Coinbase Wallet believes in Web3 and intends to make its exploration safer and more secure. The wallet will implement a new suite of state-of-the-art security features. For example, users will now be alerted when they log into flagged apps. In addition, they will receive more details on the impact of their actions.
The new features of Coinbase Wallet
Coinbase, one of the largest crypto exchanges in the world has just significantly improved its portfolio. The new features aim to improve the transparency and security of the blockchain. In a blog post on CryptoglobeAyoola John, Product Manager at Coinbase, said the new features were implemented because crypto transactions “ are often intimidating and lack transparency,” resulting in users falling victim to phishing attacks, malicious airdrops, and other types of scams”.
Now, Coinbase Wallet users will be entitled to transaction overviews, token approval alerts, a list of flagged dApps. Finally, there will be a feature that will hide malicious airdrops.
The transaction preview feature will allow users of the Coinvase Wallet to understand a smart contract. They should thus be able to keep control over the evolution of their portfolio. Another very important feature is the reporting of transactions with known malicious DApps. It will once again prevent phishing and wallet scams.
Is the Blockchain less and less secure?
Coinbase Wallet announces new security features in an environment of insecurity that affects everyone. First, Kevin Rose, Founder of Proof, was the victim of a phishing attack on his wallet. The attack cost him a million dollars in NFT. Then the Robinhood and Azuki Ethereum NFT Collection Twitter accounts were compromised. Hackers have used them to promote several scams.
According to Chainalysis, hackers stole up to 3.8 billion on the Blockchain in 2022. That’s up 15% from 3.3 billion in 2021. But that’s a lot more than the 500 million 2020. Maybe it’s time to move on to a different kind of crypto wallet ?
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