Don't ignore every "! " in the OKX Web3 wallet

The currency circle has achieved today's situation through technological innovation. 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 encryption jungle built by code, the security line is always under the test of precision attacks.

In "scientists" who manipulate MEV robots at millisecond speeds accurately sniping transaction slippages, the smart contract of Pixiu disk weaves a cash cage that only enters and does not leave, the fishing website disguises malicious authorization pop-up windows as admission tickets to freedom, Chinese tools hide hijacking clipboards, Trojan horse "family bucket" that steals privacy data, local dog projects change patterns, and star projects delete and run away overnight, " safety" is the hardest narrative of traveling through bull and bear.

From the absurd farce of mnemonic words running naked on the browser to the encrypted security warning roaring in group chats, we often only focus on security issues when they occur, but that doesn't mean it doesn't matter. Because you can't believe in evil on the mixed chain, but you must never wear "bulletproof vests". Only by being a little more timid can you live longer. We must realize that secure DNA must evolve rapidly and trading tools must be chosen right - in a decentralized world, true security depends on a stronger "trust infrastructure." Today I will talk to you about the security capabilities of OKX Web3 wallet in my eyes, covering 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 common thing we deal with is a variety of tokens, but we cannot identify the risks. Common malicious tokens include: Pixiu coins, phishing airdrops and medium-risk coins. The first type is "Pixiu Coins". These tokens can be bought on the surface, but they cannot be sold smoothly, or they need to pay too high taxes and fees when selling, and may even be unable to trade due to users being blocked. For example, after buying, the user finds that he needs to pay a 95% sale tax, or when trying to withdraw, he finds that the address has been blocked and cannot conduct transactions.

The second category is "garbage airdrop". This token itself has no value, but may have the same name as valuable tokens, and is accurately airdropped to a few users for targeted phishing. Users mistakenly think that they are getting valuable coins, but after buying, they find that the depth of the coins pool is insufficient, which leads to being trapped during exchange, or that the Pixiu plate itself cannot be sold, or the hacker instantly pulls away the funds pool, leaving only air to the user.

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

OKX Web3 risk token trading protection diagram

The third category is medium-risk coins, including low-liquid coins, volume-brushed coins, blackmailed users' coins, etc. Low liquidity coins mean that it may be difficult to sell in the short term after purchase; volume-brushing coins inflate trading volume through frequent transactions, attract traders, and eventually withdraw liquidity; block user coins only allow 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 give me a risk warning.

2. KYS risk identification

In addition to token trading, the scenario where we interact the most on-chain is accessing DApp. Generally speaking, the steps for upgrading the interaction between Web3 wallet and DApp are usually ": connecting the wallet, authorizing, transaction signature, and confirming transactions.

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. This way, we can avoid the need to reauthorize every time. The signature process is actually a confirmation of the quantity, price, etc. of the transaction, ensuring that every operation meets our intentions.

The KYS risk identification function of OKX Web3 wallet is similar to the traditional KYC mechanism, but it focuses more on monitoring and analyzing our transaction behavior, especially transaction authorization and signatures, to identify whether there are abnormal or malicious activities. Next, I must talk to you about the "authorization risk scenarios" and the "protection" function of the OKX Web3 wallet at critical moments.

Scene 1: Transfer money to "black address"

Have you ever had such an experience? I didn't think much about it when transferring money, and just entered an address. In fact, I almost transferred the money to a "ordinary black address". Fortunately, the OKX Web3 wallet popped up a prominent red warning at a critical moment - "There is a risk in this transaction", which avoided a loss.

But what is more terrifying than 'ordinary black address' is the "black contract". These addresses are often disguised as official contracts for popular projects, with the token name and icon, making it difficult for us to distinguish between true and false. Unlike the simple prompts of ordinary black addresses, when the OKX Web3 wallet detects interaction with the "black contract", it will directly intercept transactions to ensure the security of our assets and avoid the risks brought by incorrect operations. "

OKX Web3 wallet intercepts "black contract" interaction diagram

Scenario 2: Incorrectly authorized to the EOA account, not the DApp contract address

When we perform authorization operations, the authorization object should usually be a DApp smart contract, not an EOA account. If authorized to an EOA account, then this means authorizing our wallet to another wallet/person, which is likely to lead to asset risks. When I try to authorize an EOA account, the OKX Web3 wallet will issue an alarm reminding me to double-check the authorized object to avoid asset losses due to trusting the wrong object.

