Coinbase Wallet Enhances Security After Recent NFT Scams

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Last Updated on January 31, 2023 by Bitfinsider

Coinbase claims to be increasing the security and usability of its Wallet software.

On Monday, the crypto business revealed a slew of new features aimed at increasing blockchain transparency and security for Wallet users, including transaction previews, token approval notifications, a blocklist of blacklisted dApps, and a spam token management function that conceals deliberately airdropped assets.

Coinbase noted that transaction previews would help Wallet users to better understand how participating with a smart contract will affect their Wallet balances before signing, whereas token approval alerts will plainly tell the user if a dApp is attempting to steal their NFTs or coins.

Interacting with any “tagged” dApp will also notify Wallet users before engaging in potentially dangerous contracts, resulting in fewer people losing their crypto in undesirable scenarios such as phishing scams and wallet drainers.

Coinbase has also improved its revocation functionality, allowing users to disengage from dApps directly from the Wallet app, and is providing support for customers with multiple Web3 identities and crypto wallets. Finally, the browser extension for the Wallet app now allows users to add up to 15 distinct Ledger addresses.

The new Coinbase Wallet features arrive only days after Proof Founder Kevin Rose was the victim of a phishing attempt that took over $1 million in NFTs from his wallet.

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