Major cryptocurrency exchange Coinbase has issued a warning to Cardano (ADA) and Litecoin (LTC) investors following the launch of cbADA and cbLTC, new ERC-20 tokens that are now available on Base, Coinbase's layer-2 blockchain.
cbADA and cbLTC are wrapped versions of Cardano and Litecoin that use the ERC-20 token standard to bring ADA and LTC liquidity currently to the Base ecosystem. Coinbase maintains 1:1 reserves of the underlying assets that support Coinbase Wrapped tokens.
The move allows Coinbase users to do more with ADA and LTC by utilizing cbADA and cbLTC with Base's on-chain apps.
Over 11,300 wrapped LTC and 2.9 million wrapped ADA are already circulating on Base, with a total locked value of more than $3 billion. Coinbase has already released wrapped versions of Bitcoin, Ethereum, XRP and Dogecoin on Base.
As with any new token launch, bad actors may seek to take advantage of community excitement on the release. Coinbase has alerted users about potential fraudulent tokens masquerading as cbADA and cbLTC.
"There may be fraudulent actors pretending to be cbADA and cbLTC," Coinbase stated. To protect users, the crypto exchange shared the official Base contract addresses for the wrapped assets.
The safety rule for crypto holders remains the same: verify, stay alert and do not trust anyone — check before taking action.
In other Coinbase announcements, Solana network token Wormhole (W) has been added to the crypto exchange's roadmap, indicating potential listing.
Render (RENDER) and Ethena (ENA) are now available to German residents, allowing users to buy, sell, convert, send, receive or store these assets at Coinbase along with the Coinbase iOS and Android apps.
Newton (NEWT) and Sonic (S) are now available on Coinbase and in the Coinbase iOS and Android apps.
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