Coinbase has issued a warning for holders of several cryptocurrencies due to concerns about counterfeit tokens and fraudulent schemes.
Warning from Coinbase
Coinbase has issued a clear warning for holders of XRP, Dogecoin, Litecoin, and Cardano stating that the new tokens, cbXRP, cbDOGE, cbLTC, and cbADA, are not yet available for trading. In its official Twitter, Coinbase warned users to be careful with fake listings or unofficial tokens.
New Tokens and Fraud
In the lead-up to new token launches, there is an increase in fraudulent schemes. Coinbase published official contract addresses for each of the upcoming tokens to help users identify the correct assets and avoid counterfeits. 'There could be fraudulent actors making false claims that cbADA, cbDOGE, cbLTC, and cbXRP are available to trade,' the company stated.
Coinbase's Expanding Strategy
Coinbase is strengthening its presence in traditional financial markets, alongside its latest announcement about new tokens. The exchange recently became the first crypto platform added to the S&P 500 index, positively impacting its stocks. Coinbase is also expanding its presence among institutional clients through mergers and product expansion, including its attempt to acquire Deribit for $2.9 billion.
Holders of XRP, DOGE, LTC, and ADA should remain vigilant as Coinbase prepares to launch new tokens. The exchange is fostering open communication to enhance user safety.
