TechFlow news, June 8 — According to The Block, BiT Global, backed by TRON founder Justin Sun, has agreed to withdraw its lawsuit against Coinbase, which was related to Coinbase's delisting of wBTC shortly after launching its competing token cbBTC.
Documents filed on Friday show that BiT Global’s attorneys agreed to dismiss the case with prejudice. Both parties agreed to bear their own legal fees incurred during the litigation. Coinbase Chief Legal Officer Paul Grewal stated on social media that this victory affirms the company's clear right to manage user security and risk.
Last year, BiT Global became a "strategic partner" with BitGo in offering the wBTC token. Both wBTC and cbBTC are wrapped Bitcoin tokens that allow users to leverage their Bitcoin holdings across different blockchain networks, primarily targeting the Ethereum ecosystem.
According to CoinGecko data, wBTC currently has a market cap of approximately $13.6 billion, while Coinbase’s cbBTC has a market cap of about $4.7 billion.
