BiT Global Sues Coinbase Over wBTC Delisting

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Justin Sun’s company BiT Global, which recently became a major stakeholder in the wBTC ecosystem, is taking legal action against the crypto exchange behemoth Coinbase. Last month, Coinbase announced it would remove wBTC from its platform and introduce a competing product.

This move came after BitGo, the primary custodian for wBTC, disclosed that it would distribute control of wBTC custody to three entities, including BiT Global, which has ties to Sun. The partnership between BitGo, Justin Sun, and the Tron ecosystem was met with doubt from the crypto community.

Some major DeFi projects, such as MakerDAO and Aave, considered removing wBTC as a collateral asset but ultimately did not. wBTC is the largest and oldest tokenized version of Bitcoin that trades on Ethereum and other blockchains.

It currently has a market capitalization of over $13.4 billion, which is significantly larger than other on-chain representations of Bitcoin such as renBTC, 21.co’s wrapped bitcoin, and iBTC according to CoinGecko.