Coinbase ends legal battle with BiT Global over wBTC delisting
The post Coinbase ends legal battle with BiT Global over wBTC delisting appeared on BitcoinEthereumNews.com. BiT Global agreed to dismiss its lawsuit against Coinbase for delisting the wBTC after the cryptocurrency exchange launched a competitor token, the cbBTC. In a filing, lawyers for BiT Global, an entity backed by TRON founder Justin Sun, who last year became a strategic partner to BitGo in providing the wBTC-wrapped Bitcoin token, said they had agreed to dismiss the suit with prejudice. This means the case cannot be brought again. Additionally, the two companies each said they would incur their own legal expenses in connection with the complaint Sun’s link to wBTC caused ETH DeFi protocols to stop supporting it as a collateral asset Wrapped Bitcoin tokens facilitate the use of Bitcoin on various blockchain networks. Both wBTC and cbBTC target the Ethereum ecosystem. However, the tokens do not offer any direct claim to the Bitcoin unless one trusts a central intermediary to custody the Bitcoin and release the wrapped token. Sun’s association with wBTC caused Ethereum DeFi protocols MakerDAO and Aave to contemplate disintegrating the support of the token as a collateral asset, ultimately deciding on tougher risk parameters rather than a complete exit. According to reports from credible sources, the lawsuit was filed in December 2024 by Kneupper & Covey on behalf of BiT Global, and it was claimed that if Coinbase delisted wBTC, it would be an example of anti-competitive behavior. It would also break several state and federal laws. The suit highlighted that having demonstrated the value represented by wBTC, Coinbase reversed course and removed wBTC from its platform. This made it impossible for anyone to trade it on Coinbase. The change came shortly after they launched their own similar version: cbBTC. Following the dismissal of the lawsuit, Paul Grewal, Coinbase’s top lawyer, stated that this important win affirms their clear right to manage security…
The post Coinbase ends legal battle with BiT Global over wBTC delisting appeared on BitcoinEthereumNews.com.
BiT Global agreed to dismiss its lawsuit against Coinbase for delisting the wBTC after the cryptocurrency exchange launched a competitor token, the cbBTC. In a filing, lawyers for BiT Global, an entity backed by TRON founder Justin Sun, who last year became a strategic partner to BitGo in providing the wBTC-wrapped Bitcoin token, said they had agreed to dismiss the suit with prejudice. This means the case cannot be brought again. Additionally, the two companies each said they would incur their own legal expenses in connection with the complaint Sun’s link to wBTC caused ETH DeFi protocols to stop supporting it as a collateral asset Wrapped Bitcoin tokens facilitate the use of Bitcoin on various blockchain networks. Both wBTC and cbBTC target the Ethereum ecosystem. However, the tokens do not offer any direct claim to the Bitcoin unless one trusts a central intermediary to custody the Bitcoin and release the wrapped token. Sun’s association with wBTC caused Ethereum DeFi protocols MakerDAO and Aave to contemplate disintegrating the support of the token as a collateral asset, ultimately deciding on tougher risk parameters rather than a complete exit. According to reports from credible sources, the lawsuit was filed in December 2024 by Kneupper & Covey on behalf of BiT Global, and it was claimed that if Coinbase delisted wBTC, it would be an example of anti-competitive behavior. It would also break several state and federal laws. The suit highlighted that having demonstrated the value represented by wBTC, Coinbase reversed course and removed wBTC from its platform. This made it impossible for anyone to trade it on Coinbase. The change came shortly after they launched their own similar version: cbBTC. Following the dismissal of the lawsuit, Paul Grewal, Coinbase’s top lawyer, stated that this important win affirms their clear right to manage security…
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