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Coinbase Says It Nixed wBTC Because Justin Sun Posed ‘Unacceptable Risk’

BiT Global, issuer of the “wrapped bitcoin” token, “refused” to answer Coinbase’s questions about Sun’s involvement, the exchange said in a court filing.

Coinbase delisted wBTC “due to the unacceptable risk” that the top bitcoin stand-in on Ethereum “would fall into the hands of Justin Sun,” the exchange said Tuesday in response to a lawsuit over its decision.

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Market observers had previously read between the lines of Coinbase’s November nixing of wBTC. At the time, the exchange cited its listing standards as the reason for the move without elaborating. Last week, wBTC’s issuer BiT Global filed a wide-ranging suit accusing Coinbase of improperly favoring its competing asset, cbBTC.

But in a 25-page response, Coinbase said the decision had everything to do with Justin Sun, the crypto billionaire and founder of the Tron blockchain, who is also accused of fraud and market manipulation in the United States. Sun became associated with wBTC via a partnership announced in August, according to Coinbase’s filing.

“Coinbase—like many others in the industry—had serious questions about whether BiT could be a reliable steward given Mr. Sun’s involvement,” the exchange said.

Coinbase initiated a review of wBTC after the partnership’s unveiling. It asked BiT questions about its ownership and Sun’s suspected involvement, but the firm “refused” to answer them, Coinbase’s filing said.

“At the conclusion of its diligence, Coinbase concluded that Mr. Sun’s affiliation with—and potential control over—wBTC presented an unacceptable risk to its customers and the integrity of its exchange,” the filing said.

Whether Sun has any involvement with BiT remains unclear. Lawyers for BiT Global did not immediately return a request for comment. Neither did representatives of Tron.

But the mere appearance of a connection was enough to spook Coinbase into cutting ties, it said.

“No law supports BiT’s claims—and certainly none compels Coinbase to host an asset on its exchange that is now connected to an individual with a long history of alleged fraud and market manipulation,” the filing said.

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Bitcoin Takes a Breather After Doji Candle in a Cautious Pre-Fed De-Risking

BTC takes a breather after an indecisive Tuesday, as the Fed is expected to cut rates Wednesday while signaling slower easing next year.

Bitcoin (BTC) is taking a breather, experiencing selling pressure after Tuesday’s indecisive price action marked by a Doji candle. This seems to be a classic case of traders de-risking in anticipation of an expected hawkish Fed rate cut later Wednesday.

The leading cryptocurrency by market value traded around $103,750, marking a 2% drop for the day, according to TradingView and CoinDesk data. Prices had surged to a record high of over $108,000 on Tuesday but failed to maintain those gains, ending the UTC day flat. That formed a ‘doji,’ a candlestick pattern that signifies indecision and potential bullish exhaustion when seen at record highs.

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As expected, bitcoin’s decline has resulted in even larger losses for alternative cryptocurrencies, but some majors, such as XRP, SOL, and ETH, are experiencing losses comparable to BTC.

The Fed will announce the rate decision, the interest rate dot plot, projections, and economic forecasts at 14:00 ET. Fed Chair Jerome Powell’s press conference will be held a half hour later.

The consensus is that the Fed will cut rates by 25 basis points to the 4.25% to 4.5% range, marking a total easing of 100 basis points since September. But, the dot plot is expected to show fewer rate cuts for next year.

“The risk of slightly stronger near-term growth with the threat of higher inflation – tariffs putting up prices of goods and immigration controls potentially lifting wages and costs in the likes of agriculture, construction and hospitality sectors – means that we expect them to signal only three rate cuts in 2025. Previously, they had suggested four,” analysts at ING said in a note to clients.

“We look for 25bp of cuts per quarter in 2025 with a terminal rate of around 3.75% in the third quarter,” analysts added, noting the possibility of the Fed revising their projections for economic growth and inflation.

These so-called hawkish expectations are likely fueling the de-risking in the crypto market that is looking for reasons to correct, having seen prices for BTC soar from $70,000 to over $100,000 in less than two months.

It’s important to note that fewer rate cuts do not necessarily mean tightening; easing is still on the table. This suggests that the path of least resistance for risk assets remains tilted toward the upside.

NFTs Are Making a Comeback as Trading Volumes Surge: Galaxy Research

Leading marketplaces such as OpenSea, Blur and Magic Eden have seen increased activity since November, the report said.

The non-fungible token (NFT) market is showing signs of recovery, Galaxy Research said in a report Monday.

NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.

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NFT volumes had been declining for most of the year, but began to reverse in November following the U.S. elections and the ensuing crypto market rally.

