BiT Global sues Coinbase for $1b over WBTC delisting
Release: 2024/12/14 04:28 Reading: 806
Justin Sun-backed BiT Global has initiated legal proceedings against crypto exchange Coinbase for the unfair delisting of Wrapped Bitcoin (WBTC) in favor of its competing Bitcoin product.
BiT Global filed a $1 billion lawsuit against Coinbase, alleging that the U.S. crypto exchange illicitly replaced WBTC with its "knock-off" cbBTC token.
WBTC was the pioneering tokenized Bitcoin asset, enabling users to trade BTC on networks such as Ethereum. Initially, BitGo managed custody for WBTC since its inception in January 2019. However, in August 2020, BitGo announced a partnership agreement to share operations among three entities, including Sun's BiT Global.
This new arrangement, met with widespread community criticism, assigned Hong Kong-based BiT Global as the primary custodian for WBTC. Several protocols, including Aave and Sky, contemplated removing the token as a collateral option but ultimately abstained from action.
Coinbase communicated the pending delisting of WBTC, effective December 19, 2024, citing listing standards, as reported by crypto.news in late November. This announcement followed Coinbase's unveiling of its cbBTC token on its layer-network Base and Ethereum, initially teased amidst the ongoing WBTC controversy.
Legal representatives from Kneupper & Covey, representing BiT Global, asserted that Coinbase's delisting of WBTC contravened anti-competitive policies and federal regulations.
"We firmly believe that this decision sets a dangerous precedent for the entire cryptocurrency ecosystem. If a prominent exchange such as Coinbase can arbitrarily delist a cryptocurrency upon the impending launch of its own competing product, who is truly safe? Who will be next?"
- Kevin Kneupper, Kneupper & Covey
The lawsuit contests Coinbase's claim of listing standards, citing the exchange's ongoing support for "fundamentally valueless" memecoins like Pepe (PEPE). BiT Global seeks damages exceeding $1 billion and injunctive relief against Coinbase.
Notwithstanding the delisting, WBTC remains the dominant tokenized Bitcoin asset, boasting a market capitalization of $13.7 billion, surpassing its $8 billion valuation during the initial controversy in mid-Q2 2024.
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