World Liberty Financial, which is believed to have connections to the Trump family, has reportedly invested heavily in
wBTC, purchasing over $47 million worth of the cryptocurrency. This comes amidst a flurry of controversies, as
Coinbase has chosen to delist wBTC citing 'listing concerns'. There have been allegations implicating famous crypto entrepreneur,
Justin Sun, in potentially dubious activities regarding wBTC.
This delisting has seen a significant backlash with
BiT Global choosing to pursue a lawsuit against Coinbase worth $1 billion, accusing the popular cryptocurrency exchange of anticompetitive practices. This lawsuit suggests that Coinbase delisted wBTC to favor its own similar product.
BiT Global also claimed that wBTC was delisted to give an unfair competitive advantage to cbBTC, a rival cryptocurrency linked to Justin Sun. Amid this brimming turmoil,
wBTC's price reportedly dropped to $5,200 on the Binance exchange. Despite such controversies,
World Liberty Financial continues to heavily invest in cryptocurrencies, showing particular interest in wBTC.
As a result of the legal disputes, custodial arrangements of wBTC, a key aspect of its structure and security, has seen significant changes with a shift towards a multi-jurisdiction custody arrangement.Both
Coinbase and
Justin Sun-faced BiT Global have refuted each other's claims, with ongoing legal battles looking to shape the future of wBTC in the cryptocurrency market.
WBTC Coin News Analytics from Wed, 14 Aug 2024 07:00:00 GMT to Fri, 24 Jan 2025 07:54:49 GMT -
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