Security Special Issue Conclusion | OKX Web3: Safeguarding User Asset Security
OKX Web3 wallet is redefining the wallet experience while safeguarding user assets, striving to protect users as they embark on a safer journey of on-chain exploration.Author: OKX Web3
Introduction
OKX Web3 has specially curated the "Security Special Edition" column to address various types of on-chain security issues. Through the most real cases occurring around users, in collaboration with experts or institutions in the security field, we provide dual sharing and answers from different perspectives, thereby systematically summarizing and refining security trading rules. The aim is to enhance user security education while helping users learn to protect their private keys and wallet assets.
Thank you all for your companionship along the way～
Finally! The "Security Special Edition" series initiated by the OKX Web3 wallet security team has reached its conclusion～
Don’t let it gather dust in your bookmarks! And don’t wait for ages to learn!
Wallet and asset security is no small matter; you should keep it in mind and remember it～～
1. Content Review
First of all, we would like to express our gratitude to Slow Mist, CertiK, WTF Academy, OneKey, BlockSec, and GoPlus for their joint support of this series. We have started with the most real cases occurring around users, systematically sorting out different types of risks, advanced tools, security rules, protective suggestions, and more in various scenarios.
Looking back at the entire series, it has covered six major popular scenarios in the field of crypto security, including private key security, MEME trading security, yield farming security, device security, and DeFi security. The aim is to enhance user security education while helping users learn to protect their private keys and wallet assets. Users can read as needed:
《Security Special Edition 01｜OKX Web3 & Slow Mist: Sharing Experiences from "Hundreds of Scams"》
《Security Special Edition 02 | OKX Web3 & CertiK: MEME "Adventure" and Security "Truths"》
《Security Special Edition 04｜OKX Web3 & OneKey: Adding Some "Buff" to Device Security》
《Security Special Edition 06｜OKX Web3 & GoPlus: On-Chain Security Monitoring and Post-Incident Rescue》
Overall, current security incidents exhibit characteristics of diversity, concealment, and complexity, but most are due to users being stolen from or being induced to input their private keys or mnemonic phrases, such as through fake airdrops, fake websites, fake customer service, etc. Therefore, it is essential to remain vigilant and not easily click on unfamiliar links, disclose information to strangers, or enter unknown websites, and certainly not to leak your private keys and mnemonic phrases easily.
Please remember: In the crypto world, security comes first.
2. Latest Security Updates of OKX Wallet
Secondly, as a self-custodial wallet, the private keys and assets of the OKX Web3 wallet are entirely controlled by the users. The OKX Web3 wallet will safeguard users' security and privacy 24/7. Therefore, in this concluding edition, we will share some updates on OKX Web3 wallet security.
Currently, the OKX Web3 wallet has officially launched a security center, which users can access by clicking the relevant banner on the Web3 wallet webpage or by visiting: https://www.okx.com/zh-hans/web3/security?source=gtm. This center covers five major aspects, including open-source code, multi-party audits, and a bug bounty program, and supports users in public verification, aiming to create a safer Web3 ecosystem.
First, in terms of multi-party audits, the security standards of the OKX Web3 wallet have been tested and verified by third-party security audit companies. The audit reports from Slow Mist and CertiK have now been made public, and users can view them at any time. In the future, the OKX Web3 wallet will continue to be regularly audited by reputable security audit companies to ensure asset safety.
Second, regarding open-source code, the OKX Web3 wallet has completed the open-sourcing of its core code, including mnemonic phrases, private keys, MPC, and other core algorithms, which have been widely verified by the technical community. The implementation details are available for users to freely view and audit on GitHub, ensuring greater transparency.
Third, in intercepting third-party risks, the OKX Web3 wallet provides robust security monitoring to help users filter high-risk tokens and domains, protecting assets from threats. So far, it has intercepted over 153K malicious domains, 1.5M similar domains, 1.28M high-risk tokens, and 153K high-risk transactions for users.
Fourth, the OKX Web3 wallet has also launched a bug bounty program to encourage users and developers to report service errors and security vulnerabilities, offering generous bounties to collaboratively build wallet security with users.
While redefining the wallet experience, the OKX Web3 wallet is committed to safeguarding user asset security, striving to protect users as they embark on their on-chain exploration journey.
3. 24/7 Security Protection
As an industry-leading one-stop Web3 entry point, the OKX Web3 wallet provides 24/7 security protection for user assets, such as:
1. In terms of private key security
To ensure the security of users' wallet private keys, the entire underlying system of the OKX Web3 wallet is offline. Users' mnemonic phrases and private key-related information are all encrypted and stored locally on the user's device. Additionally, the relevant SDK is also open-source and has undergone extensive verification by the technical community, ensuring greater transparency. Furthermore, the OKX Web3 wallet has conducted strict security audits in collaboration with well-known security institutions like Slow Mist.
