Users will now be warned not to use apps that have been flagged and given more information about what actions will be allowed.
Coinbase says it is making changes to its Wallet app to make it safer and easier to use.
On Monday, the cryptocurrency company announced a number of new features for Wallet users that will make the blockchain more transparent and secure. These include transaction previews, token approval alerts, a blocklist of flagged dApps, and a spam token management feature that automatically hides assets that were airdropped maliciously.
What are the safety features?
Coinbase said that token approval alerts will make it clear to the user if a dApp is trying to take their NFTs or crypto. Transaction previews will let Wallet users see how using a smart contract will affect their Wallet balances before they sign.
When a Wallet user interacts with a “flagged” dApp, they will be warned before they agree to potentially risky contracts. This will hopefully lead to fewer users losing their crypto to scams like phishing and wallet drainers.
In a blog post, Coinbase Product Manager Ayoola John said that the new features were added because crypto transactions “are often intimidating and lack transparency,” which makes users vulnerable to “phishing attacks, malicious airdrops, and other types of scams.”
In today's landscape, web3 exploration can feel intimidating & often lacks transparency. As an industry, we need to do more to make the process simpler & safer for users.
— Coinbase Wallet (@CoinbaseWallet) January 30, 2023
Using a self-custody wallet with the right protections can go a long wayhttps://t.co/QOJfhyNVYY
Coinbase has also updated its revoke features so that users can disconnect from dApps from their Wallet app. It is also adding support for users who have more than one Web3 identity and more than one cryptocurrency wallet. Last but not least, users can now add up to 15 different Ledger addresses to the Wallet app’s browser extension.
The new features of Coinbase Wallet come just days after Proof Founder Kevin Rose lost over $1 million worth of NFTsfrom his wallet in a phishing attack.
Crypto scams have also been going around on Twitter. Last week, both the official Robinhood Twitter account and the official Azuki Ethereum NFT Twitter (https://nftnewspro.com/azuki-twitter-account-hacked-hacker-was-able-to-drain-over-750k/) account were hacked and used to promote scams.
