DefiLlama founder 0xngmi has publicly criticized Coinbase’s cbBTC token for its lack of transparency. In a social media post, the founder stated that while most cross-chain bridges, including WBTC, provide proof of reserves to ensure user confidence, Coinbase has failed to implement this standard.
0xngmi explained that DefiLlama has not listed cbBTC on its platform due to the inability to verify its Total Value Locked (TVL). The founder emphasized that the platform maintains consistent standards for all projects and will not make exceptions, even for major players like Coinbase.
Previously, Coinbase CEO Brian Armstrong admitted in a statement that cbBTC has a centralized structure. However, he denied the allegation that the Bitcoin ETF transactions mediated by Coinbase were carried out later than the normal date.
