Coinbase warns users about scams following cbBTC launch, emphasizing the need to verify official contract addresses to avoid fraud.
The launch of cbBTC aims to bridge Bitcoin liquidity across multiple chains, enhancing financial network integration and user flexibility.
Coinbase, one of the largest cryptocurrency exchanges, has rolled out its new Coinbase Wrapped BTC (cbBTC), an ERC20 token fully backed 1:1 by Bitcoin held by the exchange. Initially, cbBTC will operate on the Base and Ethereum networks, with plans to expand to additional chains in the future. This development aligns with a previous CNF report on Coinbase’s plans to release wrapped Bitcoin after dropping a teaser on X.
As shared in a recent tweet by Coinbase, there are many fraudulent actors pretending to offer cbBTC. Therefore, Coinbase has shared the official contract addresses for cbBTC on Base and Ethereum.
There are many fraudulent actors pretending to be cbBTC. The contract addresses for cbBTC are:Base: 0xcbb7c0

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