Justin Sun сhallenges Coinbase's WBTC delisting amid legal dispute
Bit Global estimates the damages from Coinbase’s actions to exceed $1B.
Recent Bit Global lawsuit against Coinbase sparks debate on X with Paul Grewal and Justin Sun
A recent lawsuit filed by Bit Global against Coinbase Global Inc., regarding Coinbase's delisting of the Wrapped Bitcoin (WBTC) token, has become a topic of heated discussion on X, featuring Coinbase's Chief Legal Officer Paul Grewal and Bit Global investor Justin Sun.
Just a day after Bit Global announced its lawsuit against Coinbase, alleging an unlawful delisting of WBTC, Paul Grewal took to X to defend the exchange's position.
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In his post, Grewal emphasized Coinbase's obligation to uphold asset listing standards, stating, "When an asset no longer meets our listing standards, we will delist it. When another asset can meet or exceed market demands without compromising these standards, we will list it."
This statement drew a response from Justin Sun, an investor in Bit Global, who highlighted previous remarks made by Coinbase CEO Brian Armstrong about the exchange’s belief in independence from specific assets and the importance of "consumer choice in the crypto economy."
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Sun pointed out an inconsistency between these statements and Coinbase's actions, asking, "It seems the CEO of Coinbase disagrees with your view. Who has the final say at Coinbase?"
Bit Global's allegations
Bit Global claims that Coinbase’s decision to delist WBTC was aimed at promoting its competing product, cbBTC, which allegedly caused significant financial losses and damaged consumer trust in WBTC. Bit Global estimates the damages from Coinbase’s actions to exceed $1 billion.
The trading platform has a partnership with WBTC issuer BitGo and effectively represents its interests in the dispute.
Filed on Dec. 13 in the Northern District of California by Kneupper & Covey, the lawsuit alleges that Coinbase violated the Sherman Act by attempting to monopolize the wrapped Bitcoin market. The suit also accuses Coinbase of predatory practices and spreading false statements about wBTC’s compliance with listing standards.
