Author

Topic: Defi security: Token Allowance Checker (Read 46 times)

member
Activity: 298
Merit: 11
Be happy =)
October 29, 2020, 02:02:52 PM
#2
Read the article and quickly checked my wallets  Smiley. There are no problems. I didn't think that such actions could attract problems. I will be more careful with approval unverified tekenes. A very useful article, deserves a lot of merit. Wink
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
October 29, 2020, 07:29:06 AM
#1
Thanks to dimao for the useful material
https://bitcointalksearch.org/topic/--5283879


https://tac.dappstar.io/ (the best)
https://approved.zone/
https://debank.com/


"Control your approvals
Token Allowance Checker shows all approvals for your ERC20-compliant tokens, and the option to change the approved amount - or completely zero it.

The unlimited approval problem
Many DApps have the habit of requiring you to approve effectively unlimited amount of tokens. This helps improving the user experience, as you only have to sign off an approval once and it will be enough for all future transactions.

However this also means that the DApp (or the person/entity controlling it) can at any time transfer all of your tokens, without requiring any further approval.

In addition, there is no concept of expiring approvals. Once approved, the approval will remain forever. If you do not trust a DApp or its operators anymore, there is usually no easy way to remove the approval."
(c) Michael Bauer
https://tac.dappstar.io/


source: https://bitcointalksearch.org/topic/--5283879

Check your wallets and set the value to 0 for projects you don't trust or don't interact with anymore.




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