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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Trezor Implements New Security Measures After Data Breach

chest

Trezor is enhancing security measures, including anonymous delivery options, in response to a data breach affecting 67,000 customers.

user avatarFilippo Romano

Data Breach Affects 67,000 Trezor Customers

chest

A data breach at shipping provider ShipMonk has exposed personal information of 67,000 Trezor customers in the US.

user avatarEmily Carter

BAI Establishes Global Settlement Layer for AI Agents to Enhance Collaboration

chest

BAI is building a global settlement layer to enhance collaboration and efficiency among AI agents across various workflows.

user avatarTomas Novak

BAI Launches Free Access to Premium AI Models, Surpassing 133 Trillion Daily Tokens

chest

BAI has launched free access to its premium AI models, leading to a significant increase in platform activity and user adoption.

user avatarKaterina Papadopoulou

Axis Robotics Unveils Axis Sim Dataset V1 for Enhanced Robotic Manipulation

chest

Axis Robotics has released Axis Sim Dataset V1, one of the largest open-source simulation datasets for Franka arm manipulation, featuring over 50,000 human-teleoperated simulation trajectories.

user avatarMaya Lundqvist

ENS Proposes Migration to Layer 2 Registry Model

chest

Ethereum Name Service (ENS) has initiated discussions on a proposal to migrate domain registration and renewal to a Layer 2 registry model to reduce costs.

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.