• Coinbase has introduced transaction previews and blocklists to increase cryptocurrency security in response to a rise in thefts.
• These features inform users of the expected change in their token and NFT balances before confirming a transaction.
• Other cryptocurrency wallet providers, such as Phantom, Ember, and Bitski, have either launched or announced similar features to protect against scams and phishing attacks.
In recent months, the world of cryptocurrency has seen a surge in thefts, causing many exchanges and wallet providers to reassess their safety protocols. One of the most recent developments comes from U.S.-based cryptocurrency exchange Coinbase, which has rolled out transaction previews and blocklists to increase the security of its wallet software.
On 30 January, the company announced that it had added new features to its wallet software to make it simpler for customers to recognize and respond to suspected wrongdoing from scammers. This includes a transaction preview feature which informs the user of the expected change in their „token and NFT balances“ before they press the confirm button. Additionally, they have implemented token approval alerts, which inform users when a dApp requests permission to withdraw tokens and NFTs.
To further reduce exposure to potential vulnerabilities, Coinbase has added new layers of permission control that allow users to revoke dApp connections directly from the app. This puts them in line with many other cryptocurrency wallet providers such as Solana [SOL]-based Phantom, Web3 wallet provider Ember, and Bitski, all of which have either launched or announced similar capabilities targeted at preventing cryptocurrency scams and phishing assaults.
On 27 January, Phantom reminded users that its wallets are protected with several security features, including transaction previews, an open-source blocklist, NFT spam reporting, and burning. This was only two days after Moonbirds creator Kevin Rose acknowledged losing $1.1 million in NFTs because of a targeted phishing attack.
The introduction of these new safety measures by Coinbase and other wallet providers shows a commitment to protecting users from cryptocurrency scams and thefts. These features enable users to take control of their assets and transactions, creating a more secure environment for them to store and trade cryptocurrencies.