Wrapped Bitcoin (WBTC) has been garnering significant attention in the market lately, particularly due to the actions of crypto exchange
Coinbase. Coinbase has filed to dismiss a
lawsuit by BiT Global over the delisting of WBTC. This further ignited when Trump-linked World Liberty Financial (WLFI), announced the acquisition of
$47 million worth of WBTC. Despite this, WBTC saw a sharp crash on Binance, with its value dipping to $5,200 amid the Coinbase delisting plans and custodial disputes.
Yet, tensions escalated when Coinbase was hit with a
$1 billion lawsuit from BiT Global over the WBTC suspension. However, a federal judge ruled in favor of Coinbase, allowing the platform to delist WBTC despite protests. In retaliation to these actions, WLFI swapped over $10 million worth of cbBTC to WBTC. Interestingly, investment in WBTC has not ceased as WBTC supply on Aave reaches a record high, despite backing fears.
In an attempt to save WBTC, DeFi protocol 'Threshold' has proposed a bitcoin wrapper merger. Meanwhile, after discussions with BitGo CEO, DeFi lender Sky is reconsidering its decision to off-board WBTC. As the situation unfolds, the cryptocurrency community awaits to see how this incident shapes the future of WBTC.
WBTC Coin News Analytics from Wed, 14 Aug 2024 07:00:00 GMT to Wed, 05 Feb 2025 19:44:32 GMT -
Rating 4
- Innovation -2
- Information 8
- Rumor -3
