Original source:OKX

The coin circle has relied on technological innovation to achieve today’s situation. From Layer2 to DePIN, from post-quantum encryption to ZKML, from homomorphic encryption 2.0 to adaptive consensus mechanisms, these cutting-edge technologies and concepts are bursting with new vitality, but in this In the encryption jungle built from code, the security line is always tested by sophisticated attacks.

In the case of “scientists” controlling MEV robots to accurately attack trading slides at milliseconds, smart contracts on Pixiu disks weave funds that can only enter and cannot exit, phishing websites disguise malicious authorization pop-ups as tickets to freedom, and Chinese tools hide hijacking cutouts, the Trojan horse “family barrel” that steals private data, the Rug pull of the dog project, and the large-scale “Shura on the chain” where star project parties delete and push away overnight,”security” is the hardest narrative of traveling through cattle and bears.

From the absurd farce of mnemonic words streaking across the browser to the crypto security warnings roared out in Group chats, we often only pay attention to security issues when they occur, but that doesn’t mean that it’s not important. Because in the chain, you can not believe in evil spirits, but you must not wear “body armor”. Only by being more timid can you live longer. We must realize that the security DNA must evolve rapidly and the trading tools must be chosen right-in a decentralized world, true security depends on a stronger “trust infrastructure.” Today, I want to chat with you. In my eyes, OKX Web3 wallet security capabilities include token detection, authorization detection, DApp detection, private key protection, etc. How it protects our on-chain transactions and asset security.

1. Malicious token detection

The most we deal with are various tokens, but we cannot identify their risks. Common malicious tokens include: Pixiu coins, fishing airdrops, and medium-risk coins. The first category is “Pixiu coins”. These coins can be bought on the surface, but cannot be sold smoothly, or they have to pay excessive taxes and fees when selling, and may even be unable to trade because users are blacklisted. For example, users only discover that they have to pay a 95% sales tax after purchasing, or when trying to withdraw cash, they find that the address has been blocked and the transaction cannot be conducted.

The second category is “garbage airdrop”. This kind of token has no value in itself, but may have the same name as a valuable token and be accurately airdropped to a small number of users for targeted fishing. Users mistakenly thought that they were getting valuable coins. After buying, they found that the depth of the token pool was not enough, which led to being stuck during redemption, or they were simply a Pixiu plate that could not be sold, or hackers instantly withdrew the fund pool, leaving only the user holding air.

When I received the above two types of malicious tokens while using the OKX Web3 wallet, I found that they would be automatically hidden, effectively preventing me from being misled by these junk tokens to conduct transactions. At the same time, the wallet will set the price of worthless tokens to zero, helping me quickly identify their risks and avoid inadvertent transactions. In addition, if I try to trade these tokens through OKX DEX, the system will pop up a risk alert and intercept the transaction, further protecting the security of my assets.

OKX Web3 Risk Token Trading Protection Schematic Diagram

The third category is medium-risk currencies, including low-liquidity currencies, swiping currencies, black-in user currencies, etc. Low-liquidity coins mean that it may be difficult to sell in the short term after purchase; swiping coins inflated trading volume through frequent transactions, attracting traders and ultimately withdrawing liquidity; blackening user coins only allows specific users to trade, misleading other traders, when encountering such a situation, OKX Web3 Wallet will set the price of the third type of risk token to zero and warn me of the risk.

2. KYS Risk Identification

In addition to token trading, the scenario where we interact most on the chain is visiting DApp. Generally speaking, the steps to upgrade the interaction between a Web3 wallet and a DApp are: connecting the wallet, authorizing, signing the transaction, and confirming the transaction.

We often encounter risks in the authorization process. For example, when trading tokens on DEX, we need to authorize the DApp to access specific tokens in our wallet and allow the DApp to perform operations on our behalf by signing the transaction. In this way, we can avoid having to reauthorize every time. The signing process is actually a confirmation of the quantity, price, etc. of the transaction to ensure that every operation conforms to our intentions.

The KYS risk identification function of OKX Web3 Wallet is similar to the traditional KYC mechanism, but focuses more on monitoring and analyzing our transaction behavior, especially transaction authorization and signature, to identify whether there is abnormal or malicious activity. Next, I have to chat with you about those “authorization risk scenarios” and the “protection” features of the OKX Web3 wallet at critical moments.

Scenario 1: Transfer money to a “black address”

Have you ever had such an experience? I didn’t think much about it when transferring the money and just typed in an address. In fact, I almost transferred money to an “ordinary black address”. Fortunately, the OKX Web3 wallet popped up a conspicuous red warning at a critical moment-“This transaction is risky”, which prevented a loss.

However, what is more terrifying than “ordinary black addresses” is the “black contract”. These addresses are often disguised as official contracts for popular projects, and the token names and icons are exactly the same, making it difficult to distinguish between real and fake. Unlike the simple prompt for ordinary black addresses, when the OKX Web3 wallet detects an interaction with a “black contract”, it will directly intercept the transaction to ensure the safety of our assets and avoid the risks caused by improper operations. “

Interactive diagram of OKX Web3 wallet blocking “black contract”

Scenario 2: Incorrect authorization to the EOA account instead of the DApp contract address

When we perform authorization operations, usually the authorization object should be the smart contract of the DApp, not the EOA account. If it is authorized to an EOA account, then this means that our wallet is authorized to another wallet/person, which will lead to asset risk. When I try to authorize an EOA account, the OKX Web3 Wallet issues an alarm, reminding me to carefully check the authorized objects to avoid asset loss due to trusting the wrong objects.

