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Coinbase Hit with $1 Billion Lawsuit Over Wrapped Bitcoin
In a shocking turn of events, Coinbase, a prominent cryptocurrency exchange, is facing a whopping lawsuit worth over $1 billion. BiT Global Digital Limited, based in Hong Kong, has taken legal action against the exchange, citing anti-competitive practices and unfair business tactics.
At the center of this controversy lies Wrapped Bitcoin (wBTC), which was delisted from Coinbase’s platform on December 19th. The decision came as a surprise to many within the cryptocurrency community, with some speculating that it was an attempt by Coinbase to promote its own wrapped Bitcoin product, cbBTC.
BiT Global Digital Limited has filed a complaint in the Northern District of California, accusing Coinbase of attempting to monopolize the wrapped Bitcoin market. The lawsuit highlights alleged predatory tactics and false claims made by Coinbase regarding wBTC’s compliance with listing criteria.
According to the legal filing, BiT Global believes that Coinbase’s actions were aimed at damaging the reputation and standing of wBTC in order to push its own product forward. “We believe this decision sets a terrible precedent for everyone in the cryptocurrency space,” said Kevin Kneupper, an attorney representing BiT Global Digital Limited.
In response to these allegations, Coinbase has maintained that it is committed to maintaining high standards on its platform and regularly reviews listed assets. Should an asset fail to meet those criteria, it will be delisted.
Source: http://www.cryptonewsz.com
