Don't overlook every "!" of the OKX Web3 wallet

The cryptocurrency world has achieved its current state thanks to technological innovation, from Layer 2 to DePIN, from post-quantum encryption to ZKML, and from homomorphic encryption 2.0 to adaptive consensus mechanisms. These cutting-edge technologies and concepts are bursting with new vitality, but in this code-built jungle of cryptocurrency, the security line is constantly being tested by sophisticated attacks.

In a "scientific" environment where MEV bots manipulate transactions with millisecond precision to target slippage, where the smart contracts of Pi Xiu create funds traps that only allow inflow, where phishing websites disguise malicious authorization pop-ups as tickets to freedom, where localization tools hide clipboard hijacking, and where trojan "full families" steal privacy data, and where "rug pulls" from meme projects happen in various forms, and where star project teams delete tweets and run away overnight, "security" is the hardest narrative to traverse bull and bear markets.

From the absurd farce of mnemonic phrases being exposed in browsers to the crypto security warnings shouted in group chats, we often only pay attention to security issues when they occur, but that does not mean they are unimportant. Because in the blockchain, you may not believe in evil, but you must wear a "bulletproof vest"; being a bit cautious can help you live longer. We must realize: security DNA must evolve rapidly, and trading tools must be chosen wisely—true security in a decentralized world relies on a stronger "trust infrastructure." Today, I would like to talk to you about the security capabilities of the OKX Web3 wallet in my view, covering token detection, authorization detection, DApp detection, private key protection, and more, and how it protects our on-chain transactions and asset security.

1. Malicious Token Detection

The most common interaction we have is with various tokens, but we cannot identify their risks. Common malicious tokens include: Pi Xiu coins, phishing airdrops, and medium-risk coins. The first type is "Pi Xiu coins," which appear to be purchasable but cannot be sold smoothly, or require excessively high taxes to sell, or may even be blacklisted, preventing users from trading. For example, a user may find out after buying that they need to pay a 95% selling tax, or when trying to withdraw, they discover the address has been blacklisted and cannot trade.

The second type is "junk airdrops," which have no value but may share names with valuable tokens, precisely airdropped to a few users for targeted phishing. Users mistakenly believe they have received valuable coins, only to find that the token pool lacks depth, leading to being trapped during exchange, or the token is a Pi Xiu coin that cannot be sold, or hackers instantly withdraw the liquidity pool, leaving users with nothing but air.

When receiving the above two types of malicious tokens while using the OKX Web3 wallet, I found that they are automatically hidden, effectively preventing me from being misled into trading these junk tokens. At the same time, the wallet sets the price of worthless tokens to zero, helping me quickly identify their risks and avoid accidental trades. Additionally, if I attempt to trade these tokens through OKX DEX, the system will pop up a risk warning and intercept the transaction, further protecting my asset security.

OKX Web3 Risk Token Trading Protection Illustration

The third type is medium-risk coins, including low liquidity coins, wash trading coins, and blacklisted user coins. Low liquidity coins mean that it may be difficult to sell in the short term after purchase; wash trading coins inflate trading volume through frequent transactions to attract traders, ultimately withdrawing liquidity; blacklisted user coins only allow specific users to trade, misleading other traders. In such situations, the OKX Web3 wallet will set the price of these third-type risk tokens to zero and provide me with a risk warning.

2. KYS Risk Identification

In addition to token trading, the most common scenario we interact with on-chain is accessing DApps. Generally, the steps for Web3 wallets to interact with DApps are upgraded as follows: connect wallet, authorize, sign transaction, and confirm transaction.

We often encounter risks during the authorization phase. For example, when trading tokens on a DEX, we need to authorize the DApp to access specific tokens in our wallet and sign transactions to allow the DApp to act on our behalf. This way, we can avoid needing to reauthorize each time. The signing process is essentially a confirmation of the transaction's quantity, price, etc., ensuring that each operation aligns with our intentions.

The KYS risk identification feature of the OKX Web3 wallet is similar to traditional KYC mechanisms but focuses more on monitoring and analyzing our trading behavior, especially transaction authorizations and signatures, to identify any anomalies or malicious activities. Next, I must discuss the "authorization risk scenarios" and the "protection" features of the OKX Web3 wallet at critical moments.

Scenario 1: Transferring to a "Black Address"

Have you ever had this experience? When transferring, you didn't think much and just entered an address. I almost transferred money to a "regular black address," but fortunately, the OKX Web3 wallet popped up a prominent red warning—"This transaction poses a risk," preventing a loss.

However, even more frightening than a "regular black address" is a "black contract." These addresses often disguise themselves as official contracts of popular projects, with token names and icons that look identical, making it hard to distinguish between the real and the fake. Unlike the simple prompts for regular black addresses, when the OKX Web3 wallet detects interaction with a "black contract," it will directly intercept the transaction, ensuring our asset security and avoiding risks from misoperations.

