Court Rules in Favor of Coinbase Delisting Wrapped Bitcoin

user avatar

by Giorgi Kostiuk

2 years ago

A California court has backed Coinbase's decision to delist Wrapped Bitcoin following a lawsuit from BiT Global.

Court Decision

California federal judge Araceli Martínez-Olguín allowed Coinbase to proceed with the delisting of Wrapped Bitcoin (WBTC). The decision came after a legal challenge from BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun.

BiT Global's Lawsuit

BiT Global filed a $1 billion lawsuit against Coinbase, seeking a temporary restraining order to halt the delisting, claiming it would disrupt the WBTC market and financially harm investors. The judge denied the request, saying the company didn't provide enough evidence of immediate and serious harm.

Future Steps for Coinbase

The court offered BiT Global the opportunity to present stronger evidence in the future, but the current ruling allowed Coinbase to proceed with the WBTC delisting on December 19. Coinbase recently launched its own wrapped bitcoin token, cbBTC, raising questions about potential competitive motives.

The court's decision allows Coinbase to continue its actions despite BiT Global's objections, while providing the company with the chance to present additional evidence later.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

BotPsy Sets New Standards in AI Performance Benchmarks

Tether's QVAC BotPsy has achieved impressive scores in AI performance benchmarks, scoring 440 on BFCL v4 and 587 on ACEBench, surpassing larger models and demonstrating the potential of smaller AI models.

user avatarMiguel Rodriguez

Tether Launches Innovative AI Model QVAC BotPsy

Tether introduces QVAC BotPsy, an AI model with 800 million parameters that excels in performing everyday tasks on personal devices.

user avatarRajesh Kumar

CoreWeave's Strong Q3 Performance Boosts AI Sector Sentiment

CoreWeave's strong Q3 results have increased investor sentiment in the AI sector, reporting $366 million in revenue, a 168% year-over-year increase, and raised full-year guidance.

user avatarLuis Flores

Deutsche Bank Launches Crypto Custody Service for Institutions

Deutsche Bank has officially launched its crypto custody service for institutional and corporate clients in Europe.

user avatarArif Mukhtar

Yana Prikhodchenko Takes the Helm as CEO of Phase

Yana Prikhodchenko has been appointed as cofounder and CEO of Phase, a technology company focused on the AI agent economy.

user avatarDavid Robinson

Phase Unveils Layer 1 Blockchain Mainnet and AI Agent Services

Phase has launched its Layer 1 blockchain mainnet and AI agent services, enabling autonomous operations for AI agents.

user avatarMaria Gutierrez

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.