HomeNEWSCoinbase adds new feature to safeguard users from fraud

Coinbase adds new feature to safeguard users from fraud


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Popular cryptocurrency exchange, Coinbase has introduced a new feature on its Coinbase wallet. The exchange confirmed this development in its Friday Twitter post. As reported, Coinbase integrated the feature owing to the increasing manifestations of fraudulent activities in the crypto space.

Coinbase believes the new layer of protection will secure users amid the hack and fraud in the web3 ecosystem. According to the tweet, the new feature will further protect users and assets from malicious dApps. The new feature, as designed by Coinbase, helps to alert users when they access a malicious site.

Now, Coinbase Wallet will verify itself against a massive database of contaminated dApps. Once the dangerous dApps becomes detected, it shows a warning signal immediately. As revealed, the database uses open-source data, research from security experts, and reports from coinbase users to create a list of malicious dApps or sites.

Worth noting that the sphere has been greeted with too many exploitation cases in the first half of 2022. According to reports, Web3 users lost over $2 billion to hacks and fraudulent schemes. The hackers usually obtain funds from customers’ wallets by targeting their Twitter accounts, Discord servers, and website. Against all odds, Web3 still remain the next-generation internet, designed to provide its user with security, scalability, transparency, and privacy. Although, the recent exploitations rocking the web3 industry has, however, raised doubt about its security effectiveness. Occasioned by the new feature, Coinbase is optimistic such incidences will reduce minimally.

According to Coinbase, it remained focused on facilitating the safety of its customers. The exchange also revealed its plan to launch more features capable of safeguarding users from the risks associated with web3. Also, Coinbase further warns users to desist from using links from unverified sources.

Coinbase integrates Hedera network

Notably, this development comes a few days after the exchange integrated a public decentralized altcoin network, Hedera into its listing roadmap. The development enable Hadera to run on the exchange. According to Coinbase, the HBAR network usually help to enhance security and compliance. As revealed, the token can be used by its holders to pay network fee or to participate in staking.

According to Coinbase CEO Brian Armstrong, the exchange is committed to listing more crypto assets in the future. He further stated that assets that can be listed must meet the standards of Coinbase. Armstrong said “It’s like Amazon or something, where a product might have three stars or five stars, but if it starts getting one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will take it down, otherwise, you’ll want to let the market decide what these things are.”

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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