OKX Web3 wallet EOA authorization interception

Scenario 3: Transfer to similar addresses

Scammers often commit fraud by creating addresses that are highly similar to our commonly used interactive addresses, such as modifying 0x1230...32 to 0x1238...32, inducing us to transfer money to the wrong address. There is almost no difference when we look at it with the naked eye. Many times we are cheated if we don’t pay attention. Fortunately, OKX Web3 wallet will detect the similarity of the transfer address and provide risk warnings when abnormalities are found to help us confirm the transfer target and avoid transferring funds into the hands of scammers due to negligence.

OKX Web3 wallet transfer to similar addresses alert diagram

Scenario 4: ETHSign Signature Risk

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

OKX Web3 wallet ETHSign Signature Risk Warning Schematic

Scene 5: "HexData Hijacking" on the TRON chain

On the Tron network, malicious actors may tamper with the transaction content by modifying HexData (the hexadecimal data of the transaction), causing us to perform unexpected actions. OKX Web3 wallet will monitor HexData's modification behavior and issue risk warnings when abnormalities are found to protect the security of our transactions on the Tron network.

OKX Web3 wallet monitoring HexData modification behavior diagram

Scene 6: Purchase “Malicious Tokens”

There are also purchases of "malicious tokens". Let me briefly explain that "malicious tokens" may have built-in backdoors or traps, such as being unable to sell or automatically transfer user assets, which is likely to lead to losses of funds after we purchase them. When we try to buy suspicious tokens, the OKX Web3 wallet will send a prompt and provide the option to cancel transactions to help users avoid falling into the trap of token scams.

OKX Web3 wallet alerts " malicious tokens" to purchase risk diagram

Scene 7: Solana changes the account Owner

Playing MEME on Solana's network this year is too popular. If the Owner of our account is maliciously modified, it is likely to lose control of the account, resulting in the stolen assets. OKX Web3 wallet will monitor the modification behavior of the account Owner and issue a prompt when risks are detected to ensure the security of our account.

OKX Web3 Monitors the Owner Risk of Solana Account Change

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 authorization non-whitelist DApp", the wallet will promptly issue a security alarm to remind us to pay attention to the potential risks in the operation and ensure that each step of authorization is within a safe and controllable range.

3. Private key protection

In addition to malicious token detection and DApp authorization detection, OKX Web3 wallet has carefully designed protection functions for private keys, mnemonic backup and export. Everyone must remember that safety first! Especially private key protection, because most assets are stolen are leaked by private keys and mnemonic words. OKX Web3 wallet provides ultra-high standards of protection, and even screen capture, private keys and mnemonics are not allowed, completely avoiding the risk of information leakage. In addition, it also supports segmented private key replication, ensuring that every link is safer. Hackers have no chance at all. At present, only OKX Web3 wallet supports this function. These measures are like giving our money packaging a "proof door".

4. Prevent MEV sandwich attacks

Sandwich attacks are a kind of arbitrage behavior that often occurs on decentralized exchanges (DEXs). Attackers use the visibility of transactions on the blockchain to insert two of their own transactions before and after the user's transactions to make a profit. Since transactions on the blockchain are public, attackers can monitor unconfirmed transactions in the memory pool (mempool). First send a deal to increase the price of the target asset (if the victim is paying) or lower the price (if the victim is selling). The victim's transaction was executed as planned, but since the price had been manipulated by the attacker, he would buy it at a higher price (or sell it at a lower price). After the victim's transaction is completed, the attacker sells the assets he just bought to make a profit. OKX Wallet has connected to multiple MEV protection providers, and the mainstream MEME ecological networks are covered to protect users from sandwich attacks.

5. Choose the right tool for safe transactions

In the crypto world, security accidents are not scary, what is really scary is our wrong judgment in the moment. Every time I use the OKX Web3 wallet, I always feel that it is always a little faster than me, which can block my recklessness, greed and negligence in advance and help me avoid unnecessary risks.

After struggling in the currency circle for several years, I finally understood what "risk control" is: it does not eliminate all threats, but allows these threats to appear, let us choose the right tools and enhance our security awareness. The OKX Web3 wallet is like a pair of "symbiotic armor" that can breathe - it doesn't stop me from touching the flame, but it will repair 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 safety can we win wealth and freedom.