A deeper look into the security of the NFT space is being spurred by OpenSea's recent plights.
. Providing his take on the entire matter, Alexander Klus, founder of Creaton, a Web3 content creation platform, told Cointelegraph that the phishing email campaign used a malicious signing transaction to approve all holdings to be able to be drained at any time. “We need better signing standards so people can actually see what they are doing when approving a transaction.”
That said, he did concede that even if OpenSea were to adopt the safest security/privacy protocols and standards, it is still up to its users to educate themselves about these risks. “Unfortunately, the web app itself is often held responsible, even though it was the user that was phished. Who is responsible? The answer is unclear,” he noted.
Providing his take on the subject, Yaffe noted that the main problem — which lies at the heart of this whole issue — is the basic architecture of most NFT marketplaces, enabling users to simply sign a carte blanche approval for a third-party contract to use their private wallet without setting a spending limit:
Another thing NFT owners need to remember is that they should only be visiting web apps that employ high-quality security protocols, checking that the accessed marketplaces utilize the HTTPS mechanism while being able to clearly see a lock symbol on the top left of their browser window — which correctly points to the intended company — while visiting any webpage.
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