Coinbase removes WBTC due to unacceptable risks posed by Sun Yuchen.
According to CoinDesk, Coinbase stated that Sun Yuchen brings "unacceptable risks" leading to the removal of WBTC. Last week, WBTC issuer BiT Global sued Coinbase for favoring rival CbBTC, to which Coinbase responded that it concerns Sun Yuchen, who is accused of fraud and market manipulation in the United States. Documents show that Sun Yuchen was associated with WBTC through an August collaboration. Coinbase expressed doubts about the reliability of BIT management due to Sun Yuchen's involvement, maintaining a firm stance prioritizing platform safety, stating that the trading volume of WBTC is small and has no substantial impact. This is Coinbase's defense of platform safety, and BiT Global must prove the legality of its litigation stance. This incident may change the standards for token delisting and risk management on crypto platforms, as the crypto market remains volatile, and maintaining platform reputation and user safety is a challenge for the industry.
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