Bit Global Files Lawsuit Against Coinbase For Delisting WBTC To Promote Its Rival
Release: 2024/12/14 04:02 Reading: 441
Bit Global Files Lawsuit Against Coinbase Global Inc.
In a recent development, Bit Global has initiated legal proceedings against Coinbase Global Inc., alleging that Coinbase unlawfully delisted its WBTC token to promote its own competitive product, cbBTC.
Complaint Details
In a complaint filed on December 13th, BiT Global asserts that Coinbase's decision to delist WBTC was motivated by promoting its own rival product, cbBTC, resulting in substantial financial losses and a decline in consumer trust in WBTC.
The lawsuit includes allegations of:
- Attempted monopolization of the wrapped Bitcoin market under the Sherman Act
- Predatory practices aimed at undermining WBTC's market position
- False statements implying that WBTC failed to meet listing standards
Monopoly Claims
The lawsuit argues that Coinbase's listing of meme coins and tokens such as Dogwifhat (WIF), Pepe (PEPE), and Mog Coin (MOG), which allegedly have "no inherent value," demonstrates that the exchange delisted WBTC in pursuit of market dominance. BiT Global also contends that the replacement of WBTC with these memecoins contradicts the exchange's supposed listing standards.
Coinbase's Actions
notable, Coinbase launched its own wrapped Bitcoin token in September, known as Coinbase Wrapped BTC (cbBTC). In November, the exchange delisted WBTC, citing that it did not meet listing standards.
Market Impact
BiT Global alleges that Coinbase's actions constitute unfair business practices. The lawsuit highlights a 5% decline in WBTC's circulation within two weeks of its delisting, suggesting that Coinbase sought to capture WBTC's market share for itself.
Damages and Relief
The BitGlobal complaint alleges that Coinbase's decision to list Mog shortly after delisting WBTC demonstrates that the move was driven by "unfairly and fraudulently pushing WBTC out of the market." The lawsuit seeks damages exceeding $1 billion and requests injunctive relief to prevent further harm.
Legal Representation
The lawsuit was filed in the Northern District of California by Kneupper & Covey, a law firm representing Bit Global.
Statement from Bit Global
"We believe this decision sets a dangerous precedent for the cryptocurrency industry," said Kevin Kneupper, attorney for Bit Global. "When an exchange of Coinbase's size can delist a cryptocurrency just as it prepares to launch its own competing product, it raises concerns about fairness and competition."
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