Bit Global vs. Coinbase: The Epic Showdown Ends in a Whimper! 😂💸

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In a twist befitting a tragicomedy, Bit Global has decided to abandon its grandiose $1 billion lawsuit against Coinbase, with both parties agreeing to dismiss the case with a flourish of legal jargon, as if it were a mere footnote in the annals of cryptocurrency history.

The Antitrust Accusation: A Fading Echo

The joint stipulation, filed in the hallowed halls of the U.S. District Court for the Northern District of California, confirms that the dispute between Bit Global Digital Limited and Coinbase Global Inc. has been laid to rest. The “with prejudice” designation ensures that these claims cannot rise from the ashes, much like a phoenix that forgot how to fly.

Each party, in a display of mutual understanding, will bear its own legal expenses—because who needs to share the burden of a billion-dollar drama? Bit Global’s lawsuit, originally filed in the early days of 2025, accused Coinbase of engaging in anticompetitive conduct by delisting wrapped bitcoin (WBTC) from its platform. This delisting, of course, occurred just after the launch of Coinbase’s own shiny new token, cbBTC.

Bit Global’s now-dismissed lawsuit painted the delisting as a cunning ploy to redirect liquidity towards Coinbase’s in-house token, as if the crypto world were a stage and Coinbase the lead actor. At the time, Coinbase stood firm, its legal team arguing that the exchange was merely upholding its stringent listing standards, as if they were the guardians of a sacred temple.

The latest court filing revealed no monetary agreement between the parties, pointing instead to a shared decision to quietly close the case, like two old friends who decide to part ways after a long, drawn-out argument. Judge Araceli Martinez-Olguín presided over this theatrical affair, ensuring that the curtain fell without a dramatic flourish.

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2025-06-08 00:57