Coinbase delisted WBTC due to the unacceptable risks posed by Sun Yuchen.
According to CoinDesk, Coinbase stated that Sun Yuchen brought "unacceptable risks" which led to the delisting of WBTC. Last week, WBTC issuer BiT Global sued Coinbase for favoring rival CbBTC, to which Coinbase responded that it is related to Sun Yuchen, who is facing charges of fraud and market manipulation in the United States. Documents show that Sun Yuchen was associated with WBTC through an August collaboration. Coinbase expressed concerns about the reliability of BIT's management due to Sun Yuchen's involvement, firmly stating that the security of the platform is their top priority, claiming that WBTC's trading volume is small and has no substantial impact. This is Coinbase's move to safeguard platform security, and BiT Global needs to prove the legitimacy of its lawsuit. This incident may change the standards for token delisting and risk management on cryptocurrency platforms, as the future of the crypto market is uncertain; maintaining platform reputation and user safety is a challenge for the industry.
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