Sunday, May 26, 2024

Coinbase Rolls Out Token Approval Alerts.

Coinbase has come up with transaction previews and blocklists in an effort to tackle crypto thefts. The crypto exchange integrated a new suite of safety features into its wallet app, making it easier for users to spot and take action on potential foul play from scammers.

Coinbase users can also take advantage of token approval alerts, which it easier for them when a decentralized application (DApp) is requesting approval to withdraw tokens and NFTs. The crypto exchange has introduced new layers of permission management that enable users to revoke dApp connections from the app to help minimize exposure to potential vulnerabilities.

Several platforms, including Solana-based Phantom, Ember, and Bitski, have rolled out similar features to combat crypto scams and phishing attacks. Phantom told its users on January 27, two days after Moonbirds creator lost $1.1 million via a phishing attack, that its wallets are protected with a number of security features – including transaction previews, an open source blocklist, and NFT spam reporting as well as burning.

The firm told users that when they take an action in Phantom, like minting an NFT, the transaction is scanned. It proactively looks for anything that seems fishy. The user gets a warning. It should be noted that the open-source blocklist consists of a community-maintained list of malicious domains. Phantom blocks its users from mistakenly connecting with it. Phantom provides transaction previews, tokens, and NFT locking to stop assets from being drained.

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