On January 23, Cointelegraph reported that Coinbase filed an application with the Federal Court for the Northern District of California on January 21, requesting the dismissal of BiT Global’s lawsuit regarding the delisting of wBTC.
Coinbase said that because BitGo announced in August 2024 that it would jointly manage wBTC Bitcoin reserves with Justin Sun’s BiT Global, this posed an “unacceptable risk”, prompting it to suspend wBTC trading on December 19, 2024.
The court will hold a hearing on the motion to dismiss on April 3. Previously, the court had refused to issue a restraining order prohibiting Coinbase from delisting wBTC.
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