TechFlow reported on December 14 that following Coinbase's decision to delist Wrapped Bitcoin (wBTC), BiT Global Digital Limited, headquartered in Hong Kong, has decided to sue Coinbase for over $1 billion, accusing it of market manipulation and anti-competitive practices.
BiT Global alleges that Coinbase undermined wBTC to promote its own competing product, cbBTC, causing financial losses and eroding consumer confidence in wBTC. The lawsuit claims violations of the Sherman Act, as well as false statements regarding wBTC’s compliance with listing standards, and accuses Coinbase of predatory conduct.
BiT Global’s legal team stated that Coinbase’s actions threaten market fairness. The lawsuit seeks more than $1 billion in damages and injunctive relief to prevent further harm to the wBTC market.
