'Coinbase Listings' Return: 200% OmiseGo Pump and Dump Raises Eyebrows

Published on by Cointele | Published on

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Controversy has returned to cryptocurrency exchange Coinbase after an altcoin it listed surged 200% in 15 minutes - only to crash immediately afterward.

Currently a topic of interest on social media, Coinbase's listing of OmiseGo, the 34th ranked cryptocurrency by market capitalization, also sparked familiar accusations of insider trading.

At one point, the premium reached 82% on five-minute closing prices.

Matt Casto, an analyst at crypto asset trading group CMT Digital, described the situation as "Ridiculous" and argued that the premium was creating "New lifetime bagholders."

One 15-minute period further saw a 200% price increase, after which the altcoin almost immediately crashed.

Coinbase has yet to provide public comment on the criticism, which for longtime traders will be reminiscent of previous altcoin launches by the exchange.

Perhaps most notorious was Coinbase's support of Bitcoin Cash, which began climbing in price even before any public announcement of the exchange supporting it.

This in turn led to accusations of insider trading, and even an investigation by Coinbase itself, which ultimately found no evidence of foul play.

"When will accountability be held? Tell me it is just coincidence or is it insider trading," Twitter account Crypto Pilot responded.

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