Introduction
OKX Web3 has specially planned a “Security Special Issue” column to provide answers to different types of on-chain security issues. Through real-life cases that happen to users, in collaboration with security experts or organizations in the field, we aim to provide dual perspectives to share and answer questions, gradually summarize and summarize secure transaction rules, and strengthen user security education while helping users learn to protect private keys and wallet assets from themselves.
Thank you for accompanying us all the way~
Finally! The “Security Special Issue” series initiated by the OKX Web3 wallet security team has come to an end~
Don’t just bookmark it and forget about it! Don’t wait for another time to learn!
Wallet and asset security is not a trivial matter, and you should keep it in mind and take it seriously~~
I. Content Review
First of all, many thanks to the support from security experts such as SlowMist, CertiK, WTF Academy, OneKey, BlockSec, and GoPlus in the field. Through real-life cases that happen to users, we have analyzed different types of risks, advanced tools, security guidelines, and protection recommendations in different scenarios.
Looking back at the entire series, we have covered 6 hot topics in the field of encryption security, including private key security, MEME trading security, device security, and DeFi security, aiming to strengthen user security education and help users learn to protect private keys and wallet assets from themselves.
Overall, current security incidents present characteristics such as diversity, stealthiness, and complexity. However, most of them involve users being stolen from or induced to input private keys or mnemonic phrases, such as false airdrops, fake websites, fake customer service, etc. Therefore, you should always be vigilant and avoid clicking on unfamiliar links, disclosing information to strangers, entering unfamiliar websites, and most importantly, never disclose your private keys and mnemonic phrases easily.
Please remember: In the world of encryption, security comes first.
II. Latest Security Updates from OKX Wallet
Secondly, as a self-hosted wallet, the OKX Web3 wallet gives users full control over their private keys and assets. The OKX Web3 wallet will provide 24/7 protection for user security and privacy. Therefore, in this final issue, we would like to share some of the latest security updates from the OKX Web3 wallet.
Currently, the OKX Web3 wallet has officially launched a Security Center. Users can access it by clicking on the relevant banner on the Web3 wallet webpage or by visiting: https://www.okx.com/zh-hans/web3/security?source=gtm. The Security Center covers five aspects: open-source code, multi-party audits, bug bounty programs, etc. It also supports public verification by users, aiming to create a safer Web3 ecosystem.
Firstly, 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 SlowMist and CertiK have been made public and can be viewed by users at any time. In the future, the OKX Web3 wallet will continue to be audited by reputable security audit companies on a regular basis to ensure asset security.
Secondly, in terms of open-source code, the core code of the OKX Web3 wallet, including mnemonic phrases, private keys, MPC algorithms, etc., has been open-sourced. It has been extensively verified by the technical community and users can freely view and audit the implementation details on GitHub, increasing transparency.
Thirdly, in terms of intercepting third-party risks, the OKX Web3 wallet provides powerful security monitoring to help users filter high-risk tokens and domains, protecting assets from threats. So far, it has intercepted over 153,000 malicious domains, over 1.5 million similar domains, over 1.28 million high-risk tokens, and over 153,000 high-risk transactions for users.
Fourthly, the OKX Web3 wallet has also launched a bug bounty program, encouraging users and developers to submit service errors and security vulnerabilities. Generous bug bounties have been prepared to collaborate with users in building wallet security.
While redefining the wallet experience, the OKX Web3 wallet is committed to protecting user assets and ensuring a safer journey into the world of blockchain exploration.
III. 24/7 Security Protection
As a leading one-stop Web3 gateway, the OKX Web3 wallet provides 24/7 security protection for user assets, including:
1. Private Key Security
To ensure the security of users’ wallet private keys, the OKX Web3 wallet is not connected to the internet at the underlying level. All user mnemonic phrases and private key-related information are encrypted and stored locally on their devices. The relevant SDKs are also open-source and extensively verified by the technical community, increasing transparency. Additionally, the OKX Web3 wallet has undergone rigorous security audits in collaboration with reputable security organizations such as SlowMist.
Furthermore, to better protect our users, the OKX Web3 security team has provided robust security measures for private key management, which are continuously iterated and upgraded. Here are some examples:
1) Two-Factor Encryption: Currently, most wallets usually use password encryption for mnemonic phrases, encrypting the content and storing it locally. However, if a user’s device is infected with malware, the malware may scan the encrypted content and monitor the password entered by the user. If the password is intercepted by scammers, they can decrypt the encrypted content and obtain the user’s mnemonic phrase. In the future, the OKX Web3 wallet will encrypt mnemonic phrases using two-factor encryption, making it impossible for scammers to decrypt the content even if they obtain the user’s password.
