Coinbase, one of the most well-known cryptocurrency exchanges, has recently come under scrutiny for delisting
Wrapped Bitcoin (wBTC), causing significant turmoil in the crypto market. Among the reasons cited for the delisting, the company has pointed to concerns related to involvement of
Justin Sun, a controversial figure in the crypto world. However,
BiT Global has retaliated by filing a
$1 billion lawsuit against Coinbase, accusing them of anti-competitive practices and using the wBTC delisting to unfairly promote their own equivalent product, the
cbBTC. Legal authorities have so far sided with Coinbase, refusing to block the delisting of wBTC despite BiT Global's protestations. However, the controversy has sparked criticism not only from BiT Global, but also from other entities like the World Liberty Financial and the
Bitcoin Builders Association, all href='https://www.wsj.com/articles/bitcoin-hits-record-price-11607879711'target='_blank'>critical of Coinbase's decision. The delisting has also prompted alternative actions, with entities like
World Liberty Financial switching their assets from the Coinbase Bitcoin to Wrapped Bitcoin and debates over security concerns of wBTC resulting in
MakerDAO halting new wBTC-backed loans, and
Sky rethinking plans to offboard wBTC.
WBTC Coin News Analytics from Mon, 12 Aug 2024 07:00:00 GMT to Sun, 22 Dec 2024 21:07:43 GMT -
Rating -4
- Innovation -2
- Information 7
- Rumor -3
