Many best cryptocurrency news sites are reporting about Coinbase recently and stating that the exchange apparently did not act fraudulently during the botched launch of the Bitcoin Cash (BCH) altcoin. In the news today, a US judge rules that the exchange did not commit any fraud by halting the trading after two minutes – as it was claimed by traders.
For those of you who haven’t been following the latest cryptocurrency news on our website, in a court order that was issued on August 6th, the US District Judge Vince Chhabria of the Nortern District of California (San Francisco) decided to threw out the claims by traders and ruled that Coinbase did not commit any fraud-related activities.
The move that a judge rules Coinbase as good to go is the latest in a protracted lawsuit that was first brought to attention by a trader named Jeffery Berk over the events which occurred two years ago – in December 2017.
Bitcoin Cash (BCH) was then only four months old and being added to exchanges (even though the situation now is the same). Coinbase initially added the altcoin to its trading platform – but once it did – it produced a spike in the price along with a subsequent decision to close trading, which left users wondering and being unable to sell at higher prices. BCH was high-valued in the altcoin news at the time.
Following this debacle, many accused Coinbase of insider trading and manipulating the markets. However, the coming altcoin news show that judge rules Coinbase did not do any harm.
“The plaintiffs identify three potential laws for the ‘unlawful’ prong: the Commodities Exchange Act, the FinCEN rules, and New York state regulations,” the US judge Chhabria summarized.
He also said:
“Even assuming Bitcoin Cash is a commodity subject to the Commodities Exchange Act, the complaint does not sufficiently explain how the launch manipulated the market for Bitcoin Cash or for Bitcoin. Nor does it plausibly or coherently describe Coinbase and Armstrong’s motive to manipulate the prices.”
Plaintiffs will now move forward and the BCH launch, according to Chhabria, was enacted too quickly.
“The motion to dismiss the fraud claims is granted. The plaintiffs have not particularly pleaded their reliance on Coinbase’s allegedly fraudulent statements,” the judge concluded.
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