Coinbase unveils new security features for NFTs

In this post:

  • Coinbase launches new security features for NFTs
  • The company wants to help users safeguard their digital arts
  • Hackers continue to target users

Coinbase has announced that it is launching a new feature to help users of NFTs safeguard their digital art against potential thefts. The detailed statement released by the firm mentioned that it now focuses on a wide range of user-friendly and secure interfaces. In addition, according to the crypto firm, some features will be deployed that will help users operate the app seamlessly while carrying out other activities.

Coinbase wants to help users safeguard their NFTs

Coinbase confirmed that some of the features that would be added include a preview system, approval alerts and a system that automatically detects flagged dApps, and another feature that eliminates malicious airdrops. In the explanation, Coinbase mentioned that the system would seek to educate users on the various changes their wallet can undergo should they sign a contract.

The token approval feature will also inform users if a dApp is trying to take their NFTs without permission. If traders want to interact with such dApp, a popup message would warn them about the repercussions, and they can choose to ignore it and go ahead with the transaction. This way, they can help users limit the losses of their NFTs to malicious actors involved in phishing scams and other malicious methods.

Hackers continue to target users

In the blog post, an executive from Coinbase mentioned that the new features were necessary because of the technical nature of carrying out actions using crypto. He also noted that because users lack the knowledge to navigate the crypto process, they often get targeted with malicious links and other scams. Coinbase has also added a feature that will automatically enable users to disconnect their wallets from the various apps. The company will also help users with different wallets infuse them into one.

This new feature is coming off the back of a widespread phishing scam pulled on Kevin Rose, with the scammers stealing about $1 million from his wallet. Crypto scams have continued to become rampant again after the small quietness that the market saw some weeks back. According to various sources, Azuki NFT and the official Robinhood Twitter account fell into a breach, with their users getting scammed of their funds running into millions. However, wallet companies have warned users to avoid phishing links and untrusted websites promoting fake giveaways.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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