Crypto wallet provider ZenGo has introduced a new feature, called ClearSign, that protects its users from the dangers of signing transactions from malicious smart contracts, the company announced on Wednesday.
According to ZenGo, ClearSign is designed to reduce the risk of users losing their non-fungible tokens (NFTs) and other crypto assets due to attack vectors like phishing scams and untrustworthy decentralized apps. NFT communities like Bored Ape Yacht Club (BAYC) have suffered several instances of their holders losing valuable NFTs to scammers via social engineering attacks.
The feature works by telling users the details of the transactions they are signing in a way that is easy to understand. ClearSign will also act as a firewall that blocks unwanted actions from untrustworthy decentralized Dapps, according to ZenGo’s announcement.
The firewall will alert users to suspicious smart contracts and block the signing of transactions that would expose private keys or seed phrases.
ZenGo says it has already partnered with the popular Discord bot Collab.Land to integrate ClearSign on the latter’s platform. Many projects use Collab.Land to verify that their members are owners of their digital assets, including NFTs. Some high-profile NFT hacks have involved the creation of fake Collab.Land bots to steal valuable collectibles from unsuspecting victims.
ClearSign will be available on both iOS and Android. ZenGo says it will add other Dapp integrations in the coming weeks.
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Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.