What are the common vulnerabilities in Web3 wallets?

[winonahazel]

Web3 adoption surges, and they are reimagining the way to secure and manage digital assets in the decentralized ecosystem. Web3 wallet development is transforming the way digital assets are managed, and they are integrated within the dApps, NFT marketplaces, etc. Though this innovation brings new transformations, it is accompanied by certain risks. Since Web3 offers complete control over the funds and security to the users. This has increased cyber attacks and malicious activities. Take a look at the common vulnerabilities.

• Phishing Attacks
• Malicious Smart Contracts
• Insecure Key Storage
• Weak Private Keys
• Improper Backup & Recovery Practices

Startups that are looking to venture into the web3 realm by launching a web3 wallet should ensure that to understand the security concerns. If you are one among them, then connect with the web3 wallet development company.