Biget Wallet Chief Operating Officer Presents Web3 Wallet Security Strategies at Blockchain Life in Dubai
Victoria, Seychelles, April 23, 2024, Chainwire
At the Blockchain Life Dubai conference this month, Alvin Khan, Chief Operating Officer of Bitgate Wallet, joined journalists from SafePal, Ledger, TrustWallet, Telegram Wallet and CoinTelegraph to discuss strategies for building secure and user-friendly decentralized wallets. The discussion focused on the general implementation of various wallet technologies, including hot wallets, cold wallets, MPC wallets, AA wallets, and multi-signature wallets.
Khan emphasized the wide range of security vulnerabilities in the Web3 environment, noting that every operation carries a risk of privacy loss.
“To build a secure wallet platform, a comprehensive and systematic security solution must be implemented,” he said in a panel held at the conference. “This means ensuring that security measures are introduced at every step of the user journey, and at every back end, as well as building, expanding and re-evaluating the wallet's security measures.”
Khan provided a detailed analysis of Bitget Wallet's security compromises, and outlined some common causes of asset loss, which often stem from events such as losing a private key, unwittingly signing malicious contracts, and interacting with fraudulent DApps or tokens.
To address these issues, Bitget Wallet has implemented a number of security measures, including the introduction of a “keyless” MPC Wallet, hardware wallet connectivity, and strong partnerships with industry-leading security partners, including strict auditing for key codes. Wallet Swap and NFT Marketplace. In addition, the wallet shares a $300 million user protection fund with Bitgate, further enhancing its risk resilience.
Explaining that these features are not simply add-ons but mandatory requirements in today's Web3 climate, Alvin urges builders and developers to pay close attention to the growing risk in Web3. As threats become more complex and subtle, it is important that projects are not merely reactive but introduce proactive measures to prevent these threats. Examples include the use of Bitget Wallet's built-in risk alerts for potentially dangerous tokens and dapps, and even flashbots to combat potential Maximum Expirable Value (MEV) attacks on the Ethereum blockchain. For popular Bitcoin on-chain assets over the past six months, asset isolation and DApp interaction isolation measures have also been implemented by wallets to prevent users' assets from being accidentally transferred or burned.
But the war against fraud does not end there. On the panel, Kahn emphasized the importance of providing adequate educational materials to users so that users can update themselves on new threats on Web3. This also forms part of the overall user experience, which should be smooth and seamless, even against the backdrop of a strong security layer.
“Finding the right balance between comfort and security is very important when designing a wallet,” Alvin said as he closed the panel discussion. “We must constantly update ourselves on new technologies and methods employed by malicious actors, and still implement seamless and targetable countermeasures under the hood to maintain a comfortable user experience.”
About Bitget Wallet
Bitget Wallet is Asia's largest and leading web3 wallet with over 20 million users worldwide. It offers versatile features including asset management, intelligent market intelligence, swap trading, launchpad, text and DApp browsing. It currently supports over 100 major blockchains, hundreds of EVM-compatible chains, and over 250,000 cryptocurrencies. Bitget Wallet optimizes liquidity by integrating hundreds of top DEXs and chain bridges, facilitating seamless trading on nearly 50 blockchains.
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