• 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ted Pillows Releases New Report on Liquidation Data

chest

Ted Pillows has released a new report based on liquidation data, offering valuable insights into current financial trends.

user avatarFilippo Romano

Bitcoin's Leverage Reset Highlights Key Support Levels

chest

The latest leverage reset in Bitcoin has highlighted the 60,000 support area, prompting traders to evaluate market stability and potential weaknesses.

user avatarEmily Carter

Cardano's Leios Scaling Work Gains Attention

chest

Cardano's latest update on Leios aims to enhance transaction capacity while maintaining security and compatibility, drawing focus back to its technical roadmap.

user avatarTomas Novak

Investors Weigh XRP vs Bitcoin Amid Regulatory Changes

chest

As the July 1, 2026 deadline approaches in California, many investors are questioning whether they should sell XRP and buy Bitcoin due to the new Digital Financial Assets Law and its implications for Ripple's compliance.

user avatarKaterina Papadopoulou

Hyperliquid's Model Signals Shift in Crypto Market Dynamics

chest

The recent discussion surrounding Hyperliquid's noKYC model has significant implications for the crypto market, particularly in terms of institutional adoption and regulatory sensitivity.

user avatarMaya Lundqvist

Changpeng Zhao Sheds Light on Hyperliquid's NoKYC Derivatives Model

chest

Changpeng Zhao discusses Hyperliquid's noKYC derivatives model, emphasizing its market niche for fast execution and privacy.

user avatarLeo van der Veen

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.