Coinbase CryptoCurrency Exchange sued for insider trading

This is a class action on behalf of all Coinbase customers who placed purchase, sale or trade orders with Coinbase or the GDAX in connection with Coinbase’s launch of BCH during the period of December 19, 2017 through and including December 21, 2017 (the “Class Period”) and who suffered monetary loss as a result of Defendants’ wrongdoing (the “Class”). Excluded from the Class are Defendants, any entity owned or controlled by them, and any officer, director, employee or agent of any of the Defendants, and any heirs, assigns, or family members of any individual defendant.

coinbase insider trading

Coinbase is one of the most popular and accessible exchanges for the purchase, sale and use of Bitcoins, with more customers than Charles Schwab. By opening a Coinbase account, a person can obtain Bitcoins, and either buy and sell them or use them as currency with retailers and other businesses who accept Bitcoin as payments. Coinbase maintains a digital currency exchange known as the GDAX, which caters primarily to institutional and professional currency traders.

Coinbase customers can set up what is known as a wallet, in which they keep their Bitcoins for later use or for investment.

As one of the largest exchanges for the purchase and sale of Bitcoin, (and effectively a monopoly), the issue of whether Coinbase will maintain a market and support a cryptocurrency is essential to people who want to buy or sell the currencies. On about August 6, 2017, Coinbase abruptly changed course, and announced that it would allow current Coinbase customers at the time of the hard fork to withdraw their BCH but not until January 2018, but that it still would not support the currency.

On December 19, 2017, a month after tipping off its own employees as to when it would commence fully supporting BCH, Coinbase suddenly announced that it was opening up its books to the buying and selling of BCH within minutes after its announcements.

Unsurprisingly, those who had been tipped off, immediately swamped Coinbase and the GDAX with buy and sell orders, thinning the liquidity but obtaining BCH at fair prices. The market effect was to unfairly drive up the price of BCH for non-insider traders once BCH came on line on the Coinbase exchange.

The remaining Coinbase customers, however, were not so lucky. Within minutes, but after its insiders were able to sell their shares, Coinbase stopped the trading in BCH, and cancelled the outstanding orders of other customers, claiming that there was no more liquidity in the issue. They opened BCH for purchase, sale and trading the next day, and again within minutes, closed the books and cancelled all the outstanding order while insiders and those who had prior knowledge of Coinbase’s confidential information, were able to buy, sell and trade.

When Coinbase’s customers’ trades were finally executed, it was only after the insiders had driven up the price of BCH, and thus the remaining Bitcoin customers only received their BCH at artificially inflated prices that had been manipulated well beyond the fair market value of BCH at that time.

Rumors of insider trading, given the one month tip off that Coinbase gave to its employees, immediately started circulating. Although the Company, through its chief executive officer, Armstrong publicly announced that the Company had an insider trading policy, and that it was undertaking an internal investigation of the insider trading allegation, to date, neither Armstrong nor the Company has disclosed the result of its purported investigation.

Plaintiff brings this action on behalf of all Coinbase customers who were harmed by the Company’s changing statements in connection with its launch of BCH, and who were damaged by Defendants’ negligence in the handling of the launch.

This action is brought under diversity jurisdiction under the Class Action Fairness Act, 28 U.S.C. §1332(d), in that the named Plaintiff is a citizen of a state different from the Defendants, and the aggregate amount in controversy for all Class members exceeds $5,000,000, exclusive of interest and costs.

Venue is proper in this Judicial District pursuant to 28 U.S.C. § 1391(b) and Section 27 of the Exchange Act (15 U.S.C. § 78aa(c)). Substantial acts in furtherance of the alleged conduct have occurred in this Judicial District. Many of the acts charged herein, including the dissemination of materially false and/or misleading information and the manipulation of the Company’s stock, occurred in substantial part in this Judicial District, as did the acts of negligence.

Plaintiff is a citizen of Arizona. On December 19, 2017, at 5 p.m. PST, Plaintiff attempted to purchase BCH within five minutes of Coinbase announcing that it was going to support BCH. Plaintiff’s orders were not executed until 1:06 p.m. December 20, at which time, Plaintiff learned that his order was executed and that he had purchased BCH at the inflated price of $4,200.98 per BCH. Plaintiff’s order was executed at prices 100% greater than the price at the time that he submitted his buy order.

