Coinbase, a prominent US-based cryptocurrency exchange, has chosen to
delist Wrapped Bitcoin (wBTC) over 'listing concerns'. The news broke around the same time as a roller-coaster ride for Bitcoin, that saw the price dip below $100,000. Various explanations have been put forward for the delisting, one of the main reasons cited is the completion of shift to a
multi-jurisdiction custody arrangement for WBTC. Further,
Justin Sun's involvement in BiT Global was seen as an 'unacceptable risk'. Sun is linked to the cryptocurrency market as a divisive figure, his affiliation with BiT Global led to a $1 billion lawsuit after they accused Coinbase of delisting wBTC for 'competitive advantage'.
Coinbase has responded and sought dismissal of the lawsuit.
Trump's World Liberty Financial has also invested in WBTC ahead of a crypto summit and has reportedly moved its sizeable ETH and WBTC holdings to Coinbase. The exchange itself however, seems to be moving towards its own
wrapped Bitcoin product called cbBTC. Amid these happenings,
wBTC experienced turbulent price action, even flashing crashing to $5K on Binance exchange. It remains to be seen what impact these ongoing legal and market activities will have on WBTC's future.
WBTC Coin News Analytics from Wed, 07 Aug 2024 07:00:00 GMT to Thu, 06 Mar 2025 08:00:00 GMT -
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