Coinbase Warns Customers Following Tokenized Bitcoin Launch

ByTecha Viral
Coinbase Warns Customers Following Tokenized Bitcoin Launch
  • Coinbase warns customers about scams following cbBTC launch, emphasizing the necessity to confirm official contract addresses to keep away from fraud.
  • The launch of cbBTC goals to bridge Bitcoin liquidity throughout a number of chains, enhancing monetary community integration and consumer flexibility.

Coinbase, one of many largest cryptocurrency exchanges, has rolled out its new Coinbase Wrapped BTC (cbBTC), an ERC20 token totally backed 1:1 by Bitcoin held by the trade. Initially, cbBTC will function on the Base and Ethereum networks, with plans to broaden to extra chains sooner or later. This growth aligns with a earlier CNF report on Coinbase’s plans to launch wrapped Bitcoin after dropping a teaser on X.

As shared in a current tweet by Coinbase, there are numerous fraudulent actors pretending to supply cbBTC. Due to this fact, Coinbase has shared the official contract addresses for cbBTC on Base and Ethereum.

Moreover, as detailed within the Coinbase Weblog, Coinbase issued an pressing warning to its group, alerting customers to the presence of fraudulent actors making an attempt to take advantage of the discharge of cbBTC.

Scammers are reportedly pretending to supply cbBTC, prompting Coinbase to share the proper contract addresses for the token on each Base and Ethereum. The corporate burdened the significance of verifying addresses to keep away from potential scams.

cbBTC represents a serious milestone for Coinbase because it goals to hyperlink off-chain Bitcoin liquidity to quick, low-cost monetary networks like Ethereum and Base. The token is predicted to boost the monetary ecosystem by bridging belongings throughout a number of chains, offering customers with extra flexibility and choices to make the most of their Bitcoin.

In response to a current CNF replace, it was highlighted that Coinbase controls many of the custody marketplace for Bitcoin and Ethereum ETF issuers, making it a centralized vulnerability that hackers might goal. As of in the present day, Bitcoin (BTC) is buying and selling at $58,079.34, with a decline of 0.20% previously day and a 4% surge previously week.

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