• 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

10 months 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

Massive Bitcoin Transfer Linked to Lubian Hack Raises Concerns

chest

A wallet associated with the Lubian mining pool hack has moved 15,959 BTC, valued at 183 billion.

user avatarLeo van der Veen

Modern Treasury Acquires Beam for $40 Million

chest

Modern Treasury has acquired the stablecoin startup Beam for $40 million in an all-stock deal to strengthen its position in the payments industry and enhance stablecoin integration capabilities.

user avatarMaya Lundqvist

Coinbase Introduces Innovative Bitcoin-Backed Lending Service

chest

Coinbase has launched a groundbreaking Bitcoin-backed lending service, allowing users to earn interest on their BTC by borrowing up to 86% of its value in USDC.

user avatarLi Weicheng

Kaspa KAS Price Continues to Decline Amid Market Weakness

chest

Kaspa KAS has seen its price drop to approximately 0.0549, marking a decline of over 37% in the past month due to declining liquidity and reduced exchange volume.

user avatarAisha Farooq

Designing for Resilience in African Digital Systems

chest

Engineers are encouraged to rethink scalability by designing systems that can gracefully degrade under failure.

user avatarTenzin Dorje

Emerging Challenges in Africa's Digital Economy

chest

As Africa's digital economy matures, startups are evolving from experimental applications to mission-critical infrastructure, facing challenges in scalability and reliability.

user avatarElias Mukuru

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.