BiT Global and Coinbase have concluded their legal dispute related to the delisting of the wrapped bitcoin token (wBTC), which led to accusations of anti-competitive behavior and reputational harm.
Nature of the Conflict
BiT Global accused Coinbase of undermining wBTC to promote its own competing product, cbBTC, causing financial losses and diminishing consumer confidence in wBTC. The lawsuit alleges violations of the Sherman Act, predatory practices, and false claims regarding wBTC’s compliance with listing standards. Notably, Coinbase launched its own wrapped bitcoin product, cbBTC, just two months before announcing the wBTC delisting.
Settlement Outcomes
According to a joint court filing, BiT Global agreed to dismiss the lawsuit with prejudice, meaning the case cannot be revived. Each party will cover its own legal costs. No further terms of the settlement were disclosed.
Responses from Both Parties
Coinbase’s chief legal officer, Paul Grewal, welcomed the dismissal on social media, stating that 'this important win affirms our clear right to manage security and risk for Coinbase users.' BiT Global, a partner of BitGo in the custody and issuance of wBTC, noted that the delisting severely impacted the token’s liquidity and undermined investor confidence.
The conclusion of the dispute between BiT Global and Coinbase allows both companies to focus on their products and restore user trust amid growing competition in the token market.
