$4.86 billion
decision stop supporting wrapped Bitcoin
WBTC
$104,552.12
has drawn reaction from the cryptocurrency community.
The exchange cited its concerns about Tron
TRX
$0.2724
founder justin sol as a reason for the delisting, but many feel the explanation lacks solid justification.
On December 17, Coinbase responded to a lawsuit from BiT Global, a company linked to Sun. The lawsuit accused Coinbase of harming the WBTC market by removing the token from trading.
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the exchange noted Sun’s alleged involvement in financial misconduct and ongoing regulatory scrutinyarguing that these factors made WBTC an unacceptable risk.
Additionally, Coinbase’s legal filing details its concerns about Sun, pointing out allegations of fraud and other misconduct related to him. He also questioned the credibility of BiT Global due to its association with Sun.
The presentation said:
So is any acknowledgment that he has been repeatedly accused, investigated, and sued for financial misconduct, and that reports of his alleged misdeeds abound in the press and the broader crypto community.
Many believe Coinbase has not provided clear legal or technical bases for delisting WBTCrelying instead on Sun’s reputation to justify his actions.
One of the X users, @Pledditor, voiced frustration when describing the justification as weak. They described Coinbase’s decision as “fair guilt by association.”
While Coinbase faces criticism for its delisting from WBTC, Binance is dealing with its own legal challenges. Recently, Mark Longo accused the exchange of misusing his “Peanut the Squirrel” branding for the PNUT memecoin. How was the debate between Binance and Longo? Read the full story.
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