BiT Global is suing Coinbase for $1 billion, claiming unfair practices after it delisted wBTC to promote its own competing product, cbBTC.
Crypto exchange Coinbase is being sued for over $1 billion by BiT Global Digital Limited, accusing the company of harming the market for wrapped Bitcoin (wBTC) after a November decision to delist the token.
In a Dec. 13 complaint, BiT Global alleges that Coinbase’s decision to delist wBTC was aimed at promoting its own competing product, cbBTC—a move that resulted in massive financial losses and eroded consumer confidence in wBTC.
The lawsuit covers allegations of attempted monopolization of the wrapped Bitcoin market under the Sherman Act, claims of predatory practices to undermine wBTC’s market position and accusations of false statements implying wBTC failed to meet listing standards.
