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Coinbase has issued a response to a lawsuit filed by BiT Global, a company affiliated with Justin Sun, after the exchange announced it would delist wrapped Bitcoin (wBTC) on Dec. 19.
The venture between BitGo and BiT Global provided a reminder of the distrust many BTC holders still have for centralized custody, according to a new report
The crypto community is lashing out against Coinbase's reasoning for delisting Wrapped Bitcoin (WBTC) after the exchange linked the decision to the “unacceptable risk” associated with Tron founder Justin Sun. On December 17, Coinbase filed a response to a lawsuit from BiT Global, a company affiliated with Sun.
Coinbase, the largest US-based crypto exchange, plans to suspend trading of Wrapped Bitcoin (wBTC) on December 19. This decision follows a routine review to ensure all listed assets meet the platform's standards.
Coinbase has thrown a legal argument against a lawsuit from Bit Global Digital Limited, which aims to overturn Coinbase's choice to drop wrapped bitcoin (WBTC) from its exchange.
Some crypto community members have criticized Coinbase for not giving technical reasons for delisting WBTC and justifying its decision by citing Justin Sun-linked risks.
Some crypto community members have criticized Coinbase for not giving technical reasons for delisting WBTC and justifying its decision by citing Justin Sun-linked risks.
BiT Global refuses to answer Coinbase's questions about Sun's involvement.
Coinbase has made a legal response to BiT Global's lawsuit, which sought relief to keep wBTC on its platform.
No law compels Coinbase to “compromise the integrity of its platform” by doing business with Justin Sun-tied BiT Global, the U.S. crypto exchange wrote.
BiT Global accused Coinbase of attempting to monopolize the wrapped bitcoin market by delisting wBTC and launching cbBTC.
Coinbase pushed back against BiT Global's legal attempt to halt its planned delisting of wrapped Bitcoin (WBTC), arguing that the lawsuit lacks merit and the firm's request for a temporary restraining order (TRO) should be denied.
BiT Global, issuer of the "wrapped bitcoin" token, "refused" to answer Coinbase's questions about Sun's involvement, the exchange said in a court filing.
The problem is related to the indirect entry of Justin Sun into the project of the main wrapped Bitcoin token.
The upcoming delisting of Wrapped BTC (WBTC) from the Coinbase platform and the legal battle between the exchange and Bit Global have sparked a series of social media skirmishes between Bit Global-linked Justin Sun and Coinbase CLO Paul Grewal.
A well-known cryptocurrency exchange firm might be forced to pay up to $1 billion in damages for delisting a digital currency from its platform. The issuer of Wrapped Bitcoin, Bit Global Digital is suing crypto platform Coinbase for the losses incurred after the digital currency exchange removed its crypto token.
Recently, Bit Global had filed a lawsuit against Coinbase Global Inc claiming that Coinbase unlawfully delisted its WBTC token so it could promote the rival cbBTC. BiT Global had alleged that Coinbase's decision to delist wBTC was to promote its own competing product, cbBTC, that caused massive financial losses and deteriorated consumer confidence in wBTC.
BiT Global, a key player in the wrapped Bitcoin (wBTC) ecosystem and associated with Justin Sun, has filed a lawsuit against Coinbase over its decision to delist wBTC.
Justin Sun, founder of TRON, and Paul Grewal, Coinbase's Chief Legal Officer, have been sparring on social media over the exchange's asset listing standards. This comes in after BiT Global sued the US's biggest crypto exchange over the delisting of wrapped Bitcoin (wBTC) as it prepares to launch a competing product.
Tron founder Justin Sun has recently confronted Coinbase CLO Paul Grewal in a discussion over the delisting of wBTC from crypto exchange Coinbase. The news caught fire when Justin Sun's BiT Global, which recently took a major stake in the wBTC ecosystem, slapped a lawsuit on Coinbase for the delisting of wrapped Bitcoin.
Coinbase is facing a $1 billion lawsuit from BiT Global Digital Limited over its decision to delist Wrapped Bitcoin (wBTC). The post Coinbase Faces $1B Lawsuit from BiT Global Over Wrapped Bitcoin (WBTC) Delisting appeared first on Cryptonews.
New court documents show that BiT Global, a custodian of Wrapped Bitcoin (wBTC), is suing Coinbase after the top US-based crypto exchange delisted wBTC in November.
BiT Global Digital is suing Coinbase for $1 billion, alleging antitrust violations after the platform delisted wBTC.
BiT Global has filed a lawsuit against Coinbase, the largest crypto trading platform in the United States, according to a Dec. 13 court filing. The Justin Sun-linked crypto custodian alleged that the US exchange unfairly removed wrapped Bitcoin (WBTC) from its platform to favor its in-house product, Coinbase Wrapped Bitcoin (cbBTC).
