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TechFlow reports that 0xngmi, founder of DeFi data platform DefiLlama, criticized Coinbase's cbBTC for significantly lower transparency than industry standards. He stated, "Virtually every bridge project provides proof of reserves, but Coinbase does not." Due to the inability to verify TVL, DefiLlama has refused to list cbBTC data. The platform emphasized it applies the same standards to all projects and will not make exceptions for Coinbase.
DefiLlama, a DeFi data platform, founder 0xngmi criticized Coinbase's cbBTC for having significantly lower transparency than industry standards. He stated, "Almost every other bridge project provides proof of reserves, but Coinbase does not." Due to the inability to verify TVL, DefiLlama has refused to list cbBTC data. The platform emphasized that it applies the same standards to all projects and will not make an exception for Coinbase.
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