• 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

OpenAI Addresses Ethical Concerns with Sora AI

chest

OpenAI has implemented measures to tackle deepfake issues and copyright concerns associated with Sora AI.

user avatarMaya Lundqvist

Sora AI Introduces Innovative Features for Video Creation

chest

Sora AI introduces innovative features for video creation, including Cameos for personalized videos and a social feed for sharing content.

user avatarAisha Farooq

Sora AI Launches on Android, Expanding Access to Video Creation

chest

OpenAI's Sora AI, a revolutionary video generation tool, is now available on Android, following its successful iOS launch.

user avatarLi Weicheng

Noomez NNZ Presale Offers Unique Tokenomics and Staking Opportunities

chest

The NNZ presale features a fixed supply and a clear token allocation plan, with staking rewards set to begin post-launch.

user avatarLeo van der Veen

Milk Mocha's HUGS Project: A Community-Driven Movement

chest

The HUGS project emphasizes community, creativity, and emotional connection in the Web3 space. The project aims to redefine value in crypto by prioritizing emotional connections over market trends.

user avatarTenzin Dorje

HUGS Whitelist Closes in Record Time

chest

The HUGS whitelist has officially filled to capacity, marking a significant milestone for the Milk Mocha project.

user avatarBayarjavkhlan Ganbaatar

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.