Coinbase, BiT Global Settle Lawsuit Over wBTC Delisting Dispute

Coinbase and BiT Global Settle Legal Dispute Over wBTC Delisting, Agree to Cover Their Own Legal Fees

  • Coinbase and BiT Global ended their legal dispute over the wrapped Bitcoin (wBTC) token delisting.
  • BiT Global agreed to dismiss its lawsuit against Coinbase permanently, and both sides will pay their own legal fees.
  • The lawsuit followed Coinbase’s removal of wBTC due to concerns about the token’s potential links to investor Justin Sun.
  • BiT Global claimed the delisting harmed wBTC’s liquidity and reputation while favoring Coinbase’s own cbBTC token.
  • The dismissal filing did not explain further terms beyond the cost arrangement.

Coinbase and BiT Global have reached a legal settlement, bringing an end to their dispute over the delisting of the wrapped bitcoin (wBTC) token from the Coinbase platform. According to a recent joint court filing, BiT Global will dismiss its lawsuit against the crypto exchange with prejudice, preventing the case from being refiled in the future.

- Advertisement -

The agreement stipulates that both companies are responsible for covering their own legal expenses. The legal conflict began when Coinbase announced it would remove wBTC due to what it described as an “unacceptable risk” that the token might be transferred to investor Justin Sun.

The filing stated that the risk surfaced after Sun, a crypto entrepreneur, became involved with wBTC through a partnership in August last year. Coinbase subsequently queried BiT Global about Sun’s role with the token. Sun has publicly supported wBTC, and World Liberty Financial later switched its cbBTC token to wBTC after Sun became its advisor.

BiT Global argued in its lawsuit that the removal was not justified and led to reduced liquidity and damage to wBTC’s reputation. The company also claimed Coinbase gave preference to its own competing product, cbBTC, which debuted two months before the wBTC delisting announcement.

No other settlement terms have been disclosed beyond the agreement on legal costs. In the court documents, there are no admissions of liability or additional information on the dispute’s resolution.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

XRP Eyes 75% Rally as Whale Accumulation Grows, Faces $2.40 Hurdle

XRP is showing signs of a possible 75% breakout from a symmetrical triangle chart...

Meta’s Facebook AI Seeks Access to Private Camera Roll Photos

Facebook is requesting user consent to upload and process photos from mobile camera rolls...

XRP Spikes 3% as Ripple Drops Appeal Against SEC, CEO Confirms

XRP price increased over 3% following Ripple Labs' announcement to drop their cross-appeal against...

XRP Whale Inflows Surge, Wallets Hit ATH Amid Breakout Hopes

XRP’s 90-day moving average of whale flows turned positive in May, indicating renewed interest...

Real-Time Proof of Reserves Urged to Prevent Hidden Financial Risks

Traditional audits can miss risks that emerge between scheduled checks. Proof of reserves offers continuous,...

Must Read

Buy Domain With Bitcoin: Top 8 Domain Registrars That Accept Bitcoin And Crypto

You are here because you want to buy a domain with bitcoin, right? If you are looking for domain registrars that accept bitcoin or...