PANews reported on December 19 that according to The Block, a federal court in California ruled that Coinbase could delist wBTC (Wrapped Bitcoin), rejecting the request for a temporary injunction filed by BiT Global, a company related to Justin Sun. Coinbase previously announced that it would delist wBTC on December 19, a decision related to its former custodian BitGo's cooperation with BiT Global to manage $14 billion in assets.
BiT Global claimed that delisting wBTC would cause irreparable damage to it and sued Coinbase for violating competition laws and defamation. However, the court found that BiT Global's claims lacked basis and supported Coinbase's right to decide the platform's asset list. Coinbase responded that BiT Global's allegations were unfounded and planned to impose sanctions on it or its law firm.
Currently, wBTC is the second largest wrapped token by market value (nearly $14 billion), allowing Bitcoin to be used in the Ethereum ecosystem. Coinbase’s competing product cbBTC has a market value of over $2.1 billion since September. Coinbase stressed that its platform accounts for less than 1% of wBTC trading activity and denied trying to monopolize the wrapped Bitcoin market.