OKX Web3 Wallet Intercepting "Black Contract" Interaction Illustration

Scenario 2: Incorrect Authorization to EOA Account Instead of DApp Contract Address

When we perform authorization operations, the authorized entity should typically be the DApp's smart contract, not an EOA account. If authorized to an EOA account, it means we are granting access to another wallet/person, which is likely to lead to asset risks. When I attempt to authorize an EOA account, the OKX Web3 wallet will issue a warning, reminding me to carefully check the authorized entity to avoid asset loss due to trusting the wrong entity.

OKX Web3 Wallet EOA Authorization Interception

Scenario 3: Transferring to a Similar Address

Scammers often create addresses that are highly similar to the ones we commonly interact with to commit fraud, such as changing 0x1230…321 to 0x1238…32, luring us to transfer to the wrong address, which looks almost identical at first glance. Many times, we can easily fall victim to this. Fortunately, the OKX Web3 wallet detects the similarity of transfer addresses and issues risk warnings when anomalies are found, helping us confirm the transfer target and avoid inadvertently sending funds to scammers.

OKX Web3 Wallet Transfer to Similar Address Warning Illustration

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, leading to asset loss. To avoid such risks, the OKX Web3 wallet issues timely risk warnings when users perform signature operations, helping users identify potential threats in the signature content and ensuring the safety of each operation.

OKX Web3 Wallet ETHSign Signature Risk Warning Illustration

Scenario 5: "HexData Hijacking" on the TRON Chain

On the Tron network, malicious actors may alter HexData (the hexadecimal data of transactions) to tamper with transaction content, causing us to execute unintended operations. The OKX Web3 wallet monitors modifications to HexData and issues risk warnings when anomalies are detected, protecting our transaction security on the Tron network.

OKX Web3 Wallet Monitoring HexData Modification Illustration

Scenario 6: Purchasing "Malicious Tokens"

There is also the risk of purchasing "malicious tokens." To explain briefly, "malicious tokens" may contain backdoors or traps, such as being unsellable or automatically transferring user assets, which likely leads to financial loss after purchase. When we attempt to buy suspicious tokens, the OKX Web3 wallet issues a warning and provides an option to cancel the transaction, helping users avoid falling into token scams.

OKX Web3 Wallet Warning of "Malicious Token" Purchase Risk Illustration

Scenario 7: Changing Account Owner on Solana

This year, MEME has been very popular on the Solana network. If the owner of our account is maliciously modified, we may lose control of the account, leading to asset theft. The OKX Web3 wallet monitors changes to account owners and issues warnings when risks are detected, ensuring the security of our accounts.

OKX Web3 Monitoring Solana Account Owner Change Risk

In addition to the common authorization risk interceptions mentioned above, the OKX Web3 wallet also provides security protection for other potential risk scenarios. For example, when "modifying Calldata changes a transfer operation to authorization" or "Permit signature authorizes a non-whitelisted DApp," the wallet will promptly issue security alerts, reminding us to pay attention to potential risks in operations and ensuring that every authorization step is within a safe and controllable range.

3. Private Key Protection

In addition to malicious token detection and DApp authorization detection, the OKX Web3 wallet has carefully designed protective features for private key, mnemonic phrase backup, and export processes. Everyone must remember that security comes first! Especially private key protection, as most asset thefts occur due to the leakage of private keys and mnemonic phrases. The OKX Web3 wallet has implemented extremely high standards of protection, not allowing screenshots or screen recordings of private keys and mnemonic phrases, completely avoiding the risk of information leakage. Additionally, it supports segmented copying of private keys to ensure that every step is safer, leaving hackers with no opportunity; currently, only the OKX Web3 wallet supports this feature. These measures are like putting a "security door" on our wallet.

4. Defense Against MEV Sandwich Attacks

Sandwich attacks are a common arbitrage behavior that occurs on decentralized exchanges (DEXs). Attackers exploit the visibility of transactions on the blockchain by inserting two of their own transactions before and after a user's transaction to profit. Since transactions on the blockchain are public, attackers can monitor unconfirmed transactions in the mempool. They first send a transaction to increase the target asset's price (if the victim is a buy order) or lower the price (if the victim is a sell order). The victim's transaction is executed as planned, but due to the price manipulation by the attacker, they will buy at a higher price (or sell at a lower price). After the victim's transaction is completed, the attacker sells the asset they just bought, thus profiting. The OKX Wallet has integrated multiple MEV protection providers, covering mainstream MEME ecological networks to protect users from sandwich attacks.

5. Choosing the Right Tools for Secure Trading

In the crypto world, security incidents are not terrifying; what is truly terrifying is our momentary misjudgment. Every time I use the OKX Web3 wallet, I feel like it is always a bit faster than me, able to block my rashness, greed, and negligence in advance, helping me avoid unnecessary risks.

After years of navigating the cryptocurrency space, I finally understand what "risk control" is: it is not about eliminating all threats but about making these threats visible, allowing us to choose the right tools and enhance our security awareness. The OKX Web3 wallet is like a "symbiotic armor" that can breathe—it does not stop me from touching the flame but will repair my skin the moment it gets burned. This balance between danger and safety is precisely the coolest survival rule in the crypto world.

Winning security is the first step to winning wealth and freedom.