Binance Blog published the latest article, exploring the risks of unlimited authorization in Web3 and how to protect assets. In decentralized finance (DeFi), the use of unlimited authorization poses a huge security risk to user funds. Especially when users grant smart contracts unlimited fund management permissions, if a security vulnerability occurs in the platform or contract, hackers can use these authorizations to easily withdraw funds, and even future deposits may suffer losses. Although smart contracts on the Ethereum Virtual Machine (EVM) chain are widely used in various decentralized applications, their inherent security risks also make the problem of unlimited authorization particularly serious. Smart contract vulnerabilities and social engineering attacks are the two main attack methods that hackers can use to gain control of user funds. To prevent these risks, users should regularly review and revoke unnecessary authorizations and avoid granting unlimited authorizations to unfamiliar projects.
For increased security, using tools like Binance Wallet can remind users in real time to revoke risky authorizations and provide additional protection. Staying vigilant and taking proactive protective measures are key for Web3 users to ensure the safety of their funds.