Coinbase and Bit Global have reached a legal solution that ended their dispute over the delisting of Bit Global’s wrapped Bitcoin (WBTC) token on Coinbase.
According to a joint court filing, bit Global has accepted to reject its lawsuit against Crypto Exchange with prejudice, which means the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.
Bit Global had brought the trial last year in the northern district of California, after Coinbase delisted the token over what it said was “unacceptable risk” that the tokenized BTC would “fall into the hands of Justin Sun.”
Sun joined WBTC last August through a partnership, causing Coinbase to question BIT Global about his role. Sun, a Chinese-born crypto billionaire, has nevertheless supported the token, with the World Liberty Financial who dropped his CBBTC for WBTC after he joined as an advisor.
In the case, the decision of the exchange claimed was unjustified and injured token’s liquidity and reputation while favoring Coinbases’s competing active CBBTC. Coinbase launched CBBTC just two months before announcing it was deleting WBTC.
The dismissal does not reveal any settlement conditions beyond the cost scheme.
