The American crypto giant Coinbase issued a formal warning to Cardano 
$0.174778 (ADA) and Litecoin (LTC) holders due to the wrapped cbADA and cbLTC coins launched on the Base Layer-2 network on June 26, 2025. To assure transparency, the exchange notified that it holds a 1:1 reserve for each coin. However, it also cautioned investors about the potential circulation of fake contract addresses, urging them to transact only with the official contract addresses mentioned in the announcement. The warning was issued at a time when these new coins were rapidly attracting liquidity to the Base network.
Coinbase’s Warning for Altcoin Holders
In its statement, Coinbase shared the official contract addresses for cbADA and cbLTC through Base explorer links, clearly highlighting the risks of “fake coins.” The company emphasized the importance of double-checking address sequences and avoiding ambiguous contract links before making transfers.
Current data reveals that over 11,300 wrapped LTC and 2.9 million wrapped ADA coins are already in circulation within the network, with the total locked value reaching $3 billion. Rapidly growing pools create a breeding ground for scammers to siphon liquidity through fake coin sales. Coinbase advises investors to directly verify contract codes before getting tempted by high return promises.
The exchange recalled that similar models were successfully implemented with Bitcoin 
$63,417, Ethereum 
$1,774, XRP, and Dogecoin 
$0.074264 in previous versions. Nonetheless, the principle of “verify before signing” was reiterated as an indispensable part of ensuring on-chain security because investor errors cannot be undone in smart contracts.
Recent Developments in the Base Ecosystem
On the Base platform, cbADA and cbLTC are usable as collateral, in yield farming, and for payments in decentralized applications. This allows ADA and LTC coin holders to participate in Base-based protocol reward mechanisms without selling their assets. The Coinbase wallet has been updated to facilitate bridge transactions with a single click.
The announcement also included information about preparations for listing the Solana 
$81-based Wormhole (W) altcoin, the trading of Render (RENDER) and Ethena (ENA) altcoins in Germany, and the global listing of Newton (NEWT) and Sonic (S) altcoins. Coinbase added that the expansion of asset diversity on the Base aims to increase overall volume.
