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Crypto Potato 2024-12-18 15:57:16

Coinbase Fights Back Against BiT Global Lawsuit Over WBTC Delisting

Coinbase has issued a rebuttal to a lawsuit by BiT Global, a Justin Sun-affiliated entity, challenging the exchange’s decision to delist Wrapped Bitcoin (WBTC). Paul Grewal, the firm’s Chief Legal Officer, announced the filing on X, saying that his company had offered its response to BiT Global’s effort to stop the delisting of WBTC before any discovery or formal response to their claims, which he described as bogus. Coinbases’ Defence In the submission shared by Grewal, Coinbase defended its actions, stating that BiT Global failed to clarify its ownership structure or address concerns about TRON founder Justin Sun’s involvement. The exchange argued that his potential influence posed significant risks to customers as well as the platform’s integrity. “BiT seeks to force Coinbase to do business with an entity that no longer complies with Coinbase’s standards due to Mr. Sun’s ‘material involvement,” read the document. It also highlighted that BiT Global delayed filing its lawsuit and motion for a temporary restraining order for nearly a month, therefore undermining any claims of urgent harm. The San Francisco-based exchange also dismissed accusations of financial and reputational damage as speculative, noting that WBTC constitutes less than 1% of its transaction volume. It also argued that any loss of confidence in the product came from its association with Sun rather than the delisting decision. Overall, the crypto platform defended its action as a lawful exercise of business judgment to protect itself and its customers, citing court precedents supporting the rights of tech operations to set their own standards. Additionally, it denied BiT Global’s legal accusations as baseless and urged the court to deny emergency relief. Backlash and Concerns Over Sun’s Involvement In November, Coinbase announced its decision to delist WBTC on December 19, attributing its decision to worries over the asset’s association with Sun. This move caused major backlash, with many in the crypto community accusing the firm of favoring its own tokenized Bitcoin product, cbBTC . In response, BiT Global filed a lawsuit on December 13, accusing the exchange of engaging in monopolistic behavior, using predatory tactics to undermine WBTC’s market position, and making false statements about the token’s compliance with listing standards. The TRON founder also fired back by criticizing the competitor’s offering. He claimed it lacks proof-of-reserve, has not been audited, and could allow the exchange to freeze user balances, therefore posing security risks to decentralized finance (DeFi). Coinbase, however, countered this by pointing out Sun’s history of allegations of financial misconduct, including assertions of fraud and market manipulation. The latest court filing pointed out that the 34-year-old has been sued by the U.S. Securities and Exchange Commission (SEC) and is reportedly under investigation by several law enforcers. The post Coinbase Fights Back Against BiT Global Lawsuit Over WBTC Delisting appeared first on CryptoPotato .

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