BiT Global sues Coinbase for $1 billion, accusing it of market manipulation by delisting WBTC

2024-12-14 09:55:08

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ChainCatcher news, according to financefeeds, Coinbase has been sued by Hong Kong-based BiT Global Digital Limited for over $1 billion after deciding to delist Wrapped Bitcoin (wBTC), accusing it of market manipulation and anti-competitive behavior.

BiT Global alleges that Coinbase undermined wBTC to promote its own competing product, cbBTC, resulting in financial losses and diminishing consumer confidence in wBTC. The lawsuit claims violations of the Sherman Act and false statements regarding wBTC's compliance with listing standards, as well as predatory behavior.

BiT Global's legal team stated that Coinbase's actions threaten market fairness. The lawsuit seeks over $1 billion in damages and requests injunctive relief to prevent further harm to the wBTC market.

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