Weekly NFT trading volumes exceeded $100 million in early November for the first time since May, reaching $172 million on Dec. 2, Galaxy said.

“This resurgence has been primarily driven by increased activity among the top 25 collections by market cap,” analyst Gabe Parker wrote, with increased participation across leading marketplaces such as OpenSea, Blur and Magic Eden.

Blur and OpenSea were responsible for 60% and 27% respectively of the total volume over the last 30 days, the report noted.

NFTs linked to the Pudgy Penguins ecosystem have outperformed. Pudgy Penguins and Lil Pudgys collections saw their floor prices rise 206% and 265% respectively, the report added.

Dogecoin Pup’s IP Owner Bags Rights to Neiro, Putting Namesake Memes in Focus

IP-backed meme tokens are quickly becoming a hot topic in crypto circles. The market is showing signs of being wary of unlicensed offerings.

An intellectual property (IP) ownership could soon end up in a fight of digital dogs.

Own The Doge DAO, a collective that holds the original ‘doge’ meme, on Tuesday said it had acquired the rights to use pet shiba inu Neiro’s images and was holding a community discussion on which NEIRO token can continue to use the dog’s liking.

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“We’re pleased to announce that @kabosumama has officially granted our DAO the Neiro IP,” Own The Doge said on X. “When Atsuko revealed the name of her new adopted dog, Neiro, many tokens were launched in an attempt to capitalize on her name and story.”

“However, since then, these various tokens have battled each other to become the ‘real’ Neiro, with no agreed criteria. But it does not have to be this way. Our DAO owns the IP rights for Neiro,” the post said, adding that the doge community could join the DAO and vote for which token they considered the “real” one.

The ongoing discussion will let the community and outside members comment and find a way forward to use Neiro’s IP, before being put into an actual on-chain proposal voted on by DOG token holders.

Neiro is the shiba inu adopted by the human owner of Kabosu, the dog that inspired the “doge” meme, after she passed away in July. The announcement of a new dog spurred the creation of numerous NEIRO tokens on Solana and Ethereum at the time — with two such tokens surging to hundreds of millions in market capitalization and enjoying active communities as of Wednesday.

As far as Neiro’s owner Kabosumama was concerned, none of the tokens were legitimate.

“I see many tokens related to Kabosu and Neiro. To clarify, I do not endorse any crypto project except @ownthedog $dog because they own the original Doge photo and IP,” she said in an X post at the time. “They are committed to doing only good every day, charitable works, and Doge culture.”

“Please watch out for token scams,” she said.

The discussion has sprouted opinions from various token teams that use or are around Neiro — each claiming to be the first or claiming to be better than the other.

“We believe the Neiro IP should correspond with the first Neiro meme coin on-chain,” @Neirowoof, the first NEIRO token on any chain, said on the discussion page. “This being the original Neiro with a dedicated community who’s mission has been to guard the legacy of Kabosu since the day Atsuko made her blog post announcing Neiro’s adoption.”

“Unfortunately, we have been up against several power-hungry forces whose only goal was to usurp the narrative for a quick financial gain. Being the first Neiro means something special, as we are the true Sister of DOGE and the Guardians of Kabosu’s Legacy. We will never stop loving both Kabosu and Neiro for the lovely creatures and memes that they are,” the team added.

The discussions come as IP-backed memecoins start to become an important topic in the world of memecoins, which have so far operated without any legal troubles.

IP, or intellectual property, can include characters from memes, video games, or any cultural phenomenon that have officially been trademarked or copyrighted before their tokens were offered to the public.

Tokens are starting to face the risk of legal action from IP holders if they do not own or securing rights to the IP they emulate or represent. Non-IP tokens like chillguy (CHILLGUY) and pnut (PNUT) are already facing legal challenges despite being popular and widely traded.

On Monday, Mark Longo, the owner of Peanut the Squirrel which inspired the PNUT token, issued a cease-and-desist letter to Binance, accusing it of trademark infringement for listing and offering the PNUT memecoin.

Longo claimed Binance used his “Peanut the Squirrel” trademark and mascot likeness without permission, noting he has been using the PNUT brand for educational and animal welfare initiatives since 2017.

Could NEIRO tokens see the same fate soon? Their communities will decide.

Bitcoin Lightning Fintech ZBD Approved to Receive EU MiCA License by Dutch Regulator

Countries like the Netherlands are preparing for MiCA implementation.

ZBD, a payment platform powered by the Bitcoin Lightning network, said the Dutch Authority for the Financial Markets (AFM) approved its application for a European Union MiCA license.

