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Bitget Wallet Introduces Smart Authorization Detection to Safeguard Assets

By: Bitget Limited via GlobeNewswire

February 27, 2025 at 01:16 AM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Bitget Wallet, a leading Web3 non-custodial wallet, has launched an upgraded authorization detection feature to give users greater control over their assets and enhance security. This upgrade allows users to review all past DApp and token approvals, identify potential risks, and revoke unsafe permissions with a single tap.

At a time when security concerns are growing in the crypto space, Bitget Wallet reinforces its commitment to providing a safer, more transparent Web3 experience. Many users unknowingly grant excessive permissions that allow DApps to access their assets indefinitely, increasing security risks. Bitget Wallet's enhanced tool helps users detect these risks by categorizing authorizations as Low, Medium, or High risk. Common high-risk approvals include unlimited token transfers, staking or withdrawal permissions, contract upgrade backdoors, and NFT transfer rights. By updating to version V8.29, users can access the "Approval Detection" feature from the wallet's homepage to scan and revoke unnecessary or risky authorizations, reducing the chances of unauthorized asset movement.

As a non-custodial wallet, Bitget Wallet ensures users have full control over their private keys, eliminating counterparty risks associated with centralized platforms. To enhance security, Bitget Wallet employs Multi-Party Computation (MPC) technology, which distributes private key shares across multiple entities, preventing single points of failure. Additionally, it integrates the Double Encryption Storage Mechanism (DESM) for an extra layer of private key protection. To further safeguard transactions, Bitget Wallet's GetShield security engine continuously scans DApps, smart contracts, and websites, detecting phishing attacks, malicious addresses, and fraudulent contracts before users interact with them.

Bitget Wallet also collaborates with leading security firms like CertiK, SlowMist, and GoPlus Security, ensuring comprehensive code audits, risk monitoring, and proactive threat detection. Beyond advanced security infrastructure, it offers financial protection through its industry-leading Protection Fund, initially established at $300 million and now valued at $625 million, backed by 6,500 BTC in onchain reserves. This fund serves as a safety net for users in the event of a platform-related security incident. By integrating robust security technology, proactive risk detection, and a transparent protection fund, Bitget Wallet delivers one of the most secure Web3 experiences available today.

"The recent industry events highlight the importance of true self-custody and strong security measures," said Alvin Kan, COO of Bitget Wallet. "Security has always been our top priority. We are committed to empowering users with full control over their assets while providing robust security tools and financial protection. With our upgraded authorization detection, MPC technology, and Protection Fund, we continue to set the standard for a safer and more resilient Web3 experience.”

About Bitget Wallet
Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users' assets. Experience Bitget Wallet Lite to start a Web3 journey.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65645222-e7fe-472d-a62b-6e21f0a2717f

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