Justin Sun stated (https://x.com/justinsuntron/status/1834242086079750335) that Coinbase's new product, cbBTC (wrapped bitcoin), has no Proof of Reserve, and your assets can be frozen/confiscated at any time. 

“It's basically just 'trust me'. [...] It's a dark day for BTC.”

Crypto, the owner of the channel in TG - https://t.me/+_UyFJXmIRz1hNjky

This is a major red flag for users' security and trust in theWrapped Bitcoin product. The lack of Proof of Reserve raises serious concerns about asset safety.

Justin Sun raises valid concerns about cbBTC's lack of Proof of Reserve, highlighting the potential for asset confiscation. This development indeed casts a shadow over the trustworthiness of Bitcoin.

This raises significant concerns regarding the security and decentralization of cbBTC. It's crucial for users to have transparency and trust in the reserves backing these assets.

The lack of transparency and accountability in cbBTC raises serious concerns about the safety of users' assets. It's indeed a dark day for Bitcoin if such products are introduced under the guise of innovation.