In a move so low-key you might have missed it while scrolling through your crypto memes, Coinbase and BiT Global have decided to end their epic legal showdown over wrapped Bitcoin (wBTC). This courtroom drama has finally come to a halt, with both sides agreeing to call it quits in a joint court filing. The deal? BiT Global will toss its lawsuit in the trash (with prejudice, meaning no take-backs), and each company will foot the bill for their own legal shenanigans. 🍿
The whole mess kicked off last year when Coinbase, apparently not fond of wBTC anymore, decided to delist it. According to Coinbase, wBTC was an “unacceptable risk” — not because it’s a cryptocurrency, but because it had the dubious honor of being linked to Justin Sun, the crypto billionaire who once made waves for, well, doing things that make waves. Sun got involved with wBTC in August, and suddenly Coinbase was convinced it was one step away from wBTC becoming Sun’s personal plaything. Oh, the drama! 😱
But hold on! BiT Global, clearly not a fan of being pushed around, fought back. In their lawsuit, they threw shade on Coinbase’s decision, calling it “unreasonable” and claiming it hurt wBTC’s liquidity and reputation. And just in case we didn’t catch the plot twist, they added that Coinbase had conveniently launched its own competing token, cbBTC, just two months before booting wBTC off the platform. A self-serving move? BiT Global thought so. 😏
In the midst of all this crypto chaos, BiT Global even tried to get a court to slap a temporary restraining order on Coinbase, forcing them to re-list wBTC. But Judge Araceli Martinez-Olguin wasn’t having it, siding with Coinbase and effectively saying, “Nope, not today.”
Now, with the lawsuit officially settled (for now, anyway), we don’t know the finer details of the settlement – just that each side is paying its own bills. But hey, the crypto world loves a good plot twist, and this one is a reminder that competition and trust issues are alive and well in this crazy, unpredictable market. 🤷♂️
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2025-06-07 22:28