Coinbase CEO Brian Armstrong Hits Back at Justin Sun After Tron Founder Calls cbBTC Launch A “Dark Day for Bitcoin”
Coinbase CEO Brian Armstrong hit back at Tron founder Justin Sun, who called the launch of Coinbase’s new cbBTC token a “dark day for Bitcoin.” Sun criticized cbBTC in a Sept. 12 post on X for lacking Proof of Reserves, audits, and having the potential to freeze user balances. He derided it as a “trust me” system and warned that a US government subpoena could allow authorities to seize the underlying Bitcoin. “There’s no better representation of central bank Bitcoin than this,” he said. Armstrong responded in a Sept. 14 post on X, defending Coinbase’s transparency about cbBTC and its centralized nature. He pointed out that Coinbase has always been clear about being the custodian of the underlying Bitcoin. “Not sure what this is all about, TBH,” he said. ”As for cbBTC yes you’re trusting a centralized custodian to store the underlying BTC – we’ve never claimed otherwise.” Coinbase Believ...