Coinbase maintains its principal place of business in San Francisco, California and is incorporated in Delaware. It is one of the most powerful digital currency exchanges in the world, buying and selling Bitcoin, BCH, Litecoin, and Ethereum.

It does so through a secure platform, in which customers can buy, sell, transfer or store their digital current in electronic wallets. Although Coinbase maintains a digital currency exchange known as the GDAX, for the most part, it services professional traders and institutions, leaving Coinbase to act and the main broker and underwriter for retail customers wishing to purchase digital currencies.

MSI H310-F PRO mining motherboard supports Intel Coffeelake processors

MSI H310-F PRO specifications

With the rise of mining difficulty, the mining craze in cryptocurrency space has toned down in a big way but the companies have not given up. MSI has churned out a new motherboard that supports the LGA1151 socket that support Intel Coffeelake processors. So, if you planning to make a new mining rig with upcoming Pentium and Celeron processors, the MSI H310-F PRO will have you covered.

With 12x PCIe x1 and 1x PCIe x16 slot, the MSI H310-F PRO can handle upto 13 GPUs at a time. There are Molex power connectors in the box that will provide support for the additional GPU power requirements. There are four fan connectors and 2x DDR4 RAM slots. This makes it one of the best motherboard for miners.

This motherboard will be excellent for those who run massive GPU farms. Each machine will be able to run 13 graphics card simultaneously. While people will soon be moving away from Ethereum mining, they will still be able to do Ethereum Classic mining, which was the original Ethereum chain. There are plenty of other cryptocurrencies like Groestlcoin, Vertcoin, Zcash that would require miners to keep their network up and process transactions. However, mining is profitable only for a few. via videocardz

How to convert ZCash to Currency: Zcash to USD EUR INR

If you are recently started mining Zcash, you might be confused on how to convert Zcash to currency (eg, USD, EUR, INR etc) that you can use in daily life. We have made a small tutorial on how to do. First, let us assume you have bought some Zcash using fiat currency or you have set up a mining rig. For mining Zcash, Nvidia graphics cards work the best and even the people with the Nvidia Pascal based graphics cards can mine Zcash pretty easily. Just make sure that the room is not too hot. For instance, MSI Trident 3 Arctic Edition comes with Nvidia 1070 graphics card which is great for mining Zcash. The specs of MSI Trident 3 are bit overkill for sure in terms of specifications but if you already have one, you can underclock CPU and make some money.

convert ZCash to Currency

Anyway, set up a wallet for Zcash. Jaxx.io is one Zcash wallet example. Then start mining Zcash using Nvidia or AMD and as said earlier going with Nvidia is suggested. The Zcash pool will be sending money to your wallet once the threshold crosses. I have set mine at 0.2 ZEC so that I always have some money to play around with.

Now make an account on localbitcoins.com and select your country. Then visit changelly.com and get ZEC Zcash converted to BTC and then send it to your localbitcoins’s bitcoin wallet. You will find plenty of options where you will find people who can give you money via paypal, cash or to your bank.

This might be complicated at the beginning, but those of us that are used to trading in Forex with different currencies is the most common thing. Also, each country indeed have different solutions.

Bitcoin BTC – USD July 2016 analysis

The bitcoin price technical analysis for the july 2016 is in and our verdict is that it is still stuck in consolidation. However, we are quite sure it is getting ready to make a strong breakout soon. Right now, when converting from BTC to USD, one can see that the price is stuck inside a triangle pattern but we feel it might breakout since it is now at its peak.

Bitcoin BTC – USD July 2016 analysis

We also feel that a breakout in either direction will set a long term tread for the bitcoin rate. Some technical experts say that the price of bitcoin is likely to go down in a big way. Right now, it sits just below the 800-dollar level.

That said if the oscillator reaches the overbought area, then the sellers will be able to regain control of the price action. According to the US NFP report, there was a bit of increase in demand for the US dollar last Friday and the economy added 287000 jobs in June which is higher than the projected 175000 increase.

On the other hand, the unemployment rate rose from 4.7 -> 4.9 percent that is higher than the projected increase to 4.8 percent. Right now, the bitcoin price is waiting to see how the uncertainties of the market stay before deciding on the direction.