Global files lawsuit against Coinbase over wBTC delisting
On the 7th (local time), TheBlock agreed that Bitglobal and Coinbase would each cover legal fees, and the lawsuit was dismissed with a stay of dismissal.
The lawsuit was filed in the midst of Bitglobal's competition with Coinbase, which operates services related to RaptBitcoin (wBTC).
Bitglobal signed a strategic partnership with BitGo last year to join the operation of wBTC, while Coinbase has since launched its own version of RaptorBitcoin.
In a lawsuit filed through a U.S. law firm in December last year, BitGlobal said Coinbase's actions were
The lawsuit alleges that Coinbase is anti-competitive and in violation of multiple state and federal laws. "Once wBTC proved its value, Coinbase changed the rules," the lawsuit read.
The allegation included, "After delisting wBTC, we immediately launched our own token, cbBTC."
However, a court ruled in December that Coinbase should delist the assets on its own.
Bitglobal's initial legal attempt failed when the Supreme Court ruled that it had the authority to do so.
"This victory proves that Coinbase has a clear right to manage security and risk for its users," Grewal said through X.
"We will not be forced to keep listed assets that put our customers at risk," he said. Meanwhile, wrapped Bitcoin (wBTC-cbBTC) allows users to exchange their Bitcoin assets for other purposes.
These are tokens that allow for use in the blockchain ecosystem (especially Ethereum). However, these wrapped assets are issued based on the trust of a centralized trustee.
This has raised concerns about the dangers posed by some DeFi protocols that emphasize decentralization.
2025/06/09 17:59 KST
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