In addition, to better protect our users, the OKX Web3 security team has provided robust security protection for private key management and is continuously iterating and upgrading. Here are some simple shares:
1) Two-factor encryption. Currently, most wallets typically encrypt mnemonic phrases with passwords and store the encrypted content locally. However, if a user is infected with a Trojan virus, the Trojan can scan the encrypted content and monitor the user's input password. If the scammer listens in, they can decrypt the content and obtain the user's mnemonic phrase. In the future, the OKX Web3 wallet will adopt a two-factor method to encrypt mnemonic phrases, ensuring that even if a scammer obtains the user's password through a Trojan, they cannot decrypt the content.
2) Private key copy security. Most Trojans steal information from the user's clipboard when they copy their private keys, leading to private key leakage. We plan to enhance the security of the private key copying process, such as copying part of the private key and promptly clearing clipboard information, to help users reduce the risk of private key information theft.
2. In terms of APP & data security
The OKX Web3 wallet employs various means to strengthen the app, including but not limited to algorithm obfuscation, logic obfuscation, code integrity checks, system library integrity checks, application tamper-proofing, and environmental security checks. This significantly reduces the likelihood of users being attacked by hackers while using the app and also minimizes the chances of black market actors repackaging our app, lowering the risk of downloading fake apps.
Additionally, in terms of Web3 wallet data security, we utilize the most advanced hardware security technology, employing chip-level encryption methods to encrypt sensitive data in the wallet. This encrypted data is bound to the device chip, and if the encrypted data is stolen, no one can decrypt it.
3. In terms of third-party detection
We provide many security mechanisms to protect user funds:
1) Risk domain detection: When users access DAPPs, the OKX Web3 wallet conducts detection and analysis at the domain level. If users access a malicious DAPP, it will intercept or alert them to prevent them from being deceived.
2) Pi Xiu token detection: The OKX Web3 wallet supports comprehensive Pi Xiu token detection capabilities, actively blocking Pi Xiu tokens in the wallet to prevent users from attempting to interact with them.
3) Address label library: The OKX Web3 wallet provides a rich and comprehensive address label library. When users interact with suspicious addresses, the OKX Web3 wallet will promptly issue warnings.
4) Transaction pre-execution: Before users submit any transaction, the OKX Web3 wallet simulates the execution of the transaction and displays the asset and authorization changes for users' reference. Users can evaluate whether the result meets their expectations to decide whether to proceed with the transaction.
5) Integrated DeFi applications: The OKX Web3 wallet has integrated services from various mainstream DeFi projects, allowing users to interact confidently with the integrated DeFi projects. Additionally, the OKX Web3 wallet will recommend paths for DEXs, cross-chain bridges, and other DeFi services to provide users with optimal DeFi services and gas solutions.
6) Black address label library: The OKX Web3 wallet has established a rich black address label library to prevent users from interacting with known malicious addresses. This label library is continuously updated to address evolving security threats, ensuring the safety of user assets.
7) More security services: The OKX Web3 wallet is gradually adding more security features and building more advanced security protection services to better and more efficiently safeguard the asset security of OKX Web3 wallet users.
4. Other Aspects
1) Security plugins: The OKX Web3 wallet provides built-in anti-phishing protection features to help users identify and block potential malicious links and transaction requests, enhancing the security of user accounts.
2) 24-hour online support: The OKX Web3 wallet offers 24-hour online support to promptly follow up on incidents of asset theft or fraud, ensuring users can quickly receive help and guidance.
3) User education: The OKX Web3 wallet regularly publishes security tips and educational materials to help users raise their security awareness and understand how to prevent common security risks to protect their assets.
The OKX Web3 wallet places a high priority on user asset security and continuously invests in protecting user assets, providing multiple security mechanisms to ensure the safety of users' digital assets.
5. Security is an Eternal Topic in the Crypto Industry
In the wave of the digital age, the crypto industry, as an emerging and rapidly developing field, is increasingly attracting global attention. However, with the widespread application of cryptocurrencies and blockchain technology, various security issues cannot be ignored. Although blockchain technology provides a high level of security for cryptocurrencies, the security of wallets is influenced by various factors, such as private key security, phishing, or user operational errors leading to private key leakage.
The decentralized nature of Web3 wallets allows users to have complete control over their digital assets without relying on any central authority or third-party service. However, this also means that users must take responsibility for the security of their assets. Users should fully recognize the importance of wallet and asset security and take effective measures to ensure it.
A secure and reliable Web3 wallet can enhance users' trust in the crypto industry. As cryptocurrencies and blockchain technology continue to evolve, users' demand for asset security is becoming increasingly strong. Platforms or wallets should continuously strive through technological innovation, security education, and other efforts to provide users with a secure and convenient asset management platform, thereby providing a solid security guarantee for the healthy development of the crypto industry.
Security is no small matter; it concerns you, me, and everyone.
Disclaimer:
This article is for reference only and does not intend to provide (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets (including stablecoins and NFTs) involves high risks and may fluctuate significantly or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. You are responsible for understanding and complying with applicable local laws and regulations.
