Justin Sun Criticizes Coinbase’s New Product

🟦 Justin Sun, the founder of the Tron blockchain and advisor to the cryptocurrency exchange HTX, expressed concerns about a new product from the American exchange Coinbase — the “wrapped Bitcoin” under the ticker cbBTC. In his opinion, this ERC-20 token is unlikely to attract new investors to the market, and its value is questionable.

🟦 Sun emphasized that cbBTC lacks proof of reserves and audits, and in the case of issues, users may not be able to recover their funds. He also pointed out that a U.S. court order could lead to the confiscation of all bitcoins, highlighting how centralization could undermine the very foundations of Bitcoin.