Coinbase, the world’s second-largest cryptocurrency trading platform by volume, is hinting it may sue about 1,000 users in the republic of Georgia for taking advantage of a pricing glitch.
On Aug. 29, about 1,000 Coinbase users in the country straddling Europe and Asia exploited the “arbitrage opportunity” when the lari, the local currency, was priced at $290 rather than $2.90 for about six hours on Coinbase. The group constitutes only 0.001% of the U.S.-based company’s users.
The glitch was a fault of a “third party,” Coinbase told CoinDesk then, without identifying the company. As such, the incident illustrates a longstanding concern of financial regulators: The risks posed to institutions by external partnerships.
"When everything is done within a bank, we know exactly who is accountable when things break," said U.S. Comptroller of the Currency Michael Hsu last week. When work is split between an institution and fintech startups with different business models, however, “that's...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...