May 24, 2018 / 12:15 PM / 3 months ago

U.S. launches criminal probe into bitcoin price manipulation: Bloomberg

(Reuters) - The U.S. 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.

FILE PHOTO: Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

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.

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

Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar

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