Wrapped Bitcoin

Bitcoin

cbBTC

Billion

<ul class="wp-block-list">
 <li>Bit Global sues Coinbase for $1B as it claims WBTC was delisted to favor Coinbase's rival token, cbBTC.</li>  
 <li>Coinbase faces antitrust accusations for allegedly boosting cbBTC to monopolize the wrapped Bitcoin market.</li>  
 <li>Legal battle heats up as Bit Global demands WBTC delisting reversal and jury trial against Coinbase practices.</li> 
</ul>  
<p>American crypto exchange Coinbase is under legal scrutiny after Bit Global filed a <a href="https://kneuppercovey.com/wp-content/uploads/2024/12/Filed-Complaint.pdf" rel="noopener noreferrer nofollow">lawsuit</a> against it on December 13. The Hong Kong-based crypto custodian alleges Coinbase unfairly delisted Wrapped Bitcoin (WBTC) to promote its rival product, Coinbase Wrapped Bitcoin (cbBTC).&nbsp;&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/lwsresearch/status/1867669466492154165
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-allegations-of-market-manipulation"><strong>Allegations of Market Manipulation</strong></h2>  
<p>In a 36-page complaint, Bit Global accused Coinbase of monopolization, trade libel, and violating antitrust laws. The firm claimed Coinbase’s decision to delist WBTC was not based on listing standards but rather aimed at eliminating competition.&nbsp;&nbsp;</p>  
<p>According to Bit Global, Coinbase’s actions were intended to increase transaction revenues, as cbBTC’s <a href="https://cryptonewsland.com/wrapped-bitcoin-wbtc-activity-surges-as-coinbase-launches-new-cbbtc-token/" rel="noopener noreferrer nofollow">adoption</a> would generate higher fees. The custodian further argued that Coinbase’s inclusion of memecoins, such as PEPE, contradicts its claim of adhering to strict listing criteria.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-claims-and-legal-demands-nbsp"><strong>Claims and Legal Demands&nbsp;</strong></h2>  
<p>Bit Global seeks $1 billion in damages, citing harm to the WBTC market. The firm also demands the court declare Coinbase’s delisting of WBTC illegal and prohibit the exchange from promoting cbBTC. Additionally, Bit Global has requested a jury trial if deemed necessary.&nbsp;&nbsp;</p>  
<p>The lawsuit emphasized Coinbase’s alleged centralization of power, claiming the delisting of WBTC was strategically planned. “Coinbase coveted WBC's market share and wanted it for itself,” Bit Global stated in its filing.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-cbbtc-gains-momentum-nbsp"><strong>cbBTC Gains Momentum</strong>&nbsp;</h2>  
<p>Coinbase launched cbBTC on <a href="https://ethereum.org/en/" rel="noopener noreferrer nofollow">Ethereum</a> and its Base network in September, marking its expansion in the wrapped Bitcoin market. The exchange also introduced cbBTC trading on Solana, showcasing its growing influence. With a market cap of $2 billion, cbBTC now ranks as the second-largest wrapped Bitcoin product after WBTC.&nbsp;&nbsp;</p>  
<p>The lawsuit raises questions about market practices and their impact on decentralized innovation. Bit Global’s lawsuit raises concerns over competition and fairness.</p> 
<p>The post <a href="https://cryptonewsland.com/coinbase-faces-1-billion-lawsuit-from-bit-global-over-wrapped-bitcoin/" rel="noopener noreferrer nofollow">Coinbase Faces $1 Billion Lawsuit from Bit Global Over Wrapped Bitcoin Delisting</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Coinbase Faces $1 Billion Lawsuit from Bit Global Over Wrapped Bitcoin Delisting

Table of Contents

Crypto News Land

Other articles published on Dec 14, 2024

Will Dogecoin Hit $1? Whale Activity Fuels Optimism

Telegram removes 15 million illicit groups with AI

Coinbase Implements wBTC Removal Following Bit Global’s Response

Anticipated Development in Bitcoin: Good News Announced For Big Bull MicroStrategy

Shiba Inu Price Prediction: SHIB to Hit $1 in the Next 30 Days?

Get Ready for the 2025 Crypto Boom: Your Complete Bull Run Guide!

Join our free newsletter for daily crypto updates!