The recent developments surrounding the Wrapped Bitcoin (WBTC) concerning Coinbase have been quite tumultuous, with the lawsuit from BiT Global taking center stage. Coinbase has been persistent in its attempt to dismiss the lawsuit initiated by BiT Global over the delisting of the WBTC. The controversy inflamed amid allegations of anticompetitive practices and was linked to Justin Sun, a known crypto figure.
Events became more heated when Trump-Linked Crypto Platform invested over $100 million in WBTC, ETH, and other tokens, bringing another dimension into the storm. WBTC also experienced a drop to $5,200 on Binance amid Coinbase's delisting plans and custody disputes.
An intention by the cryptocurrency exchange platform to shift focus to its own wrapped Bitcoin product, cbBTC, was seen as the main reason for delisting WBTC, a move that sparked legal battles. Amid these instances, Coinbase was hit with a $1 billion lawsuit following its decision to suspend WBTC, alleging charges related to competitive advantage.
However, Coinbase seems to have dodged a bullet, as the judge refused to block the exchange from delisting wBTC token. BiT Global, in its attempt to win the legal battle, emphasized Coinbase's unfair goal of propelling its rival, cbBTC, over WBTC. The restriction of WBTC trading by Coinbase was seen as a push for cbBTC. Further, Sky, another DeFi protocol, has been considering reducing exposure to WBTC amid the Justin Sun controversy.
WBTC Coin News Analytics from Wed, 07 Aug 2024 07:00:00 GMT to Wed, 22 Jan 2025 21:14:10 GMT - Rating -6 - Innovation -6 - Information 8 - Rumor -5