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Coinbase Wallet Adds Security Features After High-Profile NFT Scam

Coinbase says it’s improving the security and user experience of its wallet app.

The crypto firm announced a series of new features on Monday aimed at improving the transparency and security of the blockchain wallet Users, adding transaction previews, token approval alerts, a blacklist of flagged dAppsand a spam token management feature that automatically hides malicious airdrop assets.

Transaction previews allow wallet users to better understand how using a smart contract will affect their wallet balances before signing, Coinbase explained, while token approval alerts aim to clearly notify the user when a dApp attempts to to take over theirs NFTs or crypto.

Interacting with a “flagged” dApp will also warn wallet users before engaging in potentially risky contracts — hopefully resulting in fewer users losing their crypto in undesirable situations like phishing scams and wallet drains.

In a blog post OfficeCoinbase product manager Ayoola John said the new features were implemented because crypto transactions are “often intimidating and lacking in transparency,” resulting in users becoming victims of “phishing attacks, malicious airdrops, and other types of scams.”

In today’s landscape, Web3 exploration can feel intimidating and often lacks transparency. As an industry, we need to do more to make the process easier and safer for users.

Using a self-custody wallet with the right protection can go a long way👇https://t.co/QOJfhyNVYY

— Coinbase Wallet (@CoinbaseWallet) January 30, 2023

Coinbase has also further updated its revoke features, allowing users to disconnect dApps from their wallet app, and adding support for users with multiple ones Web3 Identities and multiple crypto wallets. Finally, the wallet app browser extension now allows users to add up to 15 different ledger addresses.

Coinbase Wallet’s new features come just days after Proof Founder Kevin Rose fell victim to a phishing attack that pulled over $1 million worth of NFTs from his wallet.

Crypto scams continued to make the rounds on Twitter as well, as it does both Robin Hood‘s official Twitter account and the Twitter account of the Azuki Ethereum NFT Collection were compromised last week and used to promote various scams.

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