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How to Use CoolWallet SmartScan to Enhance Secure DApp Interactions

CoolWallet has formed a strategic partnership with KEKKAI, a leading Web3 security expert, to enhance the safety and security of users’ DApp interactions through real-time safety analytics.

In the ever-evolving landscape of Web3, crypto scams and malicious actions continue to pose significant risks. It has been reported that the total annual loss in 2022 is nearly three times that of 2021, reaching $3.8 billion. Recently, many scammers have disguised themselves as well-known DApp or NFT project owners, or created fake DApp or NFT projects, leading people in the Web3 community to engage in fraudulent transactions. Without a clear understanding of smart contracts, unsuspecting users may transfer tokens without receiving the intended NFTs or tokens when agreeing to a fraudulent transaction.

To tackle these fraudulent activities, CoolBitX and KEKKAI are focused on raising the security level of user transactions and utilizing their hardware and software expertise to provide solutions. This integration enables users to identify and assess the trustworthiness of DApps associated with transaction counterparts, providing real-time alerts and safeguarding against potential fraud risks. By leveraging KEKKAI’s expertise, CoolWallet ensures a safer and more secure environment for users to interact with DApps confidently.

User Manual for SmartScan

The Advanced Transaction Analysis feature in the CoolWallet App is designed to enhance the security of DApp interactions by automatically analyzing smart contract transactions. It scans both the transaction counterparty (DApp) and the transaction details to detect any anomalies or irregularities.

Important: Please note that while the CoolWallet App provides alerts for abnormal situations, it does not enforce the cancellation or blocking of transactions. Users are responsible for making their own decisions regarding whether to proceed with a transaction.

Enhanced feature: smart contract transaction details preview

Whether trading tokens or NFTs through DApps, the SmartScan feature provides clear visibility of transaction details on the “Transaction Confirmation” page, reducing the risk of fraud and deception.

The following examples demonstrate potential scenarios that users may encounter during their interactions. These examples can serve as a reference for determining whether to proceed with a transaction.

No abnormalities were detected in this transaction

During the execution of a smart contract transaction, the wallet requests the user’s authorization to interact with the designated transaction crypto and counterparty (DApp). Once authorized, the user is prompted to confirm the transaction. In the absence of any detected anomalies in both the transaction counterparty (DApp) and the transaction details, the message “No abnormalities detected in this transaction” will be displayed in green on both the “Approval Request” and “Transaction Confirmation” pages.

The transaction counterparty (DApp) is flagged as a phishing website

During the authorization request on the “Approval Request” page, the CoolWallet App evaluates the DApp involved in the transaction. If the Dapp’s name and logo can be verified from the provided data, they are displayed. However, if the identification is not possible, only the DApp’s address or website address will be shown, indicating a need for caution.

If the transaction counterparty (DApp) is identified as a phishing website, a red warning will be displayed. Although the CoolWallet App does not forcibly cancel or block your wallet’s interaction with such websites, it is strongly recommended to suspend the transaction.

Anomalies detected, transaction may fail

Apart from verifying whether the transaction counterparty (DApp) could be a phishing website, the CoolWallet App performs a simulation of the transaction during the “Approval Request” and “Transaction Confirmation” stages. If any abnormalities are detected during this simulation, the message “Abnormality detected, this transaction may fail.” may appear. Additionally, the specific error reason returned by the contract will be displayed alongside the warning.

One or more anomalies detected in the transaction details

During the transaction authorization or confirmation process, the CoolWallet App provides a warning if any anomalies are detected in the transaction details. Here are some examples of possible anomalies that may be detected. If multiple anomalies are detected, they will all be displayed.

  • The smart contract transaction has been detected to include tokens that can be illegally burned.
  • The smart contract transaction has been detected with multiple suspicious activities.
  • The transaction counterparty (DApp) has been identified as a phishing website, and the smart contract transaction has been detected with suspicious activities.

About KEKKAI

KEKKAI is a Web3 security company established in 2023. Recently, KEKKAI has launched a Web3 security plug-in based on transaction simulation analysis and an API service that can simulate NFT transactions and detect fraudulent activities.

KEKKAI is dedicated to optimizing their existing services and will introduce new Web3 security products soon based on market demand. Aiming to improve user security in the Web3 world from various perspectives, KEKKAI is bringing positive impacts to the entire industry environment.

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