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

Kevin Warsh's Hawkish Speech Raises Inflation Concerns

chest

Federal Reserve Chair Kevin Warsh delivered a hawkish speech at the Jackson Hole meeting on August 28, 2026, emphasizing inflation risks and interest rate expectations.

user avatarArif Mukhtar

XRP Set for Potential Gains in September 2026

chest

CoinCodex predicts XRP could reach 150 in September 2026, indicating a potential 10% increase from its current price.

user avatarDavid Robinson

Micron Stock Remains Bullish Amid HBM and DRAM Shortages

chest

Micron's stock forecast remains optimistic due to ongoing shortages in HBM and DRAM supplies, despite some analysts trimming their price targets.

user avatarAndrew Smith

AI Developers Call for Enhanced Cybersecurity Measures

chest

AI developers, including OpenAI and Anthropic, call for enhanced cybersecurity measures to combat the rising threat of AI-enabled cyberattacks on critical infrastructure.

user avatarJacob Williams

Analysts Predict Bitcoin Surge Could Benefit Shiba Inu

chest

Wall Street analysts predict that Bitcoin could reach 100,000 by the end of the year, which may positively impact Shiba Inu's price.

user avatarZainab Kamara

Shiba Inu SHIB Faces Price Correction After Brief Recovery

chest

Shiba Inu's price briefly reclaimed the 0000006 level but has since dipped to 0000005, indicating potential for further decline.

user avatarSon Min-ho

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.