Coinbase has decided to
delist Wrapped Bitcoin (wBTC), citing 'listing concerns'. This decision has resulted in numerous disputes, with Justin Sun, BiT Global and other companies involved. Coinbase's decision is seen as a strategy to promote its own Wrapped Bitcoin product (
cbBTC). Speculation is rife that Justin Sun's influence and connections have been a contributing factor in this decision. In the wake of this, a $1 billion lawsuit was filed against Coinbase by BiT Global. However, Federal Judges have not seen any grounds to block Coinbase from moving ahead with the delisting. Meanwhile, the Trump-backed crypto platform, World Liberty Financial, has shown interest in WBTC, shifting ETH and WBTC holdings of around $300M to Coinbase. Amid such heated disputes, WBTC went through a flash crash on Binance exchange, but the token's supply records a high in other platforms like Aave.
BitGo, the custodian of wBTC, maintains that its security remains strong, despite the controversies. The role of Justin Sun, founder of Tron, in all of this has been highlighted, as his association with wBTC remains a contentious issue. Regardless of the current controversy, investors continue to portray interest in wBTC.
WBTC Coin News Analytics from Wed, 07 Aug 2024 07:00:00 GMT to Fri, 14 Feb 2025 08:00:00 GMT -
Rating -5
- Innovation 0
- Information 5
- Rumor -6
