Coinbase has officially confirmed plans to introduce wrapped versions of XRP, Litecoin, Dogecoin, and Cardano on its Ethereum Layer-2 network, Base.
The upcoming wrapped tokens — cbXRP, cbLTC, cbDOGE, and cbADA — will be ERC-20 representations of their native counterparts. While the exchange disclosed contract addresses for each token, it clarified that these assets are not yet live or available for trading.
Coinbase Cautions Against Prelaunch Scams
Amid the announcement, Coinbase issued a warning about fraudulent claims regarding the availability of these tokens. The company stated that cbADA, cbDOGE, cbXRP, and cbLTC are currently not tradable and advised users to remain cautious.
To counter misinformation, Coinbase published the official Base contract addresses, providing users with a verified reference point for when the assets do launch. The precaution reflects an increasing concern over crypto-related scams, especially those exploiting early announcements to mislead users.
There could be fraudulent actors making false claims that cbADA, cbDOGE, cbLTC, and cbXRP are available to trade. The only official Base contract addresses for these assets will be:
cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
cbDOGE:…— Coinbase Assets 🛡️ (@CoinbaseAssets) May 13, 2025
Coinbase’s prior experience with cbBTC offers context. The exchange launched cbBTC, a wrapped version of Bitcoin backed 1:1, in September 2024. In November, cbBTC expanded beyond Ethereum, debuting on Solana to boost cross-chain adoption.
With similar mechanics expected for the new assets, Coinbase appears to be following a consistent strategy.
Boosting Derivatives and Global Reach
Notably, the crypto exchange has been steadily growing its presence among institutional investors. On May 8, Coinbase disclosed that it had reached a $2.9 billion deal to acquire Deribit, a crypto options trading platform.
The transaction includes a $700 million cash component, alongside 11 million shares of Coinbase stock. This acquisition marks one of the largest recorded deals within the crypto sector to date.
Security Flaws Continue to Attract Criticism
While expanding its product offerings, Coinbase continues to face scrutiny over its security practices. Blockchain security analyst Tayvano reported that scammers steal over $50 million weekly through account takeovers on the platform.
Kids steal >$50m every weekend via Coinbase CEX account takeovers.
Coinbase has failed to understand, detect, or stop these for over a year.
Coinbase instead decided to build a feature that gives scammers a direct, encrypted line to all their wallet users.
Incredible. https://t.co/7tXrrD4NzA
— Tay 💖 (@tayvano_) May 14, 2025
She said these attacks have persisted for over a year without an effective response from the company. In addition, Coinbase recently introduced an encrypted messaging feature, which Tayvano claimed could provide scammers with a new way to target users directly.
Scammers often impersonate Coinbase employees, exploiting trust to access user accounts. The persistence of such tactics has intensified pressure on the exchange to implement stronger detection systems. Although Coinbase has issued advisories and security updates, concerns from cybersecurity professionals have not subsided.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
