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News

Coinbase Wallet Announcing Transaction Previews And Token Approval Alerts To Prevent Scams

January 31, 2023 - Around 2 mins mins to read

Key Points:

  • The new functionality comes just a week after seasoned NFT user and Moonbirds creator Kevin Rose was phished for over $1 million.
  • The transaction preview will display to the user how their balance is projected to change as a result of the transaction they are signing.
  • The wallet will alert the user if a decentralized application (dapp) requests permission to withdraw tokens, including NFTs, from the user’s wallet.
In the latest attempt to help prevent common NFT scams, Coinbase Wallet has provided transaction previews for its users, which include a visual picture of what actions they are completing while signing transactions.
Coinbase Wallet Announcing Transaction Previews And Token Approval Alerts To Prevent Scams

Coinbase Wallet is a standalone non-custodial wallet provided by cryptocurrency exchange Coinbase that is distinct from the wallet capabilities found in its main exchange app.

The new functionality comes just a week after seasoned NFT user and Moonbirds creator Kevin Rose was phished for over $1 million in NFTs after signing a rogue transaction, something that this type of new feature is intended to assist prevent.

Coinbase Wallet Announcing Transaction Previews And Token Approval Alerts To Prevent Scams

As Coincu reported, at 1:49 p.m. EST, CirrusNFT, a Twitter user, first spotted the outflow. At 2:02 p.m., Rose personally acknowledged the breach on Twitter. The NFT developer and co-founder of PROOF (the company behind Moonbirds) tweeted the information and urged people not to purchase any Squiggles NFTs until they could report them as stolen.

According to a blog post, the transaction preview will display to the user how their balance is projected to change as a result of the transaction they are signing.

Coinbase Wallet Announcing Transaction Previews And Token Approval Alerts To Prevent Scams

Similarly, the wallet will alert the user if a decentralized application (dapp) requests permission to withdraw tokens, including NFTs, from the user’s wallet. Both features are restricted to the Ethereum and Polygon networks.

Coinbase Wallet now supports more Ledger hardware wallets and allows for more wallet customisation, allowing users to establish different sets of wallets that work across multiple blockchains. It plans to make it easy to view and cancel token rights in the coming weeks (where a user allows an application to interact with tokens in their wallet).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.