Justin Sun-connected BiT Global sues Coinbase for delisting wBTC and launching competitor
Justin Sun’s BiT Global, the firm that recently became a key stakeholder in the wrapped bitcoin (wBTC) ecosystem, is suing crypto exchange giant Coinbase, which last month decided to delist the asset and launch a competing product.
On Nov. 19, Coinbase announced it would delist
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starting Dec. 19, 2024, citing a periodic review of its “listing standards.” The move came months after BitGo, which has served as the primary custodian for wBTC since it launched in January 2019, disclosed it would distribute control over the project's custody to three entities, including the Hong Kong-based trust company BiT Global, which has ties to Sun.
The so-called “strategic partnership between BitGo, Justin Sun and the Tron
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