Coinbase, a leading cryptocurrency exchange, has been under fire for its decision to
delist WBTC. Accusations have circulated involving
Justin Sun, with the exchange citing his connection as a reason for this decision. Allegations of devious tactics to promote its own wrapped Bitcoin product have been flying thick and fast, leading to a
$1 billion lawsuit filed by BiT Global. The lawsuit claims that Coinbase used anti-competitive practices to delist WBTC.
Meanwhile, BitGo, the custodian of WBTC, has reassured investors about the security of WBTC. There has been increasing controversy surrounding
wrapped Bitcoins and their place in the DeFi ecosystem. Despite the delisting and the impending controversy, an unknown crypto whale has been accumulating WBTC. Of note is the proposal from
Threshold Network for sweeping changes to Wrapped Bitcoin's custody and BitGo deploying WBTC on Avalanche and BNB Chain.
Amidst the drama, Coinbase has teased the introduction of a wrapped Bitcoin competitor,
cbBTC, which reached a massive market cap of $1 billion in less than two months. There's also been a movement towards Bitcoin alternatives, with crypto behemoth Coinbase venturing into the Bitcoin DeFi arena and the ongoing WBTC controversy. Even Trump-backed company, World Liberty Financial, has switched from cbBTC to WBTC, indicating continued faith in the protocol.
WBTC Coin News Analytics from Wed, 07 Aug 2024 07:00:00 GMT to Sat, 21 Dec 2024 08:00:00 GMT -
Rating -8
- Innovation 0
- Information 8
- Rumor -2
