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Justin Sun-affiliated BiT Global has filed a lawsuit in the Northern District of California against Coinbase that alleges a variety of infractions centered around the exchange’s decision to delist Wrapped Bitcoin (WBTC).  When Coinbase decided to delist WBTC, it claimed that as of its “most recent review,” WBTC no longer met its listing requirements. This led Sun to launch a series of hypocritical complaints at the exchange, including implying that Sun-owned Poloniex has deep issues that prevent it from completing a proof-of-reserves process. Launch of cbBTC, WBTC competitor, sparks Justin Sun hypocrisy Read more: Justin Sun reveals Poloniex issues prevent proof of reserves  BiT Global’s lawsuit claims that it risks suffering losses of “more than $1 billion in its market valuation” due to the assaults on its reputation from Coinbase. Furthermore, it tries to claim that Coinbase is motivated by a desire to monopolize the tok...

MacLane Wilkison has submitted a proposal to the Threshold Network, which issues tBTC, to merge with WBTC, the ‘Wrapped Bitcoin’ product, which has attracted attention thanks to its recent partnership with BiT Global and Justin Sun.  This proposal would involve Threshold Network minting a significant new amount of its token, an amount apparently worth over $36 million (though that would be before the dilution of these new tokens).  Practically, the proposal details how Threshold would become the sole ‘merchant’ on the WBTC network, and the functions of the under-used WBTC DAO would be transferred to the Threshold Network. The management of the bitcoins that back WBTC would then be transferred to tBTC. How involved is Justin Sun with WBTC’s new custodian BiT Global? Read more: MakerDAO disables WBTC borrows after Justin Sun involvement revealed A user with the username ‘student’ highlighted that this proposal would end up transferring more...