BiT Global cannot force Coinbase to relist WBTC in lawsuit yet
The post BiT Global cannot force Coinbase to relist WBTC in lawsuit yet appeared on BitcoinEthereumNews.com.
Judge Araceli Martinez-Olguin has denied Justin Sun-advised BiT Global’s motion to get a temporary restraining order against Coinbase over the delisting of Wrapped Bitcoin (WBTC). BiT Global’s original lawsuit alleged that Coinbase had hurt the custody provider’s reputation and engaged in monopolizing behavior to benefit Coinbase Wrapped Bitcoin (cbBTC). BiT Global sought an order that would obligate Coinbase to relist WBTC. This lawsuit came after Sun launched a series of hypocritical attacks on Coinbase, claiming that the exchange must have issues that prevent it from completing a proof-of-reserves process. Notably, Sun-owned Poloniex has not completed a proof of reserves process and operates a much larger tokenized bitcoin (BTC) product that doesn’t disclose its collateral. Coinbase’s response pointed out that it considered it an “unacceptable risk that control of wBTC would fall into the hands of Justin Sun.” Additionally, it pointed out that BiT Global “refused to answer” questions about the ultimate ownership of BiT Global. Read more: How involved is Justin Sun with WBTC’s new custodian BiT Global? Elsewhere, Sun-advised HTX (formerly Huobi) recently redeemed over 7,000 WBTC that it had not disclosed on its proof-of-reserves. Strangely, HTX has 0 WBTC volume on the exchange. Adding to the strangeness, Sun-advised and Donald Trump-endorsed World Liberty Financial has been acquiring WBTC, seeming to swap approximately 100 BTC worth of cbBTC for WBTC. Sun’s activities in the tokenized BTC space taken as a whole seem borderline inexplicable. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel. Source: https://protos.com/bit-global-cannot-force-coinbase-to-relist-wbtc-in-lawsuit-yet/
Filed under: News - @ December 19, 2024 5:25 pm