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10 sats \ 0 replies \ @grayruby OP 9h \ parent \ on: Make Fun of Coinbase Bitcoin Backed Loans! lol
Swapping from BTC to wrapped BTC is a taxable event. Just like if you swapped from BTC to any other crypto. Even though they are meant to be pegged 1:1 it is still taxable.
"Regardless if any taxes are due, they would be the responsibility of coinbase not the borrower." You can take that up with Coinbase but I don't think you will get a positive result.