Coinbase has launched its own wrapped bitcoin project called Coinbase Wrapped BTC (cbBTC) amid recent controversies surrounding WBTC's involvement with Justin Sun. Coinbase's new token is available on Ethereum and its Base network, and can be used in the decentralized finance (DeFi) ecosystem. Marketcap for cbBTC is currently around $100 million. The announcement of Sun's involvement with WBTC prompted some DeFi projects, including Maker, to re-evaluate their treatment of WBTC. Sun criticized cbBTC, stating it lacks Proof of Reserve and can freeze balances, despite his own involvement with Poloniex's Bitcoin-on-Tron product, which lacks transparency.



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