Approvals: The Silent Threat to Your Crypto Security and How to Protect Yourself
Remember when Kevin Rose, the Moonbirds NFT creator, lost $2M in a blink? Well, it all comes down to approval.
Approvals are an essential part of using decentralized apps and wallets, but they can also be a potential security risk.
Often, Web3 users do not understand the full scope of what it means to grant “approval” to platforms they use daily, like OpenSea.
Because it looks the same, “approval” is often confused with “signing” a transaction, when they are NOTHING alike!
Be careful before granting approval
When you approve a smart contract or app, you give it permission to access your tokens, collect data, and perform actions on your behalf.
I repeat:
“PERFORM ACTIONS ON YOUR BEHALF!!!”
If the app is malicious or hacked, your funds and personal information could be at risk.
It’s crucial to verify the identity and legitimacy of the smart contract or app before granting approval.
You have to double-check the source code, audit reports, and reviews from trusted sources. Don’t rush into granting approval without being absolutely sure and regularly review your approval history!
Safeguard yourself against dangerous approvals
The issue is that most Web3 users are not blockchain-savvy, can’t read source code, and cannot, for the life of them, read through a smart contract audit.
That’s why we have created Wallet Alert!
A 3-in-1 security solution that protects you from dangerous and scammy approvals for free!
A Wallet Security Audit
Our cutting-edge technology can quickly determine whether your wallet has been compromised. Your security audit will be sent to you within 24 hours and forewarns you about the risky approvals you gave. We’ll also explain to you how to revoke them!
Live Approval Alert
As soon as you grant approval to an entity, you’ll get an immediate notification!
- So in case you did not understand what you were signing and that you granted approval without meaning to, you’ll know right away and be able to revoke the approval.
- In the upcoming days, you will receive a security report regarding the entity you approved, which will indicate whether or not it poses any threat.
Monthly Security Report
Every month, you’ll receive a report detailing which approvals are safe or not. It’s crucial because an entity that you gave approval to a year ago could suddenly show suspicious activities in the days before you receive the report. And when you thought it was once safe to grant approval to them, it could be safe no more!
