CandleFocus Coinbase Issues Crucial Warning as Tokenized Bitcoin Launches
2024-09-12
Author: Content Editor
Coinbase has issued a warning to the crypto community regarding fraudulent actors pretending to be Coinbase Wrapped BTC (cbBTC) following its debut. cbBTC is an ERC20 token backed 1:1 by Bitcoin held by Coinbase. The exchange shared the correct contract addresses for cbBTC and emphasized the need for vigilance to avoid falling victim to scams. Coinbase aims to increase economic freedom by offering users more options for using their Bitcoin through cbBTC. There will be no separate order book or trading pair for cbBTC on Coinbase, as it automatically converts between BTC and cbBTC.
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