1 billion dollar lawsuit ignites the crypto world! Coinbase faces 'assault' from Bit Global, is delisting WBTC anti-competitive or legitimate review?
The crypto world is once again in turmoil! Bit Global, in collaboration with Sun Yuchen, has filed a 1 billion dollar lawsuit against Coinbase, accusing it of making the 'unfair and anti-competitive' decision to delist WBTC, intending to support its own cbBTC.
Looking back at the event: Coinbase announced in November that it would delist WBTC in December, claiming it was for 'routine review', but this coincided with a major reshuffling of the WBTC ecosystem — custody rights were transferred from BitGo to Bit Global Trust, which is associated with the Tron blockchain. This change has drawn the attention of DeFi giants MakerDAO and Aave.
As a leading tokenized Bitcoin with a market cap of 13.4 billion dollars, WBTC has been a favorite in the market since 2019, and this action not only shook market confidence but also led Bit Global to directly accuse Coinbase of using delisting tactics to suppress competitors and pave the way for its cbBTC.
Coinbase defended itself, stating that this was the result of strict adherence to listing policies, but Bit Global's lawyer countered: 'If this behavior succeeds, it could set a dangerous precedent for the entire industry!'
Is compliance paramount or is it a commercial calculation? This 1 billion dollar lawsuit may become the most controversial turning point in the cryptocurrency industry!
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