Coinbase’s recent decision to delist
WBTC Coin has attracted a significant amount of attention and criticism.
BiT Global, affiliated with Justin Sun, has slammed this move and launched an astonishing $1 billion lawsuit against the cryptocurrency exchange platform, alleging market manipulation and unruly delisting. Coinbase has rejected these allegations and maintains that the delisting of WBTC was due to
Justin Sun posing an unacceptable risk. The saga continues, adding another layer of intrigue and tension in the already volatile cryptocurrency environment.
As these legal battles continue to unfold, allegations of Coinbase shifting focus to its own product - cbBTC, further heat up the entire controversy. The situation is exacerbated by a flash crash of WBTC price on Binance, plunging below $6k. This unexpected turn of events has serious implications on investors’ sentiment and confidence towards the cryptocurrency market.
In addition to the delisting saga, WBTC Coin is undergoing significant operational changes, including a shift to multi-jurisdiction custody arrangements. WBTC's supply on Aave, despite backing fears, has also hit a record high. Amid all this chaos, other Bitcoin DeFi rivals are eyeing the chance to capitalize on these challenging times for WBTC. In particular,
Coinbase are promoting cbBTC as an alternative to WBTC, potentially further destabilising the market.
WBTC Coin News Analytics from Fri, 08 Mar 2024 08:00:00 GMT to Wed, 18 Dec 2024 23:02:07 GMT -
Rating -4
- Innovation -2
- Information 6
- Rumor -2
