A lawsuit filed in the federal court in San Francisco on Thursday said Coinbase had taken an unfair advantage in the Bitcoin cash market in December 2008. Bitcoin cash forked Bitcoin off Bitcoin in August last year. Coinbase announced that it will start trading bitcoins in cash when bitcoin cash prices rose nearly $ 1000. The lawsuit that Coinbase employees and other insiders know in advance the listing of the transaction, and bitcoin cash prices Rising to these insiders brought an unfair profit.
The lawsuit alleges that when the transaction began, insiders poured into Coinbase's system and submitted buy-sell orders at a 'fair price'. Coinbase had to suspend Bitcoin cash transactions until the next day to maintain liquidity.
The lawsuit states: "When Coinbase's customers began trading, insiders had already pushed bitcoin cash prices high, and other bitcoin investors could only get bitcoin cash at artificially high prices. This manipulated price Far more than the reasonable market value of bitcoin cash at the time.
At the time, Coinbase had stated that the company would investigate if there was any employee misconduct. The lawsuit states that Coinbase did not announce the results of the investigation.
According to CoinMarketCap, Bitcoin is the fourth-ranked cryptocurrency in terms of market capitalization. The transaction price on Monday was $ 1253, far below the all-time high of $ 4,000 on December 20.
In a second lawsuit filed with the federal court in San Francisco on Friday, the two plaintiffs said they could not charge for bitcoin that had been transferred to them and charged that Coinbase intercepted money fraudulently so that those not owned by the exchange were not available funds.
They alleged that when Coinbase users sent cryptocurrencies to users who were not the exchange, the latter would receive an email asking them to open a Coinbase account, saying that thousands of people were sending encrypted currencies to them in this way , But they can not charge these cryptocurrencies.
Coinbase has not responded to both of these suits.
For Coinbase, there have been a series of bad news over the past few weeks, and last Tuesday the exchange said it would submit the data for 13,000 users to the IRS, which requested the IRS to obtain the records to investigate Whether bitcoin investor tax evasion.In February this year, due to system problems, some Coinbase users were charged an additional fee.Coinbase said it was due to the credit card issuing bank to deal with encrypted currency transactions has changed.Veneral also confirmed that, The problem is not with Coinbase.