Coinbase Warns of Scams as Wrapped Zcash and HYPE Assets Launch

Coinbase has added support for wrapped assets of two new cryptocurrencies: Zcash (ZEC) and Hyperliquid (HYPE). The exchange announced that cbHYPE and cbZEC are now live on its Base platform. These wrapped assets are ERC-20 tokens backed 1:1 by the underlying assets, which are held in custody by Coinbase.

The addition of support for Zcash and Hyperliquid expands their utility, allowing holders to use them on-chain across various DeFi apps like other wrapped assets on Coinbase. However, Coinbase issued a crucial warning that there may be fraudulent actors pretending to be cbHYPE and cbZEC, and users are advised to be vigilant.

Coinbase shared the official Base contract addresses for cbHYPE and cbZEC: cbHYPE (0xB200000000000000000000451d033a5000cb479e) and cbZEC (0xB2000000000000000000008501b13360000cb2EC). The exchange emphasizes that users should only use the official contract addresses to avoid falling victim to scams.