Coinbase, a major cryptocurrency exchange, has issued a warning for Cardano and Litecoin investors following the launch of new tokens cbADA and cbLTC. These tokens represent wrapped versions of their respective cryptocurrencies and serve to provide liquidity on the Base platform.
Introduction of cbADA and cbLTC
cbADA and cbLTC are wrapped versions of Cardano and Litecoin using the ERC-20 token standard. These tokens will allow Coinbase users to expand the use of ADA and LTC in applications on the Base blockchain. Currently, over 11,300 wrapped LTC and 2.9 million wrapped ADA are in circulation, with a total locked value of more than $3 billion.
Fraud Warning
Coinbase has warned that fraudsters may attempt to take advantage of the excitement surrounding the launch of new tokens. "There may be fraudulent actors pretending to be cbADA and cbLTC," Coinbase stated. The exchange provided the official contract addresses for the wrapped assets on Base to help users protect themselves.
Other Coinbase News
In other Coinbase announcements, plans to add the Wormhole (W) token from the Solana network to its roadmap have been revealed. Additionally, tokens like Render (RENDER) and Ethena (ENA) have been made available for users in Germany, expanding the platform's capabilities. Tokens Newton (NEWT) and Sonic (S) are also now accessible on Coinbase and in the mobile apps.
The insights from Coinbase's recent developments emphasize the importance of caution for cryptocurrency investors. Verification of information and security remain crucial when engaging with new tokens in the market.
