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BiT Global sued Coinbase for unfairly delisting wBTC in order to promote its own cbBTC. Coinbase is accused of violating antitrust laws and making misleading statements about wBTC standards.
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BiT Global has filed a lawsuit against Coinbase, alleging that the exchange unfairly delisted Wrapped Bitcoin (wBTC) in order to promote its competing product, Coinbase Wrapped BTC (cbBTC). The company said Coinbase's claims of delisting wBTC due to “listing standards” are false, especially considering the exchange has recently onboarded several meme coins including PEPE, WIF, and MOG. claims.
The lawsuit, filed on Dec. 13, alleges that Coinbase violated federal antitrust laws by attempting to monopolize the wrapped Bitcoin market and using its dominant position to stifle competition. There is.
BiT Global claims that Coinbase's reason for delisting wBTC due to “listing standards” is inconsistent with the exchange's recent approval of several meme-based digital assets. . The complaint specifically mentions Coinbase's recent listings of PEPE, WIF, and MOG.
$MOG is a cryptocoin with no intrinsic value or expectation of financial return. Just because some people get incredibly rich by buying cryptocurrencies doesn't mean you will too. “MOG is to be used strictly for sexual and recreational purposes only,” the complaint says, citing MOG's own disclaimer.
“Coinbase’s decision to list Mog just two weeks after wBTC’s delisting shows that the decision has nothing to do with standards and everything to do with unfairly and fraudulently forcing wBTC off the market. ,” the complaint alleges.
BiT Global also alleges that Coinbase, through its delisting announcement, made false and misleading statements about wBTC's compliance with listing standards.
The lawsuit seeks more than $1 billion in damages and seeks injunctive relief to prevent further damage.
This application was made prior to the suspension of trading of wBTC on Coinbase. The exchange first announced the product's delisting on November 19th.
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