Coinbase on Friday said it has added a new feature in its COINBASE Wallet that warn users when they visit malicious dApps. The company believes the added layer of protection will help safeguard users amid the rising hacks and fraud in the Web3 ecosystem.
Coinbase Wallet’s Solution to Prevent Hacks and Fraud in Web3
Coinbase Wallet in a series of tweets on September 2 announced launching a new security feature to protect its users and their assets from malicious dApps. Users will receive a warning when they visit a malicious site or dApps.
“Coinbase Wallet now provides a clear warning when you visit a dapp that is known to be malicious, helping you stay safer while exploring web3.”
When users try to visit a dApp Coinbase Wallet will verify it against a vast database of malicious dApps. If the dApp is flagged as dangerous, it will show a warning. The database combines open-source data, research from security experts, and reports from Coinbase users to maintain a list of malicious dApps or sites. Anyone can contribute to the database by reporting suspicious dApps to [email protected]
Web3 users have lost over $2 billion as a result of hacks and fraud in the first half of 2022 alone. Hackers target Twitter accounts, Discord servers, and websites to steal funds from users’ wallets. Coinbase Wallet believes the new layer of protection will prevent users from visiting malicious dApps.
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NewsCoinbase Wallet said safety is their top priority and plans to launch more features to protect users from Web3 scams. The firm warns users to avoid clicking any links from unverified sources.
“But remember, the first line of defense is you—DO NOT TRUST any links from unverified sources. Stay safe!”
Web3 Is the Future, But Only After Full Security
Web3 is the next-generation internet believes to offer enhanced security, scalability, transparency, and privacy to its users. However, the recent hacks have raised questions over Web3’s security.
The Axie Infinity’s Ronin Bridge hack is the largest Web3 hack, in which hackers stole $630 million from users. The hack followed criticism by Axie Infinity and Web3 community.
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