Coinbase has introduced a Proof of Reserves (PoR) system for its wrapped Bitcoin token, cbBTC, in response to concerns over transparency. The PoR data shows that Coinbase holds a total reserve of 26,525.15 BTC, with a corresponding supply of 26,461.05 cbBTC tokens. The distribution of cbBTC across networks includes Ethereum, Base, Solana, and Arbitrum. Coinbase has also disclosed specific Bitcoin addresses and their balances to enhance transparency. This move comes after criticism from figures such as Justin Sun, who raised concerns about cbBTC's lack of transparency and potential for asset seizures. While the introduction of PoR addresses some transparency issues, user apprehensions about liquidity and operational integrity persist. The crypto community continues to call for increased transparency and accountability from centralized exchanges.



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