Crypto Biz: Coinbase vs. BiT Global $1B wBTC dispute
This week’s Crypto Biz explores Coinbase’s wBTC controversial delisting, Deutsche Bank’s blockchain, USDT in Europe, FTX creditors repayment and BVNK’s move to the United States.
Coinbase’s decision to delist Wrapped Bitcoin (wBTC) has sparked significant controversy and a $1 billion lawsuit from BiT Global Digital Limited, a joint custodian of wBTC’s reserves.
In November, Coinbase announced plans to delist wBTC from its platform, citing undisclosed failures to meet its listing standards. This decision drew criticism from BiT Global Digital Limited, a Hong Kong-based crypto exchange and joint custodian of wBTC’s Bitcoin reserves alongside BitGo since August.
BiT Global alleged that Coinbase’s move was intended to promote its own competing product, Coinbase Wrapped BTC (cbBTC), which launched on Sept. 12, and has since become one of the most popular Bitcoin wrappers, with about $1.4 billion in total value locked.
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Author: Ana Paula Pereira
