US launches criminal probe into bitcoin price manipulation

Published: May 25, 2018
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Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018.
PHOTO: REUTERS

Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. PHOTO: REUTERS

The US Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday.

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The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter.

Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added.

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Neither the Justice Department nor the CFTC was immediately available for comment.

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