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Coinbase Faces $1 Billion Lawsuit Over Wrapped BTC Delisting

Crypto exchange Coinbase is being sued for over $1 billion by BiT Global Digital Limited, alleging market harm after Coinbase’s November decision to delist Wrapped Bitcoin (wBTC). In a Dec. 13 complaint, BiT Global accused Coinbase of delisting wBTC to promote its own product, cbBTC. The move allegedly caused significant financial losses and damaged consumer confidence in wBTC. The lawsuit claims attempted monopolization of the wrapped Bitcoin market under the Sherman Act, predatory practices to undermine wBTC, and false statements suggesting wBTC failed to meet listing standards. Coinbase announced the token delisting on Nov. 19, citing undisclosed failures to meet its listing standards. A Coinbase spokesperson defended the decision, stating: “Coinbase is committed to maintaining the high integrity of our listing standards, and we regularly evaluate assets listed on our platform. Should an asset fail to meet those standards, it is delisted.” BiT Global, a Hong Kong-based crypto exchange, has been a joint custodian of wBTC reserves with BitGo since August. The lawsuit, filed in the Northern District of California by law firm Kneupper & Covey, alleges Coinbase favored memecoins while challenging wBTC’s compliance with listing standards. Attorney Kevin Kneupper stated, “We believe this decision sets a terrible precedent for everyone in the cryptocurrency space. If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?” The lawsuit seeks damages exceeding $1 billion and demands injunctive relief to prevent further harm. BiT Global claims Coinbase aimed to eliminate competition, stating: “It’s clear that Coinbase’s decision is an attempt to gain a competitive advantage, pushing forward their own wrapped Bitcoin product, cbBTC, and removing the largest and most influential competitor in wBTC.” Coinbase previously announced: “Based on our most recent review, Coinbase will suspend trading for wBTC on Dec. 19, 2024, on or around 12 pm ET.” The Coin Rise

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Crypto Funding Soars After Trump Win

The cryptocurrency sector has witnessed a remarkable surge in venture capital funding, with over $1 billion flowing into the industry following Donald Trump’s election victory. This funding wave highlights growing confidence in the sector, driven by expectations of a pro-crypto administration and clearer regulatory policies. Since the election on November 6, crypto startups have raised around $1.3 billion, signaling renewed interest from venture capitalists. According to industry data, November alone saw $796 million invested , with another $511 million following in December. A standout during this period was the Avalanche Foundation, which secured $250 million through a private token sale. This funding supports the network`s major upgrade, Avalanche9000, set to improve blockchain scalability and reduce transaction costs. Infrastructure projects also captured significant attention, attracting over $500 million in investments. Notable beneficiaries included Zero Gravity Labs, which raised $40 million, and Bitcoin mining company Canaan Creative, which secured $30 million. Meanwhile, the decentralized finance ( DeFi ) sector also saw renewed momentum, receiving more than $150 million in funding. Key investments included $45 million for USDX Money and $30 million for World Liberty Financial. This funding boom is linked to optimism surrounding Trump`s support for the crypto industry. Trump’s promises to clarify regulations and create a Strategic Bitcoin Reserve have fueled excitement among investors. Additionally, his pro-crypto appointments, such as Paul Atkins as the proposed SEC chair and David Sachs as the first White House crypto czar, have signaled a potential shift toward a friendlier regulatory environment. Experts believe these developments could eliminate barriers for institutional adoption and drive further investments into the sector. With the crypto market gearing up for what could be a transformative period, the recent surge in funding reflects both heightened expectations and the sector`s resilience in attracting significant capital. The impact of these changes could shape the future of the cryptocurrency industry , potentially boosting adoption and innovation. The Coin Rise