Coinbase Wrapped BTC (cbBTC)

Summary

Some warning signs. Read them before you buy.

• Top 10 wallets hold 90% of the supply
• Has an owner
• One wallet holds 82%
• Hard to exit: a few sells would crash the price

• Code cannot change
• No owner powers found
• Sell test passed
• Source code verified

Every check

• Code cannot change. Not an upgradeable proxy: the token code is fixed.
• Has an owner. 0xbbc9…db4f controls the owner-only functions below.
• No owner powers found. No mint, blacklist, tax or pause functions in the contract code.
• Sell test passed. Simulated 5 real holders sending tokens into the pool: all went through.
• Source code verified. The contract code is published and matches what is deployed (Sourcify).
• No description or project links. We found no description, website or social links for this token. Not a risk on its own, but it gives buyers less to check.

How it can improve

• Top 10 wallets hold 90% of the supply: Spread the supply: avoid big single wallets, and lock team tokens in vesting.
• Has an owner: Renounce ownership, or move it to a multisig with a public timelock if the team still needs it.
• Hard to exit: a few sells would crash the price: Add liquidity and spread the supply, so a few sells can not crash the price.