DefiLlama founder 0xngmi has sparked a discussion on the transparency of wrapped Bitcoin tokens, particularly highlighting Coinbase's cbBTC. While most wrapped coins, such as WBTC, provide proof-of-reserves to demonstrate the backing of their assets, Coinbase has not extended the same transparency to cbBTC. This lack of transparency has raised concerns within the crypto community. 0xngmi emphasized the importance of transparency in the wrapped token space, stating that it is "the bare minimum requirement." Without it, there is an increased risk of fraud and mismanagement. Coinbase has yet to respond to 0xngmi's criticism. The lack of proof-of-reserves for cbBTC creates uncertainty and could potentially damage the reputation of wrapped Bitcoin tokens. Ultimately, the onus is on custodians like Coinbase to maintain transparency and inspire trust among users. ```