The crypto exchange Coinbase has launched a new feature helping non-fungible token users to safeguard their digital collectibles from potential theft. The new feature appears amid the rise of NFT phishing scams within the nascent crypto sector.

Coinbase Launches New Anti-theft NFT Tool

In a January 30 announcement, the crypto exchange confirmed launching a new security feature preventing NFT users from potential phishing scams. The new feature will be available to all Coinbase wallet users.

Founded in May 2012, Coinbase is an American publicly traded crypto exchange platform. The crypto exchange is renowned as one of the most secure online platforms for buying, selling, and storing digital assets.

The new NFT security tool will feature several security traits, including a preview system, approval alerts, and a system that automatically detects flagged decentralized applications (dApps). It will include another unique feature that detects and eliminates potential malicious airdrops.

Moreover, the new crypto feature will send a popup message warning users about the repercussions of participating in suspicious transactions. This way, the new tool will help users to safeguard their NFTs from criminals involved in phishing scams and other malicious methods.

According to the crypto firm, the newly launched security will work seamlessly in crypto wallets without preventing users from carrying out other activities. Coinbase has pledged to continue educating users about ways of protecting themselves from different forms of scams.

Crypto Industry Sees Rise In NFT Scam

In the past few weeks, the crypto sector has seen a rapid rise in NFT scam attacks. Last week, hackers compromised the crypto account of Kevin Rose, the co-founder of NFT collection Moonbird, and stole more than $1.1 million worth of NFTs.

Mid-last week, another set of hackers took over the Azuki NFT collection Twitter account and used it to promote fraudulent and fake NFT giveaways. At the time, hackers stole more than $1.7 million worth of NFTs from various NFT investors.

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