Coinbase Drops Crucial Warning Amid Wrapped Zcash and HYPE Launch

Major crypto exchange Coinbase has added support for two new wrapped assets: Zcash (ZEC) and Hyperliquid (HYPE).

In a recent post, Coinbase announced that cbHYPE and cbZEC are now live on Base. Zcash and Hyperliquid join the roster of wrapped assets supported on Coinbase, including Bitcoin (cbBTC), Ethereum (cbETH), XRP (cbXRP), Dogecoin (cbDOGE), Cardano (cbADA), Litecoin (cbLTC), and MegaETH (cbMEGA).

According to Coinbase, wrapped assets cbHYPE and cbZEC are ERC-20 tokens backed 1:1 by Hyperliquid (HYPE) and Zcash (ZEC) held in custody by Coinbase.

Coinbase wrapped assets are fully transferable tokens that represent ownership of the underlying asset. Users can unwrap and redeem a corresponding amount of the underlying asset simply by depositing the wrapped asset into their Coinbase accounts.

The recent addition of support for Zcash and Hyperliquid expands their utility, as it will allow holders to use their assets on-chain across a range of DeFi apps like every other wrapped asset Coinbase supports, which may allow them to borrow, lend, and put their assets to work in different ways.

Warning issued

Amid the excitement of the launch of Coinbase wrapped assets for Hyperliquid and Zcash, the crypto exchange warns that there may be fraudulent actors pretending to be cbHYPE and cbZEC.

Because these wrapped assets are only live on the Layer 2 blockchain Base, Coinbase shared the official Base contract addresses for cbHYPE and cbZEC.

“There may be fraudulent actors pretending to be cbHYPE and cbZEC. The Base contract addresses for cbHYPE and cbZEC are cbHYPE: 0xB200000000000000000000451d033a5000cb479e, cbZEC: 0xB2000000000000000000008501b13360000cb2EC,” Coinbase wrote.

The warning remains particularly relevant for newly launched tokens, where users may encounter unofficial contract addresses or accounts claiming to represent the legitimate asset.

Scammers often use impersonation and social engineering to trick users into transferring cryptocurrency or revealing sensitive account information, with the intent of stealing funds; hence, crypto users are urged to be vigilant.