The legal dispute between Coinbase and Bit Global regarding the listing of Bit Global’s Wrap Bitcoin (WBTC) tokens from the Coinbase platform ended with a settlement between the parties.
BIT Global has “conclusively” deleted the lawsuit filed in Northern California District Court. Under the contract, each side covers its own legal costs.
Bit Global alleged in a lawsuit last year in which Coinbase unfairly delisted WBTC, damaging the liquidity and reputation of its tokens. The company argued that Coinbase aims to highlight its own competing product, CBBTC, with this decision.
Coinbase defended its decision to abolish it, stating it was concerned that the token poses an “unacceptable risk” and could “end out in Justin Sun’s hands.” Chinese-born cryptocurrency billionaire Justin Sun was associated with WBTC in August last year through a partnership with BIT Global. Following this development, Coinbase began to question Sun’s role in the project.
Interestingly, after Sun joined the project as an advisor, World Liberty Financial abandoned CBBTC and resumed supporting WBTC.
However, the lawsuit did not provide additional details regarding the contents of the contract. The parties only agreed to cover their own legal costs.
*This is not investment advice.
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