Just In: Bit Global Files Lawsuit Against Coinbase Over WBTC Delisting

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As a seasoned researcher with over two decades of experience in the rapidly evolving tech and finance industries, I find myself intrigued by this latest turn of events involving Coinbase Global Inc. The allegations levied against Coinbase by Bit Global, a provider of digital asset custody and management solutions, are certainly eye-catching.

The focus is on American cryptocurrency trading platform Coinbase Global Inc., as Bit Global, a specialist in digital asset storage and management, has sued them, alleging that Coinbase illegally removed the WBTC token from their platform to favor a competing token, cbBTC.

The Bit Global Stance Against Coinbase

In a detailed 36-page complaint, Bit Global alleged that Coinbase committed eight violations, among which were monopolistic practices, defamatory remarks about competitors, and breaches of the Lanham Act. The asset custody firm claimed that Coinbase removed WBTC from its platform because WBTC is a significant competitor to cbBTC, which is Bit Global’s own alternative product.

The person suing (the plaintiff) claimed that Coinbase has added numerous meme-based cryptocurrencies, similar to WBTC, which hold no real value beyond being humorous. Additionally, they asserted that removing WBTC in favor of these memecoins demonstrates that the exchange did not act based on any established criteria for listing.

In its lawsuit, the company argues that, much like other tech giants before it, Coinbase pays lip service to the concept of a decentralized world. However, when it comes to Wrapped Bitcoin, the firm seems to view it merely as an opportunity for more profit.

This is a developing story, please check back for updates!!!

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2024-12-13 21:35