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The DoJ is reportedly probing the murky world of bitcoin trading
Bitcoin and ether's rollercoaster rides will be investigated, Bloomberg reports.
Bitcoin and other cryptocurrencies have taken a wild ride over the past 18 months. Now,
, the US Department of Justice has opened a criminal investigation into whether price manipulations have contributed to the meteoric rises and crushing falls.
The coins prosecutors are examining include bitcoin and ether, which have both bounced up and down over the past 18 months. In 2017, which have both bounced up and down over the past 18 months. In 2017 Bitcoin Vs Usd Xe
to just below $20, Bitcoin Vs Usd Xe ,900. Ether
, beginning 2017 at about $8 and finishing at about $747. Prices for both currencies have experienced major volatility over the past six months.
The DoJ probe is focused on whether those price swings were caused by illegal trading practices that have long manipulated securities prices in more traditional markets, Bloomberg reported, citing four people familiar with the probe. One of the practices is known as spoofing. That's when a trader floods an exchange with orders and then cancels them once the market price has moved in the desired direction. Another practice, known as wash trades, occurs when people transact trades with themselves to give the market a false impression of demand.
The lack of regulation and oversight in most of the exchanges where cryptocurrencies are traded make them a prime feeding ground for con artists and scammers. The US Securities and Exchange Commission has already opened dozens of probes of initial coin offerings for various cryptocurrencies Bitcoin Vs Usd Xe , and those investigations
too. Bitcoin Vs Usd Xe , too.
Dan is the Security Editor at Ars Technica, which he joined in 2012 after working for The Register, the Associated Press, Bloomberg News, and other publications.
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