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

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.