Recent cyberattacks targeting multisig wallets have highlighted critical security gaps. Hackers have exploited transaction manipulation techniques, deceiving users into approving unauthorized transfers, leading to substantial asset losses. These incidents emphasize the urgent need for robust transaction verification mechanisms.
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To address this, CoolWallet by CoolBitX has introduced Transaction Confirmation Simulation, a new feature available for CoolWallet Pro, CoolWallet S, and CoolWallet HOT users. This function enables users to preview full on-chain asset movements before signing a transaction, reducing risks associated with fraudulent transactions.
Key Benefits of CoolWallet’s Transaction Confirmation
- Full Asset Movement Preview – Simulates and displays actual outgoing amounts and receiving addresses before signing, ensuring accuracy.
- Anomaly Detection – Identifies discrepancies between expected and actual transactions, alerting users to potential threats.
- Real-Time Alerts – Sends notifications for suspicious activity before users finalize approvals.
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This enhancement significantly reduces the risks associated with blind signing. Hackers often manipulate smart contracts or user interfaces to trick signers into unknowingly authorizing malicious transactions. With CoolWallet’s improved transaction preview, users can thoroughly verify details before confirming, ensuring secure asset management.
Smart Scan Technology: An Additional Security Layer
Beyond transaction verification, CoolWallet has integrated Smart Scan technology in partnership with Blockaid to further strengthen security:
- Detects phishing attempts and malicious smart contracts in real time.
- Analyzes transaction risks and provides immediate alerts on potential threats.
- Seamlessly integrates with DeFi and Web3 applications for enhanced protection.
Strengthening Blockchain Security Standards
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While these security upgrades provide advanced protection, users must also adopt strong security habits. CoolWallet recommends:
- Using a hardware wallet for storing high-value crypto assets.
- Enabling multi-factor authentication (MFA) to secure exchange accounts.
- Keeping security tools updated and staying informed about emerging threats.
Source: Businesswire
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