- 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.
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.
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