BiT Global files lawsuit against Coinbase over allegations of breaching antitrust laws by delisting WBTC
BiT Global has filed a lawsuit against Coinbase, alleging unfair removal of wrapped Bitcoin (WBTC) to promote its own product, Coinbase Wrapped Bitcoin (cbBTC). The lawsuit claims Coinbase is violating antitrust laws by using its market dominance to suppress competition and increase transaction revenues. BiT Global argues that the delisting of WBTC was not due to quality standards, as evidenced by Coinbase's inclusion of meme coins like PEPE and MOG. The firm seeks to restore competition and prevent further centralization in the crypto market. WBTC has faced challenges this year, while cbBTC has gained momentum, becoming the second-largest wrapped Bitcoin product with a market cap of around $2 billion. WBTC's market cap stands at $13.7 billion, but its supply has decreased by over 20,000 BTC.
