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US-based cryptocurrency exchange Coinbase has become the latest cryptocurrency wallet provider to roll out transaction previews and blocklists amid rising cryptocurrency theft.
On January 30th, the cryptocurrency exchange announced that it had integrated a new set of safety features into its wallet app. This makes it easier for users to spot and deal with potential fraudulent activity by fraudsters.
Such integrations include a transaction preview feature that provides users with an estimate of how their token and NFT balances will change during a transaction before the confirm button is pressed.
The company also rolled out token approval alerts. This makes it clear to users when a decentralized application dApp is requesting authorization to withdraw tokens and non-fungible tokens (NFTs).
Additionally, the company has also introduced a new layer of permission management that allows users to revoke DApp connections directly from the app to minimize “exposure to potential vulnerabilities.”
The crypto exchange joins the ranks of several other crypto wallet providers, including Solana-based Phantom, Web3 wallet provider Ember, and Bitski, who have deployed or announced similar features aimed at combating crypto fraud and phishing attacks. To do.
Just two days after Moonbirds creator Kevin Rose admitted to losing $1.1 million in NFTs to a targeted phishing attack, Phantom told users on Jan. 27 that its wallet was open for transaction previews. Blocklist sources, report and write NFT spam.
The company describes the transaction preview feature as follows: Interacting with suspicious tokens? Warning.
The open-source blocklist consists of a “community-maintained list of malicious domains” to which Phantom blocks erroneous connections for users.
12/ We are proud of the security features we have implemented, but this is just the beginning.
We protect you with best-in-class security features, education, and support, and work tirelessly to make web3 safe, easy, and fun for everyone.
— Phantom (@phantom) January 26, 2023
Tweeting the same day as Phantom, Web3 wallet provider Ember detailed a list of its own security tools.
This list includes previewing translations, locking tokens and NFTs to prevent assets from being exfiltrated as part of malicious transactions, and revoking authorizations.
5/7) Similarly, Ember can lock NFTs and tokens. This disables the ability to send or sell until unlocked and requires authentication.
This means that locked assets cannot be exfiltrated if a malicious transaction is signed.
— Ember (@EmberWallet) January 27, 2023
On Jan. 24, Bitski also indicated that it was working on a similar integration via its 2.0 wallet with product designer Jasmine Xu. warn This will cover “self-custody, dapp browsers, transaction simulation previews, account activity notifications, in-app burner vaults, and many more features in the coming weeks.”
Related: 5 sneaky tricks crypto-phishers used last year: SlowMist
In its latest blog post, Coinbase said that in the coming weeks, it will launch a feature that will allow users to “view and cancel existing token balances.”
These types of features are important for crypto and NFT users. This is because scammers/hackers deploy a variety of tools to hijack transactions and transfer funds instead of their original destination.
Common methods to trick even experienced users include phishing attacks, fraudulent airdrops that lure people into clicking malicious links, and malware.
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