Official court ruling or settlement announcement

Bit Global, partnered with Justin Sun, Files $1 Billion Lawsuit Against Coinbase Over WBTC Delisting to Promote cbBTC

Dec 13, 2024, 05:49 PM

Bit Global, a custodian recently partnered with Justin Sun, has filed a $1 billion lawsuit against Coinbase. The lawsuit claims that Coinbase unfairly delisted Wrapped Bitcoin (WBTC) to promote its own competing product, cbBTC. Bit Global alleges that this action constitutes antitrust violations and accuses Coinbase of engaging in predatory practices. The complaint also references Coinbase's listing of certain memecoins, suggesting bias in its listing decisions. The legal action marks a significant moment in the cryptocurrency sector, highlighting ongoing tensions between competing platforms and the regulatory scrutiny they face.