BiT Global claims that Coinbase’s delisting of wBTC resulted in significant financial losses and harmed consumer confidence in the token.
The lawsuit also accuses Coinbase of making false statements, implying that wBTC failed to meet listing standards.
Coinbase announced the delisting on November 19, citing unspecified issues with wBTC’s compliance.
BiT Global’s legal team, led by Kneupper & Covey, argues that Coinbase’s reasoning was misleading.
Attorney Kevin Kneupper stated, “This decision sets a dangerous precedent for the cryptocurrency industry. If a major exchange like Coinbase can delist a cryptocurrency just before launching its own competing product, who’s next?”
The lawsuit seeks more than $1 billion in damages and requests injunctive relief to prevent further harm.
