COIN: Coinbase warns of Fake XRP, DOGE, ADA, LTC

By: fxleaders|2025/05/15 14:00:14

Coinbase Assets highlighted “there could be fraudulent actors making false claims that cbADA, cbDOGE, cbDLTC, and cbzXRP are available to trade,” about the growing number of phishing and scam attacks on the Base Layer-2 chain. 91 percent of memecoins on Base L2 had at least one feature of a security breach or a risk to investors, while 16 percent of the projects were outright scams. Dishonest people may claim that cbADA, cbDOGE, cbLTC, and cbXRP are tradeable. But Base L2 has caused a stir with several meme coins with animal themes and a lot of community support, such as Brett (BRETT), Keyboard Cat (KEYCAT), and Dog In Me (DOGINME). Coinbase clarified the official addresses of the upcoming wrapped Ripple ( XRP ), Cardano ( ADA ), and Dogecoin ( DOGE ) to allay concerns about such tokens’ legitimacy. Undoubtedly, the monthly hacks that cause multi-million dollar losses can be avoided by revealing the smart contract addresses early. The American-listed crypto exchange plans to launch four wrapped altcoin assets using its native Base Layer-2 chain. These include Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Ripple (XRP). They will all soon be accessible through specific Base Layer-1 smart contracts.

In three weeks, Drift, Hyperbridge, and KelpDAO were consecutively hacked, resulting in nearly $900 million in losses. Polygon's CEO wrote that the problem lies not with any single team, but with the "notary" style architecture shared by the entire industry—relying on one or two signers to stamp cro...

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