Bitget Wallet launches new contract risk detection tool for users

Bitget Wallet introduces a new feature that helps traders scan through potential risks before choosing to invest in a token. It is currently available for six major blockchains.

According to a press release sent to crypto.news, the feature offers users the ability to identify potential vulnerabilities in a token that could indicate higher trading risk, such as token centralization or active minting permissions. The tool is part of a broader suite of newly introduced features aimed at strengthening transaction security on the platform.

At press time, the feature is available for tokens on six major blockchains including Ethereum (ETH), Solana (SOL), BNB Chain (BNB), Base (BASE), Polygon (MATIC), and Arbitrum (ARB).

The contract risk detection tool can be found on Bitget (BGB) Wallet’s candlestick chart interface. It provides users with access to essential data such as a token’s permission status, distribution among top holders, and burn ratios. These indicators help users make informed trading decisions and evaluate potential risks associated with the tokens.

If a large portion of tokens is concentrated among a small number of wallets, it increases the likelihood of price manipulation or sudden dumps, raising the risk for traders. Meanwhile, a high burn ratio could signal positive price action in the future, whereas low burn activity might reflect a lack of project transparency.

Additionally, a token’s permission status can reveal whether risky functions remain enabled, such as minting capabilities, the ability to pause trading, or ownership changes. If permissions are overly open or poorly managed, it may signal a heightened risk of manipulation or rug pulls.

COO of Bitget Wallet, Alvin Kan, noted that with the rapid growth of decentralized finance, providing users with accessible tools to evaluate risk is no longer optional. The platform aims to enhance transaction security through features like contract risk detection.

“This feature is part of our broader strategy to empower users with the information they need to navigate Web3 safely and confidently,” said Kan.

According to data from the Onchain Report, around 37% of users view security risks as their top concern when using crypto for payments or transfers. Bitget Wallet hopes that the new detection tool will be able to ease some of their worries when using funds on-chain.

Previously, the platform introduced an MEV protection upgrade which is directly integrated within the platform’s Swap feature. The upgrade is designed to help protect users from unfair trading mechanisms that are usually employed by MEV bots.