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Reviewing through your description I too was able to replicate this behavior in a local test instance and have submitted this to our engineering team as CLOUD-1903. Additionally, in my testing I found that this behavior will occur when selecting any multi-lined text to replace.
If you would like to track and receive updates on this issue please submit a case in your customer group here in the Jive Community and the next available member of our support team can link the bug to your instance and provide updates on its status.
Will do. Thanks Jesse.