- Token approval alerts seek to tell the user if a dApp is attempting to steal their NFTs.
- Coinbase Product Manager Ayoola John explained the rationale for the updates.
Coinbase has announced that it is updating the Wallet app to enhance security and usability. On Monday, the cryptocurrency exchange announced a number of new features for its Wallet users. That aim to increase blockchain transparency and security. These include transaction previews, token approval alerts, a blocklist of flagged dApps, and spam token management. Which automatically conceals assets that have been airdropped maliciously.
Token approval alerts seek to explicitly tell the user if a dApp is attempting to steal their NFTs or cryptocurrency. While transaction previews will let Wallet users to better understand how interacting with a smart contract would impact their Wallet balances before signing.
Often Intimidating and Lack Transparency
Wallet users will be warned before they enter into potentially dangerous contracts when interacting with any “flagged” dApp, which should result in fewer victims of phishing scams and wallet drainers.
Coinbase Product Manager Ayoola John explained the rationale for the updates in a blog post, stating that customers fall prey to “phishing attacks, malicious airdrops, and other types of scams” because crypto transactions “are often intimidating and lack transparency.”
Moreover, Coinbase is also supporting users with numerous Web3 identities and different crypto wallets, and it has upgraded its revocation functionality so that customers may detach from dApps directly from the Wallet app. As a last bonus, the Wallet app’s browser extension now supports adding up to 15 unique Ledger addresses.
The new Coinbase Wallet features come only days after Proof founder Kevin Rose had over $1 million worth of NFTs stolen from his wallet in a phishing assault.
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