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Coinbase fined by CFTC for Running Their own Willybot

If you thought Mt. Gox was the only one that ran it’s own trading Bot, you’d be interested to know that Coinbase did the same thing. They were caught and fined for wash trading to boost perceived crypto currency volume/liquidity levels over a 3 year period.

Interestingly, an “employee” also manipulated Litecoin trading. Any guesses that was SatoshiLite (Charlie Lee)?

Manipulation runs deep. In before you say it runs deep in the stock market too. It does!

[https://www.cftc.gov/PressRoom/PressReleases/8369-21](https://www.cftc.gov/PressRoom/PressReleases/8369-21)



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22 Comments

  1. Look at the 24hr volumes of all the cryptos. Does anyone really think that those are all real? Many of them are fully fattened by wash trading. Right now, the Bittorrent token shows two and a half billion dollars of trading today with one token valued at a quarter of a cent. So basically, that implies that the entire supply has traded in 24 hours.

  2. From OP:
    > Interestingly, an “employee” also manipulated Litecoin trading. Any guesses that was SatoshiLite (Charlie Lee)?

    Exact quote from the CFTC is
    > The order also finds that over a six-week period—August through September 2016—a former Coinbase employee used a manipulative or deceptive device by intentionally placing buy and sell orders in the Litecoin/Bitcoin trading pair on GDAX that matched each other as wash trades. This created the misleading appearance of liquidity and trading interest in Litecoin. Coinbase is therefore found to be vicariously liable as a principal for this employee’s conduct.

    Seems fairest that we ask the man himself. /u/coblee was that you mate?

  3. >Interestingly, an “employee” also manipulated Litecoin trading. Any guesses that was SatoshiLite (Charlie Lee)?

    IIIIIIITS THE CIIIIIIIIRCLE OF LIIIIIIIFFFFEEE

    I honestly didn’t think we’d get any litecoin hate this bull run.

  4. > Interestingly, an “employee” also manipulated Litecoin trading. Any guesses that was SatoshiLite (Charlie Lee)?

    Charlie Lee was Director of Engineering at CoinBase. So guess which employee would have been in charge of designing and implementing said bot?

    If you said “Employee A,” then we have a winner!

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