Justin Sun-Linked BiT Global Agrees to Drop Coinbase Lawsuit Over Wrapped Bitcoin

Coinbase and Digital Property Guardian Bit Global agreed to permanently dismiss the lawsuit for the abolition of the cryptocurrency for wrapped wrapped BitcoinAka WBTC, one of the world’s most popular tokens.

Both parties agreed on Friday to dismiss the lawsuit of Global without prejudice, which means that the matter cannot be in the future. Each party will cover their own legal fees, according to submission.

Bit Global sues Coinbase in December To relying WBTC or wrapped bitcoin – a popular digital agent that enables traders Ethereum Use and obtain exposure to the top crypt -world, which is incompatible with other blockchain networks by its nature. Token is supported by Bitcoin reserves one -on -one.

Although there are many such wrapped bitcoin tokens, WBTC is a skipped leader in the market. Token can boast of market capitalization 13.88 billion USDMaking it, when writing, 12. The largest crypto token in the world.

In August, Bitgo, the main guardian of WBTC, announced She joined with the bit GLOBAL, a guardian based in Hong Kong, to diversify “Corpheri jurisdiction and locations for Basic Bitcoin” were retained for WBTC. The tokens reserves were previously fully held in the United States.

The announcement has attracted an abundance of return cryptocurrency, given the extensive links bit Global -as controversial crypto entrepreneur Justin Sun. At that time, some chip -bodies leaders argumentative The solar involvement was a “unacceptable risk level” for the stability and reliability of WBTC.

Days later, Coinbase was teasing plans To start your own WBTC competitor, called CBBTC. Then dropped WBTC out of his exchange in December, removal In November that Token no longer fulfilled his “including standards”.

Weeks later, the essence of the Global Hit Coinbase with a lawsuit, claiming that the subtraction of the predatory “cash” is motivated by the desire to exchange to increase the value of CBBTC by suppressing its main competitor. Coinbase has opposed that the move is motivated by the desire to protect customers from “The unacceptable risk that the WBTC control would fall into the hands of Justin Sun. “

Shortly thereafter, the federal judge rejected the Bit of Global to stop giving up, stating that there was not enough evidence that the move would cause immediate and incorruptible damage to the Kripto guard.

This is still unclear what the Global prompted to dismiss the lawsuit. Asked what conditions, if any, Coinbase agreed to reach a resolution – and whether Coinbase can revise WBTC at any time in the future – a spokesman for the company directed Decipher aa statement It was made by Coinbase Paul Grewal Director General on Friday.

“We wiI will not be mistreated to the continuation of the list of assets that put our customers in danger, “Growal said.” Not today, not never. “

Bit Global did not immediately respond DecipherRequest for comment on this story.

Ever since he abolished WBTC, Coinbase has seen his position in the wrapped Bitcoin sector. Since December gave up, when Bitcoin price was almost the same as today, CBBTC has more than tripled in market capitalization, $ 4.84 billion in writing.

Edited Andrew Hayward