Cryptocurrency exchange Coinbase decided to delist Wrapped Bitcoin (WBTC) due to its connection with Justin Sun, despite the lawsuit filed over this issue.
Delisting of Wrapped Bitcoin (WBTC)
Coinbase recently decided to remove Wrapped Bitcoin (WBTC) from its listing, which caused discontent among the project team. WBTC was intended to be a pegged version of bitcoin, but was delisted due to its link with Justin Sun.
Legal Proceedings
The WBTC team filed a lawsuit against Coinbase, claiming delisting was prompted by the company's own promotion of its product, cbBTC. However, the court sided with Coinbase, and Chief Legal Officer Paul Grewal announced the court's decision supported the company's actions.
Market Reaction to Coinbase's Actions
Meanwhile, Justin Sun's project World Liberty Financial announced the addition of WBTC to its ecosystem, replacing Coinbase's cbBTC with it. This marks the market response to WBTC's delisting and emphasizes the current tension surrounding this issue.
The decisions regarding WBTC highlight the complex relationships in the cryptocurrency industry and draw attention to the importance of legal and market strategies in such matters.
