The swap took place Wednesday, the same day BiT Global lost a court case seeking to prevent Coinbase delisting WBTC.

A Coinbase representative said the exchange may look to sanction the plaintiffs for bringing a spurious lawsuit.

Crypto exchange Coinbase has cited risks linked to Tron-founder Justin Sun during a lawsuit over its delisting of Wrapped Bitcoin (wBTC).

Coinbase will likely be able to move forward with its intention to suspend wBTC trading on Dec. 19 after a challenge in federal court.

Coinbase is under fire for delisting wBTC, citing risks linked to Justin Sun without providing technical justification. Critics note the irony, as Coinbase itself faces numerous regulatory investigations.

Coinbase justified delisting WBTC, citing concerns over BiT Global's ownership structure and TRON founder Justin Sun's involvement.

Coinbase, a prominent cryptocurrency exchange, has faced criticism following its decision to remove Wrapped Bitcoin (WBB) from its platform. The exchange cited unacceptable risks associated with Justin Sun, the founder of the Tron blockchain, as the reason for this action. The post Coinbase Criticized for Citing Justin Sun Risks in Wrapped Bitcoin Delisting appeared first on Cryptonews.

Coinbase has issued a response to a lawsuit filed by BiT Global, a company affiliated with Justin Sun, after the exchange announced it would delist wrapped Bitcoin (wBTC) on Dec. 19.

The venture between BitGo and BiT Global provided a reminder of the distrust many BTC holders still have for centralized custody, according to a new report

The crypto community is lashing out against Coinbase's reasoning for delisting Wrapped Bitcoin (WBTC) after the exchange linked the decision to the “unacceptable risk” associated with Tron founder Justin Sun. On December 17, Coinbase filed a response to a lawsuit from BiT Global, a company affiliated with Sun.

Coinbase, the largest US-based crypto exchange, plans to suspend trading of Wrapped Bitcoin (wBTC) on December 19. This decision follows a routine review to ensure all listed assets meet the platform's standards.

Coinbase has thrown a legal argument against a lawsuit from Bit Global Digital Limited, which aims to overturn Coinbase's choice to drop wrapped bitcoin (WBTC) from its exchange.

Some crypto community members have criticized Coinbase for not giving technical reasons for delisting WBTC and justifying its decision by citing Justin Sun-linked risks.

Some crypto community members have criticized Coinbase for not giving technical reasons for delisting WBTC and justifying its decision by citing Justin Sun-linked risks.

BiT Global refuses to answer Coinbase's questions about Sun's involvement.

Coinbase has made a legal response to BiT Global's lawsuit, which sought relief to keep wBTC on its platform.

No law compels Coinbase to “compromise the integrity of its platform” by doing business with Justin Sun-tied BiT Global, the U.S. crypto exchange wrote.

BiT Global accused Coinbase of attempting to monopolize the wrapped bitcoin market by delisting wBTC and launching cbBTC.

Coinbase pushed back against BiT Global's legal attempt to halt its planned delisting of wrapped Bitcoin (WBTC), arguing that the lawsuit lacks merit and the firm's request for a temporary restraining order (TRO) should be denied.

The problem is related to the indirect entry of Justin Sun into the project of the main wrapped Bitcoin token.

The upcoming delisting of Wrapped BTC (WBTC) from the Coinbase platform and the legal battle between the exchange and Bit Global have sparked a series of social media skirmishes between Bit Global-linked Justin Sun and Coinbase CLO Paul Grewal.

A well-known cryptocurrency exchange firm might be forced to pay up to $1 billion in damages for delisting a digital currency from its platform. The issuer of Wrapped Bitcoin, Bit Global Digital is suing crypto platform Coinbase for the losses incurred after the digital currency exchange removed its crypto token.

Recently, Bit Global had filed a lawsuit against Coinbase Global Inc claiming that Coinbase unlawfully delisted its WBTC token so it could promote the rival cbBTC. BiT Global had alleged that Coinbase's decision to delist wBTC was to promote its own competing product, cbBTC, that caused massive financial losses and deteriorated consumer confidence in wBTC.

BiT Global, a key player in the wrapped Bitcoin (wBTC) ecosystem and associated with Justin Sun, has filed a lawsuit against Coinbase over its decision to delist wBTC.

Justin Sun, founder of TRON, and Paul Grewal, Coinbase's Chief Legal Officer, have been sparring on social media over the exchange's asset listing standards. This comes in after BiT Global sued the US's biggest crypto exchange over the delisting of wrapped Bitcoin (wBTC) as it prepares to launch a competing product.

