Coinbase Engages in Legal Battle with BiT Global Over wBTC

user avatar

by Giorgi Kostiuk

2 years ago

Coinbase has filed a legal response to BiT Global's lawsuit regarding the desire to keep the tokenized Bitcoin, wBTC, on its platform.

Coinbase's Position

Coinbase's Chief Legal Officer, Paul Grewal, confirmed in a post that the company has filed a response to the lawsuit to prevent the delisting of wBTC. Grewal claims that BiT Global's demands are unfounded and that the request for a temporary restraining order should be denied.

We’ve filed our response to BiT Global’s effort to stop our delisting of wBTC before any discovery or even formal response to their bogus claims. We explain why this lawsuit lacks merit and why their request for a TRO should be denied.Paul Grewal

BiT Global's Arguments

BiT Global argues that Coinbase is promoting a competing tokenized Bitcoin product, cbBTC, and using defamatory remarks to instil doubts about wBTC's regulatory stance and stability. Coinbase maintains that their reaction is out of a concern for users, noting that Mr. Sun has regulatory issues and market manipulation accusations.

Legal Violations Accusations

Coinbase argues that BiT Global demands they conduct business with an entity non-compliant with their standards. BiT Global accuses Coinbase of breaching several federal and state laws in their attempt to delist wBTC, including the Sherman Act and the Lanham Act on unfair monopolies.

The situation between Coinbase and BiT Global involves multiple allegations and counterclaims. It remains to be seen if the delisting conditions entail any legal breaches.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.