SlowMist Cosmos: Coinbase has taken offline the page for recovering assets using user-entered plain text mnemonic phrases

BlockBeats News, March 26th – SlowMist founder Cosmos Yoo said in a post that Coinbase has taken offline the page allowing users to input plain text mnemonic phrases for asset recovery. For wallets, first of all, the security model of online web pages is very low, much lower than extensions and apps. Secondly, the practice of collecting plain text mnemonic phrases on online web pages is easily imitated and learned by phishing pages, which has long been a common phishing technique. Finally, as a well-known wallet, from a user responsibility perspective, such behavior that significantly lowers the wallet’s security model should not exist.