Bit Global Digital Limited has filed a $1 billion lawsuit against Coinbase alleging that the company's decision to delist Wrapped Bitcoin in November harmed the market.
In the lawsuit, which was filed on December 13, Bit Global alleges that the delisting from Coinbase was a deliberate attempt to promote its own product, cbBTC, resulting in significant financial losses and damaging consumer confidence in wBTC.
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The lawsuit accuses Coinbase of violating the Sherman Act by attempting to monopolize the wrapped Bitcoin market, engaging in predatory practices to undermine wBTC's market position, and making false statements implying that wBTC did not meet listing standards.
Coinbase announced the delisting of wBTC on November 19, citing undisclosed breaches of its listing standards.