Coinbase Warns Users as Wrapped HYPE and ZEC Tokens Go Live on Base

Coinbase has added support for two new wrapped assets: cbHYPE and cbZEC, representing Hyperliquid (HYPE) and Zcash (ZEC). These tokens are now live on Base, a Layer 2 blockchain. Wrapped assets like these allow users to transfer the underlying asset across various DeFi apps, enabling borrowing, lending, and other financial activities.

The introduction of cbHYPE and cbZEC expands their utility, but Coinbase warns users about potential fraudulent actors pretending to be legitimate contract addresses. To avoid scams, Coinbase shared the official Base contract addresses for cbHYPE (0xB200000000000000000000451d033a5000cb479e) and cbZEC (0xB2000000000000000000008501b13360000cb2EC).

The warning is particularly relevant for newly launched tokens, where scammers often use impersonation and social engineering to trick users into transferring funds or revealing sensitive account information.