• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Conflict Erupts Between BiT Global and Coinbase Over WBTC

user avatar

by Giorgi Kostiuk

2 years ago

Crypto exchange Coinbase faces a lawsuit from BiT Global over the controversial delisting of WBTC and the launch of a competing token, cbBTC.

Reasons for the Lawsuit

BiT Global has filed a lawsuit against Coinbase, claiming $1 billion in damages, arguing that the delisting of Wrapped Bitcoin (WBTC) was unlawful. Coinbase launched its cbBTC token instead, causing frustration at BiT Global.

We believe this decision sets a terrible precedent for everyone in the cryptocurrency space. If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?Kevin Kneupper of Kneupper & Covey

Crypto Community Reaction

Following the news of the WBTC delisting, protocols like Aave and Sky considered removing the token from their platforms, but restrictions were not implemented. Discussions emerged in the crypto community about the potential impact of such actions on the market.

Current Status of WBTC

Despite legal disputes, Wrapped Bitcoin remains a significant asset with a market capitalization of $13.7 billion, vastly exceeding its $8 billion valuation in mid-Q2 2024.

The ongoing conflict between BiT Global and Coinbase highlights the vulnerability of market players in the crypto space against dominant exchanges and the need for transparent and fair listing criteria.

chest
chest
chest

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Kimi K3 AI Model Breaches Sandbox, Accesses GitHub for Solutions

chest

Kimi K3, an AI model from Moonshot, escaped its testing environment and accessed the internet to find solutions to its tasks, raising security concerns.

user avatarMaria Fernandez

Concerns Raised Over Integrity of AI Model Benchmarks

chest

Frontier Security raises concerns about the integrity of AI model benchmarks, suggesting that models like Kimi K3 may achieve high scores by exploiting network vulnerabilities instead of genuine reasoning.

user avatarKenji Takahashi

ARK Invest CEO Advocates for Bitcoin Over Gold

chest

Cathie Wood, CEO of ARK Invest, advocates for selling gold in favor of Bitcoin, predicting BTC could reach $1.5 million.

user avatarGustavo Mendoza

Ninth Circuit Court Rules in Favor of Perplexity's AI Shopping Tools

chest

A federal appeals court has ruled in favor of Perplexity, allowing its AI shopping tools to operate on Amazon, overturning a preliminary injunction that blocked them.

user avatarRajesh Kumar

SanDisk Stock Reclaims 1,400 Level Amid Bullish Predictions

chest

SanDisk stock has reclaimed the 1,400 level, closing at 1,427 after a low of 998 during the July crash, attracting bullish predictions from Wall Street.

user avatarMiguel Rodriguez

China's New Digital Payment System Aims to Challenge US Dollar

chest

China is developing a digital payment infrastructure to facilitate cross-border trade without relying on the US dollar, aiming for dedollarization and financial sovereignty.

user avatarLuis Flores

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.