BiT Global agrees to withdraw lawsuit regarding Coinbase delisting wBTC

According to Foresight News, BiT Global has agreed to withdraw the lawsuit against Coinbase regarding the delisting of wBTC, which was filed shortly after Coinbase launched its competitor cbBTC. Documents show that BiT Global's lawyers have agreed to withdraw the lawsuit and are prohibited from refiling. Both parties have agreed to bear their own legal costs incurred by the litigation. Previously, BiT Global became a "strategic partner" supporting BitGo, backed by Justin Sun, and provided wBTC services. Coinbase's Chief Legal Officer Paul Grewal stated on social media that this victory confirms Coinbase's clear right to manage user safety and risk. According to CoinGecko data, wBTC currently has a market capitalization of approximately $13.6 billion, while Coinbase's cbBTC has a market capitalization of about $4.7 billion.