When MiCA takes effect and the license is granted on Dec. 30, ZBD will be able to offer a wide range of crypto custody and crypto exchange services throughout the trading bloc, the company, formerly known as Zebedee, told CoinDesk on Wednesday.

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The company first submitted the application in April. The list of applicants receiving a license will be visible on the AFM’s website once MiCA kicks in, the regulator said.

Countries like the Netherlands are among the nations in the EU that have been getting companies ready for MiCA to take full force. Many others have yet to pass the required legislation for MiCA to take effect in their jurisdictions.

Binance Abruptly Deletes Alpha Watchlist Tokens, Spurring Unforeseen Pump and Dump

One trader lost $102,000 after getting swept up in the short-lived pump and dump.

Cryptocurrency exchange Binance posted a list of “alpha watchlist tokens” to one of its Telegram channels on Wednesday, causing a spike in the mentioned tokens, however it then clarified that the information was “false” which led to the tokens giving up their newfound gains.

The post read: “Ready to explore early stage crypto projects?” before naming Wise Monkey (MONKY), Happy Cat (HAPPY), Rifampicin (RIF), Zircuit (ZRC) and ai16zeliza (ELIZA) as five projects with “strong fundamentals” and “active communities.”

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Several traders speculated over whether the Telegram group was fake and trying to lure people into a rug pull, but it turns out that it was posted by binance_web3_wallet_community, which is an official Binance channel.

MONKY rose by 38% after the post before dropping by 22% when it was deleted. One trader lost $102,000 in 12 minutes after buying 1.42M ELIZA at $0.1376 before panic selling at $0.09567 whilst the rest of the position was liquidated at $0.01157 when the false news was confirmed.

Binance did not immediately respond to CoinDesk’s request for comment.

WazirX’s WRX Plunges 60% After Binance Delisting, Dampening Hopes of a ‘Fresh Start’

Delisting a token from major exchanges is often perceived as a lack of confidence in its viability or future, triggering negative market sentiment around the affected token.

A Binance delisting decision sent prices of defunct crypto exchange WazirX’s WRX tokens down 60% in an hour, even as the exchange hopes for a “fresh start” of its platform.

Binance said Wednesday that it was delisting WazirX’s WRX, along with Kaon (AKRO) and Bluzelle (BLZ), as part of a regular review of tokens that no longer meet its offering standards.

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Delisting a token from major exchanges is often perceived as a lack of confidence in the token’s viability or future, triggering a negative market sentiment around the affected token. Prices of AKRO and BLZ fell as much as 40% after the announcement, but WRX was the hardest hit.

WRX token exchange hands at 10 cents as of Wednesday, down 98% from a 2021 peak above $5.

The delisting is another blow for the once-darling Indian exchange WazirX. It was the biggest exchange in India by volumes and popularity before a $230 million hack in July, accounting for over 45% of the total user assets reserves cited by the exchange in a June report. The exchange has since filed for a restructuring process in Singapore to clear its liabilities.

The hacker laundered all the stolen funds to various addresses using Tornado Cash to obscure the transactions, as CoinDesk reported in September, further dampening hopes of a full recovery.

WazirX, still reeling from the financial and reputational damage, has worked to recover the funds with limited success. It has faced criticism for its handling of the crisis, especially concerning user communication and fund recovery processes.

https://twitter.com/WazirXIndia/status/1869278034769146040

The exchange is making various efforts to restart operations. The company said in a Wednesday post it plans to restart the business and launch a decentralized exchange, intending to keep the brand alive.

“We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors,” the company said on X. “Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.

That came a day after WazirX floated the concept of recovery tokens (RTs), which are proposed as a mechanism to compensate users for losses the hack.

These tokens will be airdropped to creditors based on their platform balances, offering recovery through future platform profits, potential buybacks, and trading on open markets, per a post.

Custody Firm Taurus Partners With Temenos Bringing Crypto Wallets to Thousands of Banks

Banks that use Temenos core software can now easily create crypto wallets and have exposure to any type of digital assets they want

Swiss cryptocurrency custody specialist Taurus is collaborating with Temenos, a firm that provides core banking software to many of the world’s largest financial institutions, allowing those banks to quickly and easily create crypto wallets and transfer a wide range of digital assets.

This collaboration is important as the Geneva-headquartered Temenos is quite big: the firm has 67 offices in 40 countries and serves over 3000 banks and financial institutions. Taurus, whose crypto custody clients include the likes of Deutsche Bank and State Street, says it is the first digital asset custody platform to fully integrate with Temenos.

