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Coinbase User Files Class Action Against Company, Claims Insider BCH Trading | Cointelegraph

Coinbase, a major US-based cryptocurrency exchange and wallet platform, faces a class action lawsuit claiming that its employees and other insiders benefited from trading on non-public information that the exchange planned to introduce Bitcoin Cash (BCH) support last December, The Recorder Law reported on Friday, March 2.

The complaint was filed by Coinbase user and Arizona citizen Jeffrey Berk, represented by two law firms, in the US District Court for the Northern District of California on Thursday, March 1.

The introduction to the class action complaint brought against Coinbase explains that it is being made:

“on behalf of all Coinbase customers who placed purchase, sale or trade orders with Coinbase… during the period of December 19, 2017 through and including December 21, 2017… and who suffered monetary loss as a result of Defendants’ wrongdoing.”

In the lawsuit, the plaintiff accuses Coinbase of “artificially inflated prices” by means of disclosing buy and sell orders moments after Coinbase launched BCH support on Dec. 19, 2017. The move may have caused the price of the cryptocurrency to soar by over 130 percent — from $1,865 on Dec. 18 it reached as high as $4,300 by Feb. 20, according to data from CoinMarketCap.

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Coinbase User Files Class Action Against Company, Clai… | News | Cointelegraph.