For several years now I have been actively involved in the crypto world as a trader, analyst and influencer. During these years I had the opportunity to experience quite a lot, as a user, investor, and analyst. Everyone who has been evolving long enough in this field knows the risks involved, but too many times those are learned the hard way through unfortunate mistakes that could have been avoidable.
That is the reason, as part of the #ScamAlert campaign launched by #binance , that I want to share with you one of my personal unfortunate experiences with scammers. Of course, there are plenty of other risks on the DEFI and crypto markets, but this is one of the hardest to avoid! 👽
I will tell you how it happened, what I learned, and what I did to never fall for it again👇🏼
A few years back, when I was dabbling with decentralized finance, testing out different platforms, experimenting with token swaps, lending, smart contracts, and more generally DeFi, I started to use my funds over several exchanges and dApps. At the time I was naively confident, not really figuring out the risks involved, thinking that my funds would be safeguarded in my wallet.
However, one day, while I was reviewing my wallet, I realized that some of my funds were missing. After a small panic attack, and a quick search, I stumbled upon articles announcing that a famous platform had been hacked with millions in value of user funds stolen. And well, unfortunately, I was part of the victims.
Indeed, to trade tokens on platforms, I had to grant permission of token approvals on my behalf to the exchange. The huge problem with it, is that once it's done the permission is valid not only for one transaction but for all future ones! Meaning that hackers could use exploits to abuse unlimited token approvals to steal user funds 🚨🚨🚨
Doing my own research, I found a tool specifically designed to resolve this problem. This tool is Revoke.cash, and fortunately it is free, open-source, and independently maintained. With it you can easily review permissions granted by your wallet to different apps and platforms. The best thing about it is, you can easily manage and revoke, if necessary, all unwanted "token approvals" that scammers could potentially use to steal your funds.
I can only advise anyone to use this kind of tool if you care about your funds safety.🔒
I hope this experience of mine will help many secure their funds, and make the world of crypto a safer place for everyone. 💪
Stay sharp out there, folks! 🐸