PANews reported on December 14 that according to Theblock, BiT Global, a company related to Justin Sun, sued Coinbase, claiming that Coinbase's delisting of wBTC and launching of competing products was anti-competitive and violated "numerous state and federal laws" and that the delisting would also "harm" BiT Global.
On November 19, Coinbase announced that it would delist WBTC from December 19, 2024, citing the need to regularly review its “listing standards.” A few months ago, BitGo, which has served as the main custodian of wBTC since its launch in January 2019, disclosed that it would distribute custody control of the project to three entities, including BiT Global, a Hong Kong trust company with ties to Justin Sun.
The so-called "strategic partnership between BitGo, Justin Sun, and the TRON ecosystem" has been questioned by many in the crypto community. For example, major DeFi projects MakerDAO and Aave began to consider removing wBTC as a collateral asset, but ultimately did not do so. WBTC is the first and largest tokenized version of BTC, traded on Ethereum and other blockchains. Under the new agreement, BitGo will manage and operate the wBTC business, while BiT Global Trust will serve as the custodian of the underlying wBTC collateral. BitGo, BiT Global, and BiT Global's subsidiary in Singapore will each hold one of the three wBTC multi-signature keys.
Earlier news revealed that BitGo and BiT Global have partnered to create a joint venture to diversify WBTC's custody and cold storage businesses across multiple jurisdictions, and BitGo will become a minority shareholder in the new joint venture.
