Controversy has returned to cryptocurrency exchange Coinbase afterward an altcoin it listed surged 200% in 15 minutes — only to crash immediately after.

Currently a topic of interest on social media, Coinbase'southward listing of OmiseGo (OMG), the 34th ranked cryptocurrency by market capitalization, too sparked familiar accusations of insider trading.

Coinbase 'premium' reaches 80%

"OmiseGO (OMG) is launching at http://Coinbase.com and in the iOS and Android apps within the next 15 minutes," the company tweeted on May 21.

The first day's trading was marked by OMG trading at a significant premium over other exchanges, notably Binance. At ane point, the premium reached 82% on five-minute endmost prices.

Matt Casto, an annotator at crypto asset trading group CMT Digital, described the situation equally "ridiculous" and argued that the premium was creating "new lifetime bagholders."

One 15-minute menstruation further saw a 200% cost increase, after which the altcoin almost immediately crashed.

OMG/USD chart showing Coinbase premium versus Binance

OMG/USD chart showing Coinbase premium versus Binance. Source: Matt Casto/ Twitter

A history of dubious launches

Coinbase has yet to provide public comment on the criticism, which for longtime traders will be reminiscent of previous altcoin launches by the exchange.

Perhaps most notorious was Coinbase's support of Bitcoin Cash (BCH), which began climbing in price even before any public announcement of the exchange supporting it. This in plow led to accusations of insider trading, and even an investigation past Coinbase itself, which ultimately establish no bear witness of foul play.

This time, even so, commentators noted that OMG too began its uptrend earlier an official annunciation — as far as seven days prior.

"When volition accountability be held? Tell me it is only coincidence or is it insider trading," Twitter account Crypto Airplane pilot responded.

OMG goes live on Coinbase on May 21, but for some unknown reason it started a 65% rise on May 14, 7 days agone.

At press fourth dimension, OMG trading prices across exchanges had stabilized to effectually $1.xc per coin.