US EditionCoinbase, BiT Global End Legal Fight Over WBTC Delisting
- BiT Global agreed on Friday to permanently dismiss its lawsuit against Coinbase over the December delisting of Wrapped Bitcoin on Coinbase's platform.
- The lawsuit followed Coinbase's decision to delist WBTC due to concerns about unacceptable risk related to Justin Sun's association with BiT Global, which partnered with wBTC's custodian BitGo in August 2024.
- Coinbase introduced its own wrapped Bitcoin token, cbBTC, shortly before removing WBTC from its platform; since then, cbBTC has seen significant growth in market capitalization, while WBTC continues to be a widely used asset backed one-to-one by Bitcoin reserves.
- The case has been dismissed with prejudice, barring any future legal action, and each side will bear its individual legal expenses, as outlined in the joint court filing submitted on Friday.
- The dismissal concludes a contentious legal battle involving claims of unfair competition and damage to reputation, though concerns and closer examination of wBTC and similar wrapped tokens continue among DeFi platforms amid persistent trust issues.
17 Articles
17 Articles
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TokenPostBiT Global Drops Lawsuit Against Coinbase Over wBTC Delisting
BiT Global, the crypto firm connected to TRON founder Justin Sun, has officially dropped its lawsuit against Coinbase regarding the delisting of wrapped bitcoin (wBTC) from the exchange. The suit, filed late last year, accused Coinbase of an unjustified delisting that allegedly harmed wBTC’s liquidity and reputation, and claimed the move favored Coinbase’s rival token, cbBTC, which had been launched just two months before the delisting. This st…
Coinbase, BiT Global End Legal Fight Over WBTC Delisting
Coinbase and BiT Global have reached a legal settlement that ended their dispute over the delisting of BiT Global’s wrapped bitcoin (wBTC) token on Coinbase.According to a joint court filing, BiT Global has agreed to dismiss its lawsuit against the crypto exchange with prejudice, meaning the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.BiT Global had filed the lawsuit last y…
Bit Global Drops Lawsuit Against Coinbase
The case centered on the exchange’s decision to delist Wrapped Bitcoin (WBTC), a token used to represent Bitcoin on Ethereum. The lawsuit’s dismissal, filed on June 6 in the Northern District of California, officially ends the dispute. By dismissing it with prejudice, Bit Global cannot reopen the case in the future. Legal Tensions Ease Between Custodians and Exchanges The dispute highlighted growing friction between token custodians and centrali…
BiT Global Drops Antitrust Suit Against Coinbase - USA Herald
Digital asset custodian BiT Global has officially dropped its antitrust lawsuit against cryptocurrency exchange Coinbase. The suit, which accused Coinbase of delisting BiT Global’s “wrapped” bitcoin product to promote its own competing token, has been dismissed with prejudice following a federal judge’s indication last month that the case was unlikely to proceed. In a joint stipulation filed Friday in the U.S. District Court for the Northern Dis…
Justin Sun’s BiT Global Drops Lawsuit Against Coinbase Over WBTC Delisting - FinanceFeeds
BiT Global ended its legal dispute with Coinbase over the delisting of its wrapped bitcoin token (wBTC), which closes a contentious standoff that drew accusations of anti-competitive behavior and reputational harm. According to a joint court filing on Friday, BiT Global agreed to dismiss the lawsuit with prejudice, meaning the case cannot be revived. Each party will cover its own legal costs. No further terms of the settlement were disclosed. Ho…
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