Coinbase and Bit Global have reached a legal agreement that ended their dispute on the elimination of the token bitcoin (WBTC) involved (WBTC) of Global Bit in Coinbase.
According to a presentation of the Joint Court, Bit Global agreed to dismiss its demand against the exchange of cryptography with prejudice, which means that the case cannot bring again in the future. The presentation indicates that both companies will cover their own legal expenses.
Bit Global had filed the lawsuit last year in the northern district of California after Coinbase eliminated the Token about what he said was “unacceptable risk” that the tokenized BTC “would fall into the hands of Justin Sun.”
Sun joined WBTC in August last year through an association, which led Coinbase to question Bit Global about his role. However, Sun, a cryptographic billionaire born in China, has been supporting Token, and World Liberty Financial eliminated his CBBTC for WBTC after he joined as an advisor.
The lawsuit claimed that the decision of the exchange was not justified and harmed the liquidity and reputation of the Token while favoring the CBBT of Coinbase competitive assets. Coinbase launched CBBTC only two months before announcing that WBTC was eliminating.
The dismissal does not reveal any liquidation term beyond the cost agreement.
