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Home»ALTCOIN NEWS»Coinbase said Justin Sun was an ‘unacceptable risk’ in packaging Bitcoin after delisting wBTC.
ALTCOIN NEWS

Coinbase said Justin Sun was an ‘unacceptable risk’ in packaging Bitcoin after delisting wBTC.

By Crypto FlexsDecember 18, 20243 Mins Read
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Coinbase said Justin Sun was an ‘unacceptable risk’ in packaging Bitcoin after delisting wBTC.
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Cryptocurrency exchange Coinbase cited risks associated with Tron founder Justin Sun in its lawsuit over the delisting of Wrapped Bitcoin (wBTC).

In a recent complaint, wBTC custodian and Sun-affiliated BiT Global accused Coinbase of using wBTC (the tokenized representation of Bitcoin (BTC) on the Ethereum (ETH) blockchain) for a “cash-out” and delisting it to exchange for existing bitcoins. They criticized it for replacing it with coins. Your own version of the asset.

I complained,

“In the case of packaged Bitcoin, Coinbase viewed it as another cash grab. Competitor wBTC had what it wanted. It was a revolutionary product that unlocked the value inherent in Bitcoin and allowed users to leverage that value in bold new ways.

Coinbase decided to take what they wanted. Once the value of wBTC was proven, Coinbase changed its rules and removed wBTC from its platform so that it could no longer be traded on the Coinbase platform. We did that right after we launched a clone called cbBTC.”

In response to the complaint, Coinbase said it decided to delist wBTC because of its association with Justin Sun and the risks his influence could pose. The exchange notes that Sun’s name is “conspicuously” missing from BiT’s complaint.

“Coinbase has made the decision based on a rigorous internal process that wBTC should be delisted from the Coinbase exchange due to the unacceptable risk that control of wBTC could fall into the hands of Justin Sun. Now BiT is asking the court to override Coinbase’s ruling that continuing to list wBTC would undermine the integrity of its platform and put customers at risk.

BiT seeks to force Coinbase to do business with companies that no longer adhere to Coinbase’s standards due to Mr. Sun’s “significant intervention.” However, Mr. Sun’s name and his connection to wBTC are conspicuously absent from BiT’s complaint and request for a temporary restraining order (TRO). “It is acknowledged that he has been repeatedly accused, investigated and sued for financial misconduct and that reports of his misconduct have been disseminated more broadly in the media and the cryptocurrency community.”

Coinbase also claimed that Sun is a “notorious” figure in the cryptocurrency community and has been accused of several illegal activities, including market manipulation and digital asset abuse.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created by: Midjourney

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