BlockBeats News, June 8th, according to TheBlock, BiT Global, supported by Justin Sun, has agreed to withdraw the lawsuit regarding Coinbase's delisting of wBTC. The lawsuit was filed shortly after Coinbase launched wBTC's competitor, cbBTC. The documents show that BiT Global's lawyers have agreed to dismiss the lawsuit and are barred from bringing it up again. Both parties have agreed to bear their own legal expenses arising from the lawsuit. Coinbase's Chief Legal Officer, Paul Grewal, stated on social media that this victory reaffirms Coinbase's explicit right to manage user safety and risk.
wBTC and cbBTC are both wrapped Bitcoin tokens that allow users to hold Bitcoin on different blockchain networks. According to CoinGecko data, the current market capitalization of wBTC is approximately $13.6 billion, while Coinbase's cbBTC has a market capitalization of around $4.7 billion.
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