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The integration means banks using Temenos can avail themselves of one-click crypto wallets that seamlessly connect with traditional accounts, as well as automated deposit, transfer, and withdrawals, and real-time booking, reconciliation and regulatory reporting for digital assets, according to a press release.

“It means banks using Temenos can have exposure to any type of digital assets they want,” Taurus co-founder Lamine Brahimi told CoinDesk in an interview. “That could be cryptocurrencies, tokenized securities, stablecoins, even memecoins if they wish and their risk department is open to it.”

It’s good timing, Brahimi said, given the imminent arrival of a pro-crypto administration in the U.S., as well as Europe going live with the markets in crypto assets regulation (MiCA).

“Everybody is preparing for regulatory clarity in the U.S.,” Brahimi said. “America is a big market for Temenos and they have a lot of their C suite there. So, we are making ourselves ready, not just in the U.S., but everywhere; hopefully to start in Q1 of next year.”

RWA-Focused Network Plume Raises $20M from Brevan Howard and Others Ahead of Mainnet Launch

The platform has brought over $4 billion of traditional assets on-chain, ranging from renewable energy projects to mineral rights and private credit.

Plume, a blockchain network focused on real-world assets, raked in $20 million in fresh funds in a Series A fundraising round, the platform told CoinDesk on Wednesday.

Investors participating in the round included Brevan Howard Digital, Haun Ventures, Galaxy Ventures, Lightspeed Faction, Superscrypt, Hashkey, Nomura’s crypto arm Laser Digital, A Capital, 280 Capital, SV Angel, Reciprocal Ventures and others. The fresh investment round followed a $10 million seed fundraising in May led by Haun.

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With the investment, the team plans to speed up the development of its own layer 1 blockchain. Plume’s mainnet launch is slated for early next year, the press release said.

Plume aims to streamline bringing and investing in traditional financial instruments, or tokenized real-world assets (RWA), on blockchain rails with its tokenization engine, and is also developing an Ethereum Virtual Machine (EVM)-compatible blockchain where users can trade assets. RWAs are a rapidly growing class of digital assets, with analysts forecasting to mushroom into a market worth several trillions of dollars over this decade as crypto firms and big financial institutions place assets like bonds, commodities and real estate on blockchains.

Plume said it has onboarded over $4 billion worth of assets to its ecosystem including private credit funds, renewable energy financing and mineral rights. The platform also brought niche products on-chain that often are not widely available to average investors such as graphics processing units (GPU) and carbon credits, noted Will Nuelle, general partner of Galaxy Ventures, one of Plume’s investors.

“RWAs have always had tremendous demand, but historically the infrastructure to bring these assets on-chain just hasn’t existed,” said Chris Yin, co-founder and CEO of Plume. “Through our technology and ecosystem, we plug them directly into our community, ecosystem, and liquidity and all in an open, permissionless and composable way.”

Coinbase Alums Patchwork Take Next Step Toward No-Code Blockchain Development

Patchwork Create is another foundational step towards building no-code applications.

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Patchwork, a startup focused on simplifying blockchain and smart-contract development founded by former Coinbase employees, has released the next version of its low-to-no-code tools for building decentralized applications (dapps).

Currently linked to Coinbase’s popular Ethereum layer-2 network Base and backed by Coinbase Ventures, the “Create-Patchwork” picks-and-shovels approach lowers the barriers to building blockchain applications and attaching data to them.

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Following the trend toward easily generated content, the complex world of blockchains and smart-contract design is on a path to no-code applications, or “text-to-app” experience.

Create-Patchwork is the first of several features the team plans to roll out in early 2025 and a foundational step to enable creators to generate contracts and applications in seconds using natural language inputs.

“Patchwork is an Ethereum protocol that makes it really easy to build dynamic on-chain applications,” co-founder Kevin Day said in an interview. “It lets on-chain things own other on-chain things, and it allows anyone to attach programmable data to on-chain things.”

User-friendly examples of Patchwork’s data modelling include things like attaching on-chain ownership to valuable gaming items such as weapons, or attaching a marker that a particular smart contract has been audited, or perhaps a reputation score to indicate whether something has ever been hacked, Day said.

Prior to creating Patchwork, Day was part of the team that built Paradex, a decentralized exchange crossed with a central limit order book familiar to traditional traders, which was acquired by Coinbase in early 2018. Day and company ended up working on the Coinbase core exchange, but decided to leave after about four years.

“We always had the itch to get back into the real Web3 development space, so we decided to get the band back together,” he said.