Coinbase Faces Billion-Dollar Lawsuit from BiT Global Digital

BiT Global Digital Limited has filed a $1 billion lawsuit against Coinbase, accusing the exchange of delisting Wrapped Bitcoin (wBTC) to promote its competing product, cbBTC. The lawsuit, filed in the Northern District of California, alleges that Coinbase engaged in anti-competitive practices, market manipulation, and made false statements regarding wBTC's compliance.

Financial Losses and Consumer Confidence

BiT Global, a Hong Kong-based exchange, argues that Coinbase's November decision caused significant financial losses and damaged consumer confidence. "We believe this decision sets a terrible precedent for everyone in the cryptocurrency space," said attorney Kevin Kneupper. "If an exchange of Coinbase's size can delist a cryptocurrency just as it plans to launch its own competing product, who's safe? And who's next?"