BiT Global Digital Limited has filed a lawsuit against Coinbase, a well-known cryptocurrency exchange, seeking over $1 billion in damages.
The lawsuit alleges that Coinbase’s decision to delist Wrapped Bitcoin (wBTC) in November was a deliberate move to harm the market for this token, in order to promote its own alternative, cbBTC.
According to the complaint filed on December 13, this decision caused significant financial losses and damaged consumer confidence in wBTC.
The lawsuit accuses Coinbase of attempting to create a monopoly in the market for wrapped Bitcoin, engaging in predatory practices to undermine wBTC’s position, and making false statements regarding the token’s failure to meet listing standards.
Coinbase had announced wBTC’s delisting on November 19, stating that it did not meet their listing standards. In response to the lawsuit, a Coinbase spokesperson reiterated the company’s commitment to maintaining its high listing standards and regularly assessing the assets on its platform.
