CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
CryptoIntelligence 2024-12-15 22:55:00

Coinbase Faces $1 Billion Lawsuit Over Wrapped BTC Delisting

Crypto exchange Coinbase is being sued for over $1 billion by BiT Global Digital Limited, alleging market harm after Coinbase’s November decision to delist Wrapped Bitcoin (wBTC). In a Dec. 13 complaint, BiT Global accused Coinbase of delisting wBTC to promote its own product, cbBTC. The move allegedly caused significant financial losses and damaged consumer confidence in wBTC. The lawsuit claims attempted monopolization of the wrapped Bitcoin market under the Sherman Act, predatory practices to undermine wBTC, and false statements suggesting wBTC failed to meet listing standards. Coinbase announced the token delisting on Nov. 19, citing undisclosed failures to meet its listing standards. A Coinbase spokesperson defended the decision, stating: “Coinbase is committed to maintaining the high integrity of our listing standards, and we regularly evaluate assets listed on our platform. Should an asset fail to meet those standards, it is delisted.” BiT Global, a Hong Kong-based crypto exchange, has been a joint custodian of wBTC reserves with BitGo since August. The lawsuit, filed in the Northern District of California by law firm Kneupper & Covey, alleges Coinbase favored memecoins while challenging wBTC’s compliance with listing standards. Attorney Kevin Kneupper stated, “We believe this decision sets a terrible precedent for everyone in the cryptocurrency space. If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?” The lawsuit seeks damages exceeding $1 billion and demands injunctive relief to prevent further harm. BiT Global claims Coinbase aimed to eliminate competition, stating: “It’s clear that Coinbase’s decision is an attempt to gain a competitive advantage, pushing forward their own wrapped Bitcoin product, cbBTC, and removing the largest and most influential competitor in wBTC.” Coinbase previously announced: “Based on our most recent review, Coinbase will suspend trading for wBTC on Dec. 19, 2024, on or around 12 pm ET.”

阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约