Community accuses Coinbase of insider trading when Ox got listed

17 Oct, 2018
by Joeri Cant
News
Community accuses Coinbase of insider trading when Ox got listed

Coinbase critics point out on Twitter that three out of the five advisors of Ox Protocol project have affiliation with CoinBase, and that both ADA and XLM have a higher market cap than ZRX, making them more viable as options for a listing.

John Carvalho, a self-proclaimed Bitcoin core secret agent, asked Coinbase the following question:

The lead advisor of Ox, Fred Ehrsam, turns out to be the co-founder of CoinBase, which can be seen as a conflict of interest and as a reason why ZRX got a first pick ahead of Stellar and Cardano.

Two other advisors with ties to Coinbase are Olaf Carlson-Wee, a first hire at Coinbase, and Linda Xie, the former PM at Coinbase.

It is not the first time that Coinbase has been accused of conflict of interest and insider trading. When Bitcoin Cash was listed on the platform, people claimed there was insider trading going on, however, an internal investigation cleared the exchange, because there was no evidence of any wrong doing.

The sudden addition of the ZRX token came as a surprise to many crypto investors and was not in line with the prudence CoinBase is known for.

The latest listing on the platform has surged up by around 40% since its listing on the crypto exchange yesterday.

ZRX is currently tradin at $0.92, and has seen an increase of 23% in the last 24 hours, according to coinmarketcap.com.

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Read more about: Coinbase

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