OKX Web3 Wallet EOA Authorization Blocking

Scenario 3: Transfer money to a similar address

Scammers often commit fraud by creating addresses that are highly similar to our commonly used interactive addresses, such as using 0x1230… 321 is revised to 0x1238… 32. Induce us to transfer money to the wrong address. It makes almost no difference to the naked eye. Many times we are deceived if we don’t pay attention. Fortunately, OKX Web3 Wallet will detect the similarity of transfer addresses and provide risk warnings when abnormalities are discovered to help us confirm the transfer target and avoid inadvertent transfer of funds into the hands of scammers.

Warning schematic diagram of OKX Web3 wallet transfer to similar addresses

Scenario 4: ETHSign signature risk

ETHSign is a signature method commonly used for Ethereum authorization or transaction confirmation. However, if the signature content is maliciously tampered with or exploited, we may inadvertently sign unsafe transactions, resulting in asset loss. In order to avoid such risks, OKX Web3 Wallet will promptly issue risk warnings when users perform signature operations to help users identify potential threats to the signature content and ensure the security of each operation.

OKX Web3 Wallet ETHSign Signature Risk Warning Diagram

Scenario 5:”HexData hijacking” on the TRON chain

On the Tron network, malicious actors may tamper with the content of transactions by modifying HexData (the hexadecimal data of transactions), causing us to perform unexpected actions. OKX Web3 Wallet monitors the modification behavior of HexData and issues risk warnings when abnormalities are discovered to protect the security of our transactions on the Tron network.

Schematic diagram of modification behavior of OKX Web3 wallet monitoring HexData

Scenario 6: Buying “malicious tokens”

There is also the purchase of “malicious tokens”. Let me briefly explain that “malicious tokens” may have built-in backdoors or traps, such as inability to sell or automatically transfer user assets, and we have a high probability of financial losses after purchasing them. When we try to purchase suspicious tokens, OKX Web3 Wallet issues a prompt and provides the option to cancel the transaction, helping users avoid falling into the trap of token fraud.

OKX Web3 Wallet Alerts Risk Diagram of “Malicious Token” Purchase

Scenario 7: Solana changes account Owner

Playing MEME on the Solana network is so popular this year that if the owner of our account is maliciously modified, we may lose control of the account and lead to asset theft. OKX Web3 Wallet monitors the modification behavior of the account Owner and issues a reminder when a risk is detected to ensure the security of our account.

OKX Web3 monitors Solana’s risk of changing account Owner

In addition to the common authorization risk interception mentioned above, OKX Web3 Wallet also provides security protection for other potential risk scenarios. For example, when “Change Calldata to change the transfer operation to authorization” or “Permit Signature Authorizes a Non-White List DApp”, the wallet will promptly issue a security alert to remind us of potential risks during the operation and ensure that every authorization step is safe and controllable. Within the scope.

3. Private key protection

In addition to malicious token detection and DApp authorization detection, OKX Web3 Wallet has carefully designed protective functions for private keys, mnemonic backup and export. Everyone must remember that safety comes first! Especially for private key protection, because most assets are stolen because the private key and mnemonic words are leaked. The OKX Web3 wallet has ultra-high standards of protection. It does not even allow screenshots and screen-recording private keys and mnemonics, completely avoiding the risk of information leakage. In addition, it also supports segmented copying of private keys to ensure that every link is safer. Hackers have no chance. Currently, only the OKX Web3 wallet supports this feature. These measures are like putting a “security door” on our money.

Sandwich attacks are a common arbitrage behavior on decentralized exchanges (DEX). Attackers use the visibility of transactions on the blockchain to insert two of their own transactions before and after the user’s transaction, thereby making profits. Because transactions on the blockchain are public, attackers can monitor unconfirmed transactions in a memory pool. Send a transaction first to increase the price of the target asset (if the victim is buying) or lower the price (if the victim is selling). The victim’s trade was executed as originally planned, but since the price had been manipulated by the attacker, he would buy at a higher price (or sell at a lower price). After the victim’s transaction is completed, the attacker sells the assets he just bought, thereby making a profit. OKX Wallet is connected to multiple MEV protectors, covering the mainstream MEME ecosystem network, protecting users from sandwich attacks.

5. Choose the right tools for safe transactions

In the encrypted world, security incidents are not terrible. What is really terrible is our misjudgment in an instant. Every time I use the OKX Web3 wallet, I always feel that it is always a little faster than me. It can block my recklessness, greed and negligence in advance and help me avoid unnecessary risks.

After several years in the currency circle, I finally understood what “risk control” is: it is not about eliminating all threats, but about making these threats appear, allowing us to choose the right tools and increase security awareness. The OKX Web3 wallet is like a breathing “symbiotic armor”-it doesn’t stop me from touching the fire, but it repairs it the moment my skin burns. Isn’t this balance of danger and security the coolest survival rule in the crypto world?

Only by winning security can we win wealth and freedom.

disclaimer

This article is for reference only. This article only represents the author’s views and does not represent OKX’s position. This article is not intended to provide (i) investment advice or investment recommendations; (ii) offers or solicitation to buy, sell or hold digital assets; and (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness or usefulness of this information. Holding of digital assets, including stablecoins and NFTs, involves high risks and may fluctuate significantly. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. Please consult your legal/tax/investment professional for your specific situation. It is your own responsibility to understand and comply with applicable local laws and regulations.

This article is from a submission and does not represent the views of BlockBeats