ChainCatcher news, according to Decrypt, U.S. Federal Judge Araceli Martínez-Olguín ruled to deny the request for a temporary restraining order filed by Hong Kong company BiT Global, allowing Coinbase to proceed with its plan to delist Wrapped Bitcoin (WBTC) from its platform.The judge found that BiT Global failed to demonstrate that Coinbase's actions would cause it "irreparable harm that is imminent."

ChainCatcher news, regarding BiT Global suing Coinbase for $1 billion, accusing it of market manipulation by delisting WBTC. Coinbase's Chief Legal Officer posted on X: "When an asset no longer meets our listing standards, we will drop it. When another asset can meet or exceed market demands without sacrificing those standards, we will list it."

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.

ChainCatcher news, according to the BitGo official blog, BitGo and BiT Global are creating a joint venture to diversify the custody and cold storage business of WBTC across multiple jurisdictions, with BitGo becoming a minority shareholder in the new joint venture. This custody change will be seamless and transparent for the WBTC community, with a transition period of 60 days. The new solution will use the same BitGo multi-signature technology and cold storage technology that has been used to secure Bitcoin since 2019.It is reported that BiT Global is a regulated trust and corporate service provider (TCSP) based in Hong Kong, with a strategic partnership with Justin Sun and the Tron ecosystem.