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Guard Yourself Against Risky Tokens with Bitget Wallet!

2023-07-20
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  • Users can easily generate their own on-chain tokens in just 5 minutes using online development tools and token generators, creating both positive opportunities for participation in the Web3 space and potential risks for malicious activities.
  • Bitget Wallet (Previously BitKeep) takes the threat of fraudulent tokens seriously and employs security risk assessments and collaborations with external firms to protect its users from malicious actors.
  • Bitget Wallet provides in-built security features, including risk alerts during transfers to potentially risky addresses or contracts, prevention of transactions involving flagged risky tokens, and a commitment to helping users ensure the safety of tokens added and traded within the platform.

5 minutes is all it takes for anyone to launch their own on-chain token. With various development tools and token generators available online, users can easily generate their own token within a short span of time with relative ease. Broadly speaking, this can be seen as a positive thing, as it opens up a wide range of access for individuals to actively try their hands on programming and actively participate in the Web3 space. However, there are undoubtedly users who opt to generate tokens for their own malicious purposes, especially within the realms of phishing and fraud.

Data suggests that an estimated 117,000 scam tokens were deployed for fraudulent purposes in 2022, marking a 41% increase from similar incidents in 2021.

This threat is taken very seriously at Bitget Wallet, as part of our continued efforts to push for a safe and reliable wallet service and trading platform. Thorough security risk assessments and investigations are launched whenever we receive substantiated reports from our community on fraudulent tokens on any public chain. Further, our collaboration with external security firms such as Go Security as well as credible databases on fraudulent tokens assist us in our efforts to continuously remain vigilant to better protect our users against malicious actors.

In this article, we will be diving into the various in-built security features that Bitget Wallet provides to ensure that our users are safely protected against fraudulent tokens.

Risk Alerts

During user transfers, Bitget Wallet goes the extra mile to ensure transaction security by integrating the Go+ open-source security address library. This advanced feature allows us to identify various risk types of addresses and contracts, including "pirate plate" addresses, abnormal token addresses, risky contract addresses, and more. When a user initiates a transfer to any of these potentially risky addresses or contracts, Bitget Wallet promptly alerts the user of potential risks, safeguarding their assets and transactions.

For instance, if a risk type is detected in the receiving address during a transfer, Bitget Wallet may display the following warning:

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Swapping Risky Tokens: Your Safety Comes First

At times, fraudulent tokens may entice users with the promise of high returns when swapped for USDT. However, trading these risky tokens and authorizing their contracts can lead to hefty gas fees or even theft of your wallet balance. To ensure your security, Bitget Swap does not facilitate transactions involving flagged risky tokens.

For instance, if you attempt to swap a high-risk token that you have received, Bitget Wallet will promptly display a safety warning, alerting you to the token's risk status, and preventing any authorization or trading. Your protection is our priority, and Bitget Wallet remains committed to safeguarding your assets and transactions against potential threats.

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Stay Informed: Ensuring Token Safety with Bitget Wallet

As a multi-chain decentralized wallet, Bitget Wallet naturally allows you to add all ERC20 and other public chain tokens. Nevertheless, not all tokens can be considered absolutely secure, even if they have not been flagged or reported yet. Before adding and trading any tokens, it is crucial to conduct thorough research and understand all relevant information about the token.

If you ever find yourself uncertain about the authenticity of a received token, do not hesitate to seek help from Bitget Wallet's official customer service in our Telegram group. We are here to assist you in navigating the intricate world of tokens and ensuring your assets stay protected. Your security is our priority, and we are committed to providing a safe and reliable environment for all our users.

Follow Bitget Wallet to stay up-to-date with all of our latest events, findings, and promotions, and let Bitget Wallet be your premier gateway into the Web3 space.

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