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Crypto exchange Coinbase has cited risks linked to Tron-founder Justin Sun during a lawsuit over its delisting of Wrapped Bitcoin (wBTC). In a recent complaint, the wBTC custodian and Sun-affiliated BiT Global accused Coinbase of using wBTC – the tokenized representation of Bitcoin (BTC) on the Ethereum (ETH) blockchain – as a “cash grab” before delisting it and replacing it with its own version of the asset. Said the complaint, “In the case of wrapped Bitcoin, Coinbase viewed it as just another cash grab. It saw a competitor, wBTC, that had something it wanted: an innovative product that released value inherent in Bitcoin and let users utilize that value in bold new ways… Coinbase decided it would take what it wanted. Once the value in wBTC had been demonstrated, Coinbase changed the rules, delisting wBTC from its platform so that it could no longer be traded on the Coinbase platform – and it did so shortly after launching its own knock-off clone called cbBTC.”...

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...