Tron founder Justin Sun has recently confronted Coinbase CLO Paul Grewal in a discussion over the delisting of wBTC from crypto exchange Coinbase. The news caught fire when Justin Sun's BiT Global, which recently took a major stake in the wBTC ecosystem, slapped a lawsuit on Coinbase for the delisting of wrapped Bitcoin.

Coinbase is facing a $1 billion lawsuit from BiT Global Digital Limited over its decision to delist Wrapped Bitcoin (wBTC). The post Coinbase Faces $1B Lawsuit from BiT Global Over Wrapped Bitcoin (WBTC) Delisting appeared first on Cryptonews.

New court documents show that BiT Global, a custodian of Wrapped Bitcoin (wBTC), is suing Coinbase after the top US-based crypto exchange delisted wBTC in November.

BiT Global Digital is suing Coinbase for $1 billion, alleging antitrust violations after the platform delisted wBTC.

BiT Global has filed a lawsuit against Coinbase, the largest crypto trading platform in the United States, according to a Dec. 13 court filing. The Justin Sun-linked crypto custodian alleged that the US exchange unfairly removed wrapped Bitcoin (WBTC) from its platform to favor its in-house product, Coinbase Wrapped Bitcoin (cbBTC).

Bit Global Digital, the global controller and issuer of Wrapped BTC (WBTC) filed a complaint against Coinbase, Inc. The lawsuit seeks damages from the delisting of WBTC from the exchange. Bit Global Digital estimated damages of up to $1B after the delisting of Wrapped BTC (WBTC) from Coinbase.

Justin Sun-backed BiT Global has sued crypto exchange Coinbase for unfairly delisting WBTC to uplift a competing Bitcoin product.

Bit Global has filed a $1 billion lawsuit against Coinbase, alleging anticompetitive practices following the delisting of the wrapped Bitcoin token (WBTC) from the exchange. The lawsuit, filed in the U.S. District Court for the Northern District of California, accuses Coinbase of exploiting its dominant position in the market to favor its own product, cbBTC.

In a latest development, Bit Global has filed a lawsuit against crypto trading platform Coinbase Global Inc claiming that Coinbase has unlawfully delisted its WBTC token so it could promote the rival cbBTC. In a Dec.

The lawsuit could reshape crypto exchange practices, highlighting potential antitrust issues and influencing future digital asset listings. The post BiT Global sues Coinbase over unfairly delisting wBTC while allowing PEPE, WIF to trade appeared first on Crypto Briefing.

BiT Global is suing Coinbase for $1 billion, claiming unfair practices after it delisted wBTC to promote its own competing product, cbBTC.

Justin Sun's BiT Global filed a suit against Coinbase for delisting wBTC and launching a competing product.

American crypto trading platform Coinbase Global Inc. is in the spotlight after Bit Global named it a defendant in a new lawsuit. Bit Global, a professional digital asset custody and management solutions provider, claimed Coinbase unlawfully delisted its WBTC token so it could promote the rival cbBTC.

TL;DR Wrapped Bitcoin (WBTC) experienced a flash crash on Binance, dropping to approximately $5,200 due to a technical glitch, causing panic among traders. The price of WBTC quickly rebounded, closing near $97,000, highlighting the volatility and risks associated with cryptocurrency trading.

The price of Wrapped Bitcoin tanked below $6,000 on Binance just a few days after Coinbase delisted it amid liquidity concerns.

Five days ago, Coinbase announced plans to remove wrapped bitcoin (WBTC) from its platform on Dec. 19, 2024. In the days following the announcement, the WBTC supply has contracted. Wrapped Bitcoin's Supply Drops by 5,844 Coins in 8 Days On Nov. 16, the WBTC supply on Ethereum was recorded at 146,734 coins.

BiT Global has accused Coinbase of suspending trading of Wrapped Bitcoin (wBTC) on Dec. 19 to boost its own Bitcoin wrapper, Coinbase Wrapped BTC (cbBTC).

Coinbase contends the delisting was based on a standard review of WBTC's suitability to trade on the exchange.

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After Coinbase, Kraken has launched its very own wrapped Bitcoin product.

Kraken has introduced its wrapped Bitcoin token, kBTC, backed 1:1 by Bitcoin, and available on Ethereum and OP Mainnet.

On October 17, 2024, Kraken, one of the leading cryptocurrency exchanges in the world, announced the launch of its own Wrapped Bitcoin token, named kBTC. This token represents a tokenized version of Bitcoin (BTC) and promises to further strengthen Bitcoin's position as the “epicenter of cryptocurrencies”, according to the company.