Recently, Coinbase's actions have once again attracted the market's attention. On December 19, 2025, as a leading global cryptocurrency trading platform, Coinbase announced the launch of spot trading for zkPass (ZKP) and included Brevis (BREV) in its listing roadmap. This move not only concerns the liquidity of emerging projects but also creates a highly charged narrative in the current market environment.

Perspective Breakdown

Coinbase's support for zkPass and Brevis suggests its emphasis on privacy protection and cross-chain technology. As a protocol based on zero-knowledge proofs, zkPass aims to enhance data privacy and ensure secure verification, making it suitable for modern DeFi and Web3 applications. Meanwhile, Brevis is dedicated to using full-chain data proofs to help decentralized applications securely obtain data across chains. These two technologies represent some of the most promising directions in the current crypto ecosystem, and their listing undoubtedly signifies the market's favor and recognition of new technologies.

However, at the same time, Coinbase's reputation has been threatened by a fraud incident. Recently, a 23-year-old man, Ronald Spektor, impersonated Coinbase customer service to carry out phishing attacks, stealing approximately $16 million worth of cryptocurrency from about 100 users. This incident has undoubtedly cast a shadow over user trust, presenting potential security risks to the entire industry.

Interwoven Narratives

In this volatility, the opposing market sentiments are evident. While emerging tokens in the market (such as zkPass and Brevis) exhibit optimism due to Coinbase's support, the community's FOMO (Fear of Missing Out) sentiment towards new projects has been greatly stimulated. At the same time, the FUD (Fear, Uncertainty, Doubt) sentiment triggered by the fraud incident cannot be ignored, leading to a decline in investor trust in the platform. The statements of KOLs (Key Opinion Leaders) on social media and discussions within user groups clearly reveal the complexity of this intertwined sentiment.

This market confrontation is not isolated; the launch of zkPass and the listing roadmap for Brevis, while adding to market activity, may also have a counterproductive effect on the platform's long-term reputation. At this moment, user education and the urgency of security prevention are becoming increasingly prominent. Whether it is the rise in project valuations or the decline in platform trust, both will impact user decisions and market trends.

Essential Game

The essence of this incident is not merely a liquidity competition between two projects but a deeper struggle within the crypto industry between trust and technological innovation. As the user base continues to expand, security risks are becoming more pronounced, and how to protect user assets and avoid fraud is a common challenge facing the industry. Coinbase's role in this process is becoming increasingly important. While supporting innovation, it also urgently needs to strengthen technological barriers and risk control capabilities to build a safer trading environment.

Strategic Recommendations

In the future, as zkPass and Brevis are further promoted, the market should pay attention to the potential benefits brought by the development of these two technologies. Additionally, Coinbase needs to take immediate measures to enhance user security awareness and prevent similar social engineering attacks to restore user confidence. The industry is at a turning point, and finding a balance between technological innovation and user trust will be a crucial factor in determining the future market direction. By educating users and strengthening platform security measures, Coinbase may be able to regain user trust in a turbulent market environment and meet future challenges.

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