Coinbase Wallet introduces new features to prevent NFT and crypto thefts

Coinbase wants to bring millions of users on-chain with launch of Wallet Quest

TL;DR Breakdown

  • Coinbase Wallet introduces new features.
  • With the new features, users will now be alerted of any flagged apps they encounter and provided with insights into the implications of taking certain actions.

Coinbase, a crypto firm, has just announced various enhancements to its Wallet app that will bolster safety and enhance the user experience. These features include transaction previews, token approval alerts, and an automatic blocklist of flagged dApps to protect users from malicious activities such as spam tokens and air-dropped assets.

With the introduction of transaction previews, Wallet users will have a detailed understanding of how smart contracts affect their wallet balances before confirmation. Additionally, token approval alerts can be received by users when dApps are attempting to access NFTs and cryptocurrencies from their wallets. If any suspicious activities are detected with flagged dApp interactions, warning signals will alert users before engaging in potentially hazardous scenarios like phishing attacks or draining funds from wallets, thus decreasing the chances of financial loss due to fraudulent practices.

Coinbase Product Manager Ayoola John declared in a blog post that the new features were initiated due to crypto transactions often being overwhelming and undetectable, making it easier for users to become susceptible to scammers taking advantage of them through phishing attacks, malicious airdrops, as well as other kinds of frauds.

In addition, Coinbase has revised its revoke features to enable customers to disconnect from dApps from the Wallet app. Furthermore, it supports users with various Web3 identities and multiple crypto wallets. Also, the browser extension provides up to 15 distinct Ledger addresses for individuals using the Wallet application.

In the wake of Kevin Rose’s $1 million NFTs theft due to phishing, Coinbase Wallet is taking extra steps to bolster its new features. Moreover, hackers have recently taken advantage of Twitter accounts belonging to Robinhood and Azuki Ethereum NFT collection for their malicious activities. To protect customers from such scams, Coinbase Wallet wants to be ahead of the curve with updated security measures that can combat cybercriminals’ methods.

Disclaimer. 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.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

Related News

Hot Stories

Missed Out On Avalanche (AVAX) And Flow (FLOW)? Orbeon Protocol (ORBN) Is The Next Big Opportunity!
Coinbase CEO Calls for Action in Electing Pro-Crypto Lawmakers Following SEC Wells Notice
SEC issues official investor alert on crypto trading risks
How Did Significant Developments Help Shape Artificial Intelligence?
Algorand CEO confirms Coinbase's discontinuation of ALGO staking rewards for retail customers

Follow Us

Industry News

Coinbase CEO Calls for Action in Electing Pro-Crypto Lawmakers Following SEC Wells Notice
Algorand CEO confirms Coinbase's discontinuation of ALGO staking rewards for retail customers
Crypto CEOs brief regulators on DeFi concerns
Do Kwon, Terraform Labs co-founder and CEO, arrested in Montenegro
UAE Central Bank launches CBDC strategy: The Digital Dirham

Add Your Heading Text Here