Coinbase has filed its response to BiT International’s lawsuit over the delisting of Wrapped Bitcoin (WBTC).
Justin Solar-advised BiT International’s unique lawsuit centered round Coinbase’s choice to delist WBTC. The custody supplier alleged that this was an unfair assault on its fame that might probably result in it dropping “more than $1 billion in its market valuation.”
It moreover alleges that Coinbase was trying to monopolize the tokenized bitcoin (BTC) house to favor its personal product, Coinbase Wrapped Bitcoin (cbBTC).
BiT International is in search of an order that will obligate Coinbase to relist WBTC.
In its response to the lawsuit, Coinbase took goal at Solar. It identified that the choice to delist WBTC was centered round a perception that there was an “unacceptable risk that control of wBTC would fall into the hands of Justin Sun.”
Coinbase’s submitting additionally famous that BiT International “refused to answer” questions “about who ultimately owned and controlled BiT.”
Moreover, the alternate famous that it makes up “less than 1% of transactions involving wBTC,” suggesting BiT could have been exaggerating the potential hurt to its enterprise from this delisting.
The submitting additionally challenges the reputational harms instructed by BiT International, stating that “long before Coinbase took any action,” the market already began to react to the change in WBTC. In response to Coinbase, this implies “any diminished trust in wBTC was caused by its association with Mr. Sun — not by Coinbase.”
Displays hooked up to the filings and declarations additionally instantly requested BiT International about Solar’s different tokenized BTC challenge, which is obtainable by Poloniex and for which he refuses to verify collateral.
BiT wasn’t capable of confirm the collateral of this different product.
