{"id":144757,"date":"2024-12-14T10:00:22","date_gmt":"2024-12-14T08:00:22","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=144757"},"modified":"2024-12-14T01:06:33","modified_gmt":"2024-12-13T23:06:33","slug":"coinbase-sued-for-1-billion-over-recent-delisting","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/coinbase-sued-for-1-billion-over-recent-delisting\/","title":{"rendered":"Coinbase Sued for $1 Billion Over Recent Delisting"},"content":{"rendered":"
The lawsuit<\/a> <\/strong>claims that Coinbase\u2019s decision was unfair and aimed at promoting its own competing product, cbBTC, instead.<\/p>\n Coinbase revealed on November 19, 2024, that it would remove WBTC from its platform by December 19, citing a routine review of listing policies. This move coincided with significant changes to the WBTC ecosystem, specifically the transition of custodial responsibilities from BitGo to Bit Global Trust, a Hong Kong-based firm linked to Sun\u2019s Tron blockchain. This restructuring has raised concerns in the crypto space, particularly among decentralized finance (DeFi) platforms like MakerDAO and Aave, who have contemplated using WBTC as collateral but have not yet taken action.<\/p>\n Since its launch in 2019, WBTC has dominated as the largest tokenized Bitcoin with a market cap exceeding $13.4 billion, well ahead of competitors such as renBTC and iBTC. With the new governance model, BitGo remains in charge of WBTC\u2019s operations, while BiT Global Trust now holds the Bitcoin<\/a> <\/strong>backing the token. The control over WBTC\u2019s collateral is divided between BitGo, BiT Global Trust, and a BiT Global subsidiary in Singapore, each holding one of the multi-signature keys.<\/p>\n