According to ChainCatcher, after Coinbase decided to delist Wrapped Bitcoin (wBTC), it was sued by Hong Kong-based BiT Global Digital Limited for over $1 billion, accusing it of market manipulation and anti-competitive behavior.

BiT Global accuses Coinbase of undermining wBTC to promote its own competing product cbBTC, causing financial losses and weakening consumer confidence in wBTC. The lawsuit alleges violations of the Sherman Act and false statements regarding wBTC's compliance with listing standards, as well as predatory behavior.

BiT Global's legal team stated that Coinbase's actions threaten market fairness. The lawsuit seeks over $1 billion in damages and requests injunctive relief to prevent further harm to the wBTC market.