"If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action".
Coinbase said it would enable bitcoin cash trading for the first time Tuesday evening, and did so for about two minutes. We made this decision to ensure a fair and orderly market. This resulted in a cause of an huge hike in the prices of Bitcoin Cash.
With the issues related to the transaction time of the actual crypto-currency, Bitcoin Cash was introduced in the month of August, which differed slightly from Bitcoin itself.
However, many exchanges, including Coinbase, initially refused to support the innovation, casting doubt on its prospects.
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Bitcoin Cash prices surged to almost $9,000 on Tuesday prior to the announcement going live. "Given the price increase in the hours leading up the announcement, we will be conducting an investigation".
On its blog, Coinbase said the service of buying and selling Bitcoin Cash was available on its exchange, GDAX.
Coinbase went haywire Tuesday night when the popular cryptocurrency platform began allowing users to trade bitcoin cash, a fork of bitcoin that's supposed to be more scalable. This also had it canceling all resting orders and clearing order books for Bitcoin Cash. Armstrong added that Coinbase is now looking into the matter. The price of Bitcoin Cash peaked at $8,500 on Coinbase during the launch, while it was priced at around $3,500 on other exchanges.
Armstrong also emphasised that he had told Coinbase employees through several channels that they were prohibited from trading bitcoin cash in the weeks leading up to its launch on GDAX. CEO Brian Armstrong wrote in a separate post that the company would investigate whether staff or contractors had acted on "material non-public information"-basically, insider trading".
Bitcoin Cash's market cap has since exploded to $60.3 billion, making it the third largest cryptocurrency in the world behind only bitcoin ($293 billion) and ethereum ($80.1 billion).