⇘ WBTC Rocked by Coinbase Delisting, Billion-Dollar Lawsuit, and Market Volatility
Recent news items reveal a mix of controversial developments in the cryptocurrency market involving wrapped Bitcoin (WBTC). A significant focus...
Top cryptocurrency exchange Coinbase is facing a significant backlash over its move to delist wrapped Bitcoin (wBTC), a token pegged to the value of Bitcoin and designed to bring Bitcoin's value to the Decentralized Finance (DeFi) sector. The company points to suspected links between wBTC and controversial crypto figure Justin Sun as one of the reasons for the suspension, citing these ties pose an 'unacceptable risk'. Sky, a DeFi lender, is also contemplating discontinuing wrapped Bitcoin, primarily because of concerns related to Justin Sun.
Meanwhile, BiT Global is suing Coinbase for this decision, alleging that the delisting was done to give its rival productcbBTC - Coinbase's version of wrapped bitcoin - an unfair advantage.
Adding to this is World Liberty Financial, a crypto company linked to former U.S. President Donald Trump, which has invested substantially in wBTC. According to various reports, the organization transferred its substantial ETH and WBTC holdings to Coinbase. The latter also shed light on its scheme to develop its own wrapped Bitcoin products.
Furthermore, amid these developments, the wrapped Bitcoin witnessed a severe flash crash on the Binance exchange, below $6,000 dollars.
WBTC Coin News Analytics from Wed, 07 Aug 2024 07:00:00 GMT to Wed, 05 Feb 2025 04:17:22 GMT - Rating -4 - Innovation -1 - Information 8 - Rumor -7