Coinbase-WBTC legal battle ends without settlement
BiT Global withdraws lawsuit against Coinbase over wBTC delisting
BiT Global, a company backed by TRON founder Justin Sun, has withdrawn its lawsuit against Coinbase over the delisting of wBTC. This move may have broader implications for the crypto market, as it highlights how major exchanges can promote their own wrapped tokens, potentially influencing market preferences to the detriment of other issuers.
BiT Global had originally filed the lawsuit accusing Coinbase of unfair competition after the exchange delisted the competing wBTC token and launched its own version, cbBTC. Now, both parties have agreed to end the dispute without a financial settlement. Instead, each company will cover its own legal expenses.
Both sides walk away even
Coinbase’s removal of wBTC had initially raised concerns about the token's liquidity, especially as it had been a key asset on Coinbase-associated DeFi platforms. However, no major disruptions occurred.
The market also reacted calmly to the resolution of the dispute. According to CoinMarketCap, Wrapped Bitcoin (WBTC) is currently priced at $106,248.62, with a market cap of $13.70 billion. Over the past 24 hours, WBTC has increased by 0.63%.
wBTC price dynamics for 24 hours. Source: CoinMarketCap
The circulating supply of WBTC stands at 128,982.30 tokens, while trading volume has dropped 23% to $81 million.
As we wrote, Justin Sun сhallenges Coinbase's WBTC delisting amid legal dispute
