Recently, Bit Global announced that it has filed a lawsuit against Coinbase regarding the delisting of WBTC. On that day, we discussed how this decision might arise from the potential control of WBTC by Justin Sun, the founder of Tron, as well as the emphasis on cbBTC. Coinbase has now made a statement regarding its appeal against the lawsuit, shedding light on key details.
Justin Sun, TRX, and Coinbase
For years, we have highlighted Justin Sun as a controversial figure in the crypto space. Although TRX has grown, Sun has remained a figure met with skepticism from experienced community members. Recently, Sun announced that he would reveal something significant for TRX, but this announcement has since been forgotten without any major updates.
Coinbase has appealed the “unfair delisting” lawsuit regarding WBTC, emphasizing the risk of WBTC falling under the control of someone like Justin Sun.
In its appeal, which exceeds 30 pages, Coinbase specifically addressed Sun:
“Coinbase determined that the risk of WBTC falling under Justin Sun’s control is unacceptable and thus decided to delist WBTC from its platform.”
Furthermore, Coinbase argues that Bit Global is attempting to pressure it into dealing with an entity that no longer meets its standards due to Sun’s significant involvement. Coinbase has faced allegations that Sun has violated industry standards meant to prevent fraud.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