2) Secure Private Key Copying: Most malware steals information from users’ clipboards when they copy their private keys, leading to the leakage of private keys. We plan to enhance the security of the private key copying process by copying only parts of the private key and promptly clearing the clipboard, reducing the risk of private key theft.
2. App & Data Security
The OKX Web3 wallet employs various means to strengthen the security of the app, including but not limited to algorithm obfuscation, logic obfuscation, code integrity checks, system library integrity checks, application anti-tampering, and environment security checks. These measures greatly reduce the probability of users being attacked by hackers while using the app and minimize the chances of malicious repackaging of the app.
In terms of Web3 wallet data security, we utilize state-of-the-art hardware security technologies and chip-level encryption methods to encrypt sensitive data in the wallet. This encrypted data is bound to the device’s chip, making it impossible for anyone to decrypt the data if it is stolen.
3. Third-Party Detection
We provide various security mechanisms to protect user funds:
1) Risky Domain Detection: When users access DApps, the OKX Web3 wallet performs domain-level detection and analysis. If a user accesses a malicious DApp, the wallet will intercept or provide a warning, preventing users from being deceived.
2) PiXiu Token Detection: The OKX Web3 wallet supports comprehensive detection of PiXiu tokens and actively blocks interactions with PiXiu tokens, avoiding potential risks for users.
3) Address Tag Library: The OKX Web3 wallet provides a rich and comprehensive address tag library. When users interact with suspicious addresses, the wallet promptly provides warnings.
4) Transaction Pre-execution: Before users submit any transaction, the OKX Web3 wallet simulates the execution of the transaction and displays the changes in assets and authorizations to the user. Based on these results, users can evaluate whether the transaction meets their expectations and decide whether to proceed with it.
5) Integrated DeFi Applications: The OKX Web3 wallet has integrated various mainstream DeFi projects. Users can confidently interact with these projects through the OKX Web3 wallet. Additionally, the OKX Web3 wallet provides path recommendations for DEXs, cross-chain bridges, and other DeFi services, offering users the best DeFi services and optimal gas solutions.
6) Black Address Tag Library: The OKX Web3 wallet has established a comprehensive black address tag library to prevent users from interacting with known malicious addresses. This tag library is continuously updated to address evolving security threats and ensure the safety of user assets.
7) More Security Services: The OKX Web3 wallet is gradually adding more security features and developing advanced security protection services to better safeguard user assets.
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) 24/7 Online Support: The OKX Web3 wallet provides 24/7 online support to promptly address cases of stolen or deceived user assets, ensuring that users can quickly receive assistance and guidance.
3) User Education: The OKX Web3 wallet regularly releases security tips and educational materials to help users increase their security awareness and understand how to guard against common security risks and protect their assets.
The OKX Web3 wallet attaches great importance to user asset security and continues to invest in protecting user assets. It provides multiple security mechanisms to ensure the security of users’ digital assets.
IV. Security is an Eternal Topic in the Cryptocurrency Industry
In the wave of the digital age, the cryptocurrency industry, as an emerging and rapidly developing field, is attracting increasing global attention. However, with the widespread application of cryptocurrencies and blockchain technology, various security issues cannot be ignored. Although blockchain technology provides relatively high security for cryptocurrencies, the security of wallets itself is influenced by various factors, such as private key security, phishing attacks, or user errors leading to private key leaks.
The decentralized nature of Web3 wallets allows users to have full control over their digital assets without relying on any central authority or third-party service. However, this also means that users need to take responsibility for the security of their assets. Users should fully understand the importance of wallet and asset security and take effective measures to protect them.
A secure and reliable Web3 wallet can enhance users’ trust in the cryptocurrency industry. In today’s constantly evolving cryptocurrency and blockchain technology landscape, the demand for asset security from users is growing stronger. As platforms or wallets, we should continuously make efforts in technological innovation, security education, and other aspects to provide users with a secure and convenient asset management platform. We should provide solid security guarantees for the healthy development of the cryptocurrency industry.
Security is not a trivial 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) solicitations or offers 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 experience significant volatility 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.
