Today, on day 21 of #KryptoSecure, you will be learning about reviewing and revoking transaction approvals in your wallet.
Reviewing simply means to inspect something in order to make changes to it or to make a decision about it.
Revoking means revoking an approval/allowance so that a dapp can no longer access the contents of your wallet and move them around.
By regularly revoking active approvals you reduce the chances of becoming the victim of approval exploits. But unfortunately this cannot be used to recover any stolen funds.
You need to also understand the difference between disconnection and revoking, when you disconnect from DApp you only cut off the auto-login status of the wallet but doesn’t mean that the DApp authorization is canceled.
Once a DApp or website has unlimited access rights to a token on your wallet, they can spend all those tokens even if you have withdrawn your funds from their platform into your wallet. Malicious actors can still access your funds and withdraw them into their wallets with no recovery option left for you.
Why You Should Use Review & Revoke Transactions Approvals
When you approved any transaction on a suspicious website or dapp.
When your funds is stolen and you are sure private key is not compromised
When you approve unlimited spending of a particular token or nft on your wallet.
Prevention is better than cure, it is best that you periodically review your transactions and revoke any one that looks suspicious.
How To Revoke Smart Contract Access To Your Crypto Assets
Step 1: Use revoke access tools
Several websites let you view and revoke smart contracts connected to your address. Visit the website and connect your wallet:
Ethallowance (Ethereum Only)
Etherscan (Ethereum Only)
Revoke (multiple networks)
Cointool (multiple networks)
Unrekt (multiple networks)
EverRevoke (multiple networks)
Step 2: Connect your wallet
Once you are on the website, click on “Connect wallet”. The website should prompt you to connect your wallet.
Make sure you use the same network in your wallet and website. You will only see smart contracts related to the network selected. For example, if you connect to Ethereum Mainnet, you will only see Ethereum contracts, not contracts from other chains such as Polygon.
Step 3: Select a smart contract you wish to revoke
You should see all the contracts that are allowed access to your tokens and their spending limit. Find the one you wish to terminate.
If you do not know which contract to choose, you can revoke all of them. It won’t create any problems for you, but you will have to grant a new set of permissions the next time you interact with any of these contracts.
Step 4: Revoke access to your funds
Once you click on revoke, you should see a new transaction suggestion in your wallet. This is to be expected. You will have to pay the fee for the cancellation to be successful. Depending on the network this can take from a minute to several to be processed.
It is advised that you refresh the revoking site after a few minutes and connect your wallet again to double check if the revoked contract has disappeared from the list.
I recommend you to never allow projects unlimited access to your tokens and revoke all token allowance access regularly.
Revoking token access should never result in a loss of funds, especially if you use the tools listed above.
But still DYOR if you need to, using any of the tool should be at your discretion, even though I have used Etherscan and Revoke.cash multiple times.$ETH $BTC $ARB