- Withdrawal of lawsuit involving wBTC delisting on Coinbase.
- Case dismissed with prejudice; no damages owed.
- Market impact includes lost liquidity and reputation for wBTC.
BiT Global has withdrawn its lawsuit against Coinbase over the delisting of wBTC. The lawsuit’s dismissal, noted in court filings, ensures it cannot be refiled.
The settlement halts potentially expansive litigation and signals a shift back to market competition without further legal disputes.
BiT Global vs. Coinbase: Lawsuit Dropped
BiT Global’s lawsuit, challenging the removal of wrapped Bitcoin (wBTC) from Coinbase, accused the exchange of competitive behavior after launching a rival token, cbBTC. Legal representatives agreed on a settlement during court proceedings. Both parties will manage their own legal fees, as per the terms.
The outcome will likely affect perceptions of BiT Global’s future projects. The liquidity and market position of wBTC may have experienced short-term impacts due to the litigation and resulting delisting, although no direct settlement payment was involved.
No official comment found.
Market Impact and Expert Opinions on wBTC Delisting
Did you know? The delisting of wBTC from Coinbase has parallels with past token removals, often resulting in temporary liquidity issues, as observed during Ripple’s SEC challenges.
Wrapped Bitcoin (WBTC) currently trades at $105,555.39, according to CoinMarketCap. The asset shows a 1.43% increase over the past 24 hours, against a backdrop of a 31.04% rise over the past 90 days. The market cap stands at $13.61 billion, with a trading volume of $95.95 million, marking a 54.65% drop.
Coincu’s research team suggests the removal of wBTC from Coinbase may push custodial platforms to re-evaluate listing practices for wrapped and derivative tokens. Other exchanges are likely observing to adjust their compliance and listing frameworks, potentially affecting long-term market stability.
Source: https://coincu.com/342135-bit-global-lawsuit-against-coinbase/