (0.36 BTC) on the very first day, gaining 6,000% more than its ICO price (6.6 CNY). Users at Huobi felt excited to buy more WAX, believing that the token could be the star of 2017 in the crypto world. But their investment turned out to be a disaster, as the price fell in the following five days to as low as 2 CNY per WAX.

When the price dumped, and enthusiasm declined, investors began to do their homework. They noticed that Huobi.pro deleted the project overview and whitepaper of WAX on its website by the 22th. Worse still, when they visited the WAX blog, they realized that Huobi.pro under-reported the total amount of WAX in circulation. On its website, Huobi said WAX was capped at 180 million in total, but investors claim to have discovered a ten-fold inflationary 1.8 billion total in WAX.

News.bitcoin.com entered a Huobi.pro Telegram group and found that some investors even bought WAX at the highest price of 0.36BTC. Group members subject to losses formed an alliance to collect evidence that Huobi.pro deliberately manipulated the token price. So far, over 100 investors went public with their real names and have reported Huobi.pro’s potential misconduct to local police.

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Introducing Deposit Fees for Bitcoin

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Dear traders! Bitcoin network has been experiencing difficult times in the last weeks. Due to heavily increased demand, a large number of transactions passes through BTC network. It leads to a significant amount of transactions waiting in the mempool, longer processing time and unprecedented fees. We are announcing that starting from 22/12/201...
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Exchanges Supporting the NXT Snapshot and the IGNIS Airdrop

*** The Nxt Snapshot will happen on December 28th at block height 1636363 ***

The Ardor launch is coming, so the NXT snapshot (December 28th) and the IGNIS Airdrop (January 1st). If you have NXT or you are planning to acquire some, remember some important facts.

The best place to store your NXT for the upcoming NXT Snapshot is in the official Nxt local wallet.

You have two options:

Option (a): You can download and install the Nxt Software, and create a Nxt account address (more details here), or login with your account if you already have one

Option (b): Or you can access this link, and log in or create a new account

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Our Employee Trading Policy at Coinbase

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Today we announced support for Bitcoin Cash (BCH). It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement. While digital currency prices fluctuate quite a lot and we have no indication of any wrongdoing at this time, I wanted to share a few thoughts with our customers:

A bit about our internal trading and confidentiality policiesWhat we’re planning to do about the price movement today

We’ve had a trading policy in place for some time at Coinbase. The policy prohibits employees and contractors from trading on “material non-public information”, such as when a new asset will be added to our platform. In addition to trading restrictions, it prohibits communication of material non-public information outside the company. This includes to friends and family.

Our launch of Bitcoin Cash today is no exception to this. All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago. This was communicated multiple times via multiple channels to employees. For instance, I made sure it was emphasized at our Friday Q&A sessions, and in emails sent to all employees. I view it as a key part of my job to set the tone from the top about how we all must act to ensure success. The trading restriction, which applies to all personal trading activity on any platform, remains in effect now.

I take the confidentiality of material non-public information very seriously as CEO. Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. 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.

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