• 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

a year 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Remittix Gains Attention with Fixed Rollout Date

chest

Remittix is gaining attention with its fixed rollout date set for February 9, 2026, attracting traders looking for reliable opportunities in the crypto market.

user avatarAyman Ben Youssef

Nikita Bier's Critique of Crypto Twitter Sparks Community Backlash

chest

Nikita Bier criticizes Crypto Twitter engagement habits, leading to backlash from community figures.

user avatarTando Nkube

JPMorgan Introduces JPM Coin on the Canton Network.

chest

JPMorgan plans to deploy its US dollar deposit token, JPM Coin, onto the Canton Network to enhance digital cash settlement.

user avatarKofi Adjeman

Barclays Invests in Ubyx for Stablecoin Solutions

chest

Barclays has made its first strategic investment in Ubyx, a platform that facilitates stablecoin settlement within regulated environments.

user avatarNguyen Van Long

SONIC Wallet Transfers 24 Million Tokens, Sparking Speculation

chest

The SONIC main team wallet transferred 24 million tokens, worth approximately 2 million, to a new address, raising questions about financial motives.

user avatarSatoshi Nakamura

Litecoin Consolidates Near Support with Narrow Trading Range

chest

Litecoin's trading activity is currently focused near the support level of 8044, with resistance at 8291 limiting upward movement.

user avatarRajesh Kumar

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.