Ethereum news (ETH): Foundation unveils new 'Clear Signing' standard to stop users from approving malicious crypto transactions

The Ethereum Foundation, in collaboration with major crypto wallet developers, has introduced a new security standard called 'Clear Signing'. This initiative aims to combat billions in losses from phishing attacks and wallet drains by replacing the current display of complex code with simple, human-readable explanations for transaction approvals. The goal is to prevent users from unknowingly signing away their funds due to a lack of understanding, a vulnerability exploited in major hacks. The standard, based on the proposed Ethereum standard ERC-7730 and a public registry for verified descriptions, will allow wallets to present clearer prompts about asset movement, recipients, and granted permissions. The Ethereum Foundation's Trillion Dollar Security Initiative will oversee the registry's infrastructure and encourage ecosystem-wide adoption. This move signifies a shift towards user understanding as a key component of crypto security.

(Source：CoinDesk)