Coinbase Under Investigation
The Commodity Futures Trading Commission has launched an investigation into Coinbase regarding the Ethereum flash crash that happened back on June the 21st of this year.
The price of Ethereum plummeted from about $315 all the way down to $0.10. This rebounded very quickly, but someone made some hefty sums of money on this.
Supposedly only 1 very large trade is what caused this crash, and that is obviously very indicative of market manipulation.
Many people I know swear by Coinbase, but I have personally suffered some problems with them in the past. This includes some cancelled orders on their part when the price of Bitcoin jumped dramatically back in it's pre-$1000 days of extreme volatility, and some missing funds that look like they were laundered through a tumbler and wound back up in a monstrous account. Needless to say, I and many others will be very interested to see how this investigation plays out.
To the moon,
Dang I posted this today in the morning, and got only like 1 cent.. Your doing good with this @bwells, dam I should have posted this later..much later, and not this morning..oh well I guess.
https://steemit.com/cryptocurrency/@correctdrop/coinbase-under-investigation-for-ethereum-flash-crash
Thanks bud. I spent a couple Steem Dollars to promote :)
I will check out your blog my friend!
This is interesting. First the IRS now the Trading Commission. Besides having a private wallet, I don't know of any other real trust worthy companies, but this is starting to make me have some doubt in CB. I bet someone is going to end up creating a emergency shut off in trading like in the stock market exchanges. Where if to large of a percentage drop happens then trading will be cut off.
Everything is getting crazy, but I don't see anything stopping the Bitcoin launch to the moon!
Thanks for the comment and I hope to see you around again! :)
@bwells yes it was a huge impact when I read eth went to 10 cents, was like it could not be possile. Would like to see how the investigation turns out. Just upvoted. @gold84
Thanks for the comment. Still kicking myself for not having a buy order in!
Hope to see you around again soon :)