On December 14th, according to Finncefeeds, Coinbase has been sued by Hong Kong based BiT Global Digital Limited for over $1 billion in market manipulation and anti competitive behavior after deciding to delist Wrapped Bitcoin (wBTC).
BiT Global accuses Coinbase of disrupting wBTC to promote its own competitive product cbBTC, causing financial losses and weakening consumer confidence in wBTC. The lawsuit accuses it of violating the Sherman Act and making false statements about wBTC’s compliance with listing standards, as well as engaging in predatory behavior. The legal team of BiT Global stated that Coinbase’s actions pose a threat to market fairness. The lawsuit seeks compensation of over $1 billion and seeks injunctive relief to prevent further damage to the wBTC market.

More Information available in: www.cooldragon.io