Coinbase and Bit Global have reached a legal settlement that terminated a dispute over the abolition of Bit Global’s Wrap Bitcoin (WBTC) tokens at Coinbase.
According to a joint court filing, BIT Global agrees to dismiss the lawsuit against crypto exchange with bias. The filing points out that both companies will cover their own legal costs.
Bite Global filed a lawsuit last year in the Northern District of California after Coinbase repealed the tokens over what it said was “in the hands of Justin Sun” and “an unacceptable risk.”
Sun partnered with WBTC through a partnership last August, beginning to raise Coinbase to question Bit Global about his role. Nevertheless, Chinese-born crypto billionaire Sun is supporting Tokens, and World Liberty Financial removed CBBTC for WBTC after joining as an advisor.
The lawsuit alleges that the exchange’s decision was unfair and undermines Coinbase’s competing assets CBBTC, while undermining the liquidity and reputation of the token. Coinbase launched CBBTC two months before it announced its WBTC listing registration.
The dismissal does not disclose terms of the settlement other than the cost arrangement.