Earlier this week, MetaMask announced the latest update to its wallet (v.10.18.0), that specifically addresses its goal of reducing NFT fraud.
The application initially would automatically authorize the entire wallet’s assets when a user transaction, however the most recent update has the “Set Approval For All” function that will be available prior to any exchange of wallets. In light of the continued growth of hacks intended to gain access to the NFT account, MetaMask’s most recent feature permits you to know the extent to which the smart contract will be granted access (or not) to the particular wallet’s assets.
In short, if an individual doesn’t agree to full access to the wallet the other party won’t be granted the ability to transfer money or exchange NFTs.
The most common and recognizable scams involve draining users’ assets by gaining access to all the funds in the wallet. Recently, fraudulent NFTs have become commonplace, where scammers (without authorization) gain legitimate logos for projects and turn them into marketing channels, offering NFTs (or promotions) in the form of “free,” enticing users to link their wallets so that they can be stolen.
Due to the large number of customers that MetaMask has as well as its large customer base, the feature of confirm-approve was implemented quickly, which underscores the urgency of the company in protecting its digital assets. The additional requirement for approval, that uses a bold font and a bold font, could allow the potential victims of the criminal acts the “extra moment” to carefully examine the transaction prior to the possibility of a loss of wallet.
Prior to that, Solana’s blockchain had implemented the feature of “Sign All Transactions,” which enhances the process of authorization for transactions on the platform.
In spite of the most trusted wallet platform’s security protocols and security protocols, users of wallets need to exercise due diligence prior to verifying a disguised attack. The latest scam was discovered on July 29, 2017 when hackers hacked the platform for storytelling which resulted in the theft of a number of members with NFTs.
Despite the security protocols of the top trusted wallet platform and security protocols, users of wallets must exercise due diligence prior to verifying a disguised attack. The latest scam was discovered on July 29, 2022 when hackers hacked the EY3K0N Discord which resulted in the theft of a number of members NFTs.
? OUR DISCORD MIGHT BE COMPROMISED
⚠️PLEASE DON’T CLICK ON ANY LINKS, WE WILL NEVER WRITE YOU
MAINTENANCE IN PROGRESS
— EY3K0N (@EY3K0N) July 29, 2022
If there’s one thing we know, the increasing use of decentralized platforms has made individual reasonability increasingly vital than ever before. A recent report by blockchain auditing and security company CertiK, revealed that Web3 projects have lost more than $2 billion USD to hacks this year, which also emphasized the lack of security mechanisms strong enough to reduce or minimize in platforms like Discord and Telegram.
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