Judge won’t block Coinbase from delisting wBTC over Justin Sun claims
Coinbase will likely be able to move forward with its intention to suspend wBTC trading on Dec. 19 after a challenge in federal court.
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Coinbase will likely be able to move forward with its intention to suspend wBTC trading on Dec. 19 after a challenge in federal court.
Some crypto community members have criticized Coinbase for not giving technical reasons for delisting WBTC and justifying its decision by citing Justin Sun-linked risks.
BiT Global is suing Coinbase for $1 billion, claiming unfair practices after it delisted wBTC to promote its own competing product, cbBTC.
Wrapped Bitcoin was launched in 2019 to give Bitcoin investors an option to use the asset in decentralized finance applications.
Coinbase contends the delisting was based on a standard review of WBTC’s suitability to trade on the exchange.
Coinbase has already discontinued market trading of WBTC and is only facilitating limit orders.
The deployment will allow users to utilize Bitcoin in Solana’s burgeoning DeFi ecosystem, according to Coinbase.
The Donald Trump-backed crypto platform, World Liberty Financial, wants to run as an instance on the DeFi protocol Aave.
Wrapped Bitcoin currently has a market capitalization of approximately $9.5 billion and a circulating supply of 154,782 tokens.
Adding proof of reserves will head off concerns about Coinbase’s perceived lack of transparency.
