Web3 has ushered in a new world of user experiences. It has also attracted a new generation of digital fraudsters.
It’s a double-edged sword that was substantiated by the recent State of Web3 Security study from WalletConnect and Blowfish. According to proprietary Blowfish data, a staggering 45% of all web3 project domains established in 2023 proved to be malicious. While analysis from WalletConnect and Blowfish showed that only 5% of web3 users actually engage with these dangerous sites, the statistic remains alarmingly high.
However, industry players in the web3 space are not standing idly by. Bitget Wallet, formerly known as BitKeep, was quick to recognize the need to fortify security measures and help shield its users against nefarious activities. “As a non-custodial web3 wallet, user security is of paramount importance to us,” notes Alvin Kan, COO of Bitget Wallet.
With a five-year legacy and over 15 million users globally, Bitget Wallet had already integrated WalletConnect’s Web3Wallet SDK to ensure interoperability with dapps and offer features such as simultaneous multi-chain transactions. When WalletConnect released Verify API in 2023, it became one of the first wallets to adopt this new security feature, to help empower its users against the growing specter of malicious domains in web3.
A multi-layered approach to web3 security
Bitget Wallet takes user security extremely seriously. That’s why it employs a multi-layered security approach, integrating tools such as GetShield, Verify API from WalletConnect, and its own MPC wallet function, among others.
“Our decision to integrate Verify API was influenced by the growing need to protect our users against phishing and other malicious activities in the web3 space,” says Kan. “We recognized that, as the web3 environment evolves, so do the security threats, making it imperative for us to adopt advanced protective measures.”
Bitget Wallet integrated Verify API in December 2023 to enhance user security with domain scanning and fraud detection, providing alerts for known malicious domains. These capabilities, crucial for safeguarding users, would be burdensome for smaller development teams to tackle alone.
“The advanced technology behind WalletConnect has resonated well with our community,” he adds. “Users are excited about the potential of such APIs, and look forward to additional functionalities and vibrant user experiences.”
What’s more, apps can verify their domains through Verify API to distinguish themselves from potential bad actors, ensuring users are protected and can interact with the app securely.
“From the feedback we've received, it has been made very apparent to us that our users appreciate the proactive steps we have taken to safeguard their interests,” notes Kan. “They value the peace of mind that comes with knowing their transactions are being verified for authenticity and safety. This has not only led to increased user satisfaction but also higher engagement and activity on our platform.”
Forging a future with enhanced web3 security
Bitget Wallet's strategic focus involves expanding their capacity to leverage new assets and narratives, providing enhanced onchain interaction and trading services. Verify API is poised to play a pivotal role in building a secure ecosystem for these interactions, ensuring users can capture emerging opportunities within the industry, especially during bullish market conditions.
The seamless integration of Verify API has not only strengthened Bitget Wallet against emerging threats but has also laid the groundwork for a lasting collaboration, dedicated to providing a secure trading environment. “On the implementation side, things went relatively smoothly, largely due to WalletConnect's comprehensive documentation and support,” says Kan.
“Our team found the integration process to be well-structured and user-friendly. The straightforward nature of the implementation allowed us to quickly and efficiently enhance our wallet's security features, ensuring our users enjoy a safer web3 journey.”