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

Trump Media Technology Group Shares Experience Significant Decline

Shares of Trump Media Technology Group plunged 14.29% to $5.10, extending a decline that had been ongoing prior to the midterm elections.

user avatarRajesh Kumar

Technology Stocks Show Mixed Results After US Midterm Elections

Technology stocks showed mixed results after the US midterm elections, with some companies gaining while others declined.

user avatarLucas Weissmann

SEC Provides Regulatory Clarity for Canton Coin

The SEC classifies Canton Coin as a digital commodity, providing regulatory clarity for its issuance and distribution model.

user avatarFilippo Romano

Bitbase Launches ORIGIN Points Program to Reward User Engagement

Bitbase has launched the ORIGIN Points program to reward user engagement over 26 weeks, distributing 1,000,000 points weekly starting November 4, 2026.

user avatarEmily Carter

Bitbase Launches ORIGIN Points Program to Reward User Participation

Bitbase has introduced ORIGIN, a new points program rewarding user participation over six months.

user avatarTomas Novak

Political Changes Prompt Scrutiny of AI Infrastructure and Energy Consumption

Political changes following the 2026 US midterm elections have led to increased scrutiny of AI infrastructure spending and its environmental impacts, particularly in Texas.

user avatarKaterina Papadopoulou

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.