What Is a Token Approval? How to Revoke and When You Might Want To | When Is It Not a Good Idea?
HTML-код
- Опубликовано: 11 сен 2024
- In today's content I explain how to revoke token approvals using blockchain explorers. I first explain what a token approval is, and what types of transactions typically generate them. I go on to explain how you to revoke them, and when it isn't necessary and when it might be a good idea to revoke token approvals. I also explain what you might observe if you have a malicious token approval. Finally, I give some recommendations on how to avoid significant losses from token approvals. Enjoy!
If you'd like to support the channel, click the following link:
streamlabs.com...
**All donations are welcome!
Referral Links (offers do change over time):
a.webull.com/i... (Offer varies, but usually you get up to 2 free stocks--1 for opening and 1 for initial deposit)
blockfi.com/?r... (Offer varies, but was $40 in Bitcoin just for joining)
crypto.com/app... (We both get $25 USD)
ftx.us/#a=1202... (5% off for fees after signup)
crypto.com/app... (Referral Code if it doesn't auto populate is gbf7n96d8u)
cryptotrader.tax?fpr=cryptonewbie2022 Promo Code: CRYPTOTAX10 (10% Off!)
cointracking.info?ref=T258463 (Includes 10% for all account upgrades)
www.tradingvie... (Crypto Trading Website!)
amzn.to/3p6hCO1 (Titanium Seed Phrase Storage Set)
Links:
www.bscscan.com
etherscan.io/
polygonscan.com/
ftmscan.com/
• CRYPTO SCAMMER STOLE $... (Malicious Token Approval Example)
DISCLAIMER I am not a financial advisor. The content I create should not be considered financial advice, and is for entertainment purposes only! This is a RUclips video for entertainment purposes ONLY. If stocks are mentioned on this channel, I may have an ownership interest in them (i.e. bought some shares) so please DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified appropriate professional for the subject you would like help with.
Can a dapp spend ALL my USDT on my behalf (without my permission) if my token approval to that site was set to Default which is = Unlimited?
the hacker has stole all my USDT when I set my token approval to unlimited. I've lost USD20,000 !
Great content, you're going to save a lot of holders bags with this one.
I hope it helps people out!
I can't connect my trust wallet with ftm scan i want to revoke ouranos permission
Usually, it works if you try an alternate approach. If you are using a browser, try the DApp and vice versa. If you continue to have issues you might want to reach out to the scan to see if they have a way to get it connected.
Well done 👏👏👏
Thanks!
@@CryptoNewbie2022 if you grant them permission on bnb chain does that automatically give them permission on Avax chain?
@@erikkison token apporvals only work for what you authorize. For malicious approvals, you can actually approve removal of all tokens from your wallet in the worst case. Just like crypto keeps evolving, hackers do also.
I accidentally gave permission to the scammer to access my fund and they clear my account. I still want to revoke because I have nodes on my account but the hacker already installed a sweeper bot to keep by balance at zero what can now?
I haven't had to deal with a sweeper bot. Unfortunately, the best approach for sweeper bots is to not get one in the first place. The easiest approach depending on the situation is to just get a new wallet address since the sweeper bot is specific to the blockchain address. Otherwise, there are some approaches that might work, but I haven't had to try any of them so I don't have any specific recommendations.
May I ask what is revoke token
I have no token approvals for my metamask address on Etherscan but I have a few for Pancake swap on BscScan...Given that I don't even hold BSC tokens on that metamask anymore, mine should be totally safe right?
The token approvals are probably for tokens you already sold out of and you should be safe. The safest approach is to revoke them all though. That's the approach I take.
@@CryptoNewbie2022 Thank you for your help! So there's no way an unlimited token aproval on BSC can allow a transfer of something on Ethereum right?
@@carlwh123 Token approvals will only allow what they are authorized for. If it is enabled for BUSD, then only BUSD can be managed by the token approval. I've heard of token approvals that allow management of an entire wallet's contents, but I haven't seen one like that and it would indicate a much broader approval than a specific token.
@@CryptoNewbie2022 Thank you again!
@@CryptoNewbie2022do you revoke tokens your currently staking or after you sell?
Excellent video bud. Quick question. What about revoking permissions for tokens that just randomly appear in your wallet that you've disabled? Dusting in other words.
Is it safe and advisable to revoke them if they are showing on my BSc scan?
Also, is the link for that video you mentioned in the description? I can't seem to see it?
@@honeybadger6792 The video link is at the end of the video...the bottom square tile. I tried a new approach to see if I could navigate people to a specific point in the video. Looks like it worked. I tried to start it at the point that I thought was the most relevant. As for dust/scam coins, the best approach is to not interact with them. I've heard there are approaches that might work for removing them entirely from BSC Scan, but I've never tested them since they can't cause any issues as long as you don't interact with them. Inside the wallet, you just disable them if they show up for some reason. Most of the time, dust tokens aren't going to show up in your wallet though. The only annoying part of keeping them on BSC Scan is when you import your wallet into tracking software/tax software.
I also added the video link to the description now to make it easier to locate.
@@CryptoNewbie2022 Thanks man, that's what I thought. I heard just to not touch them at all. I just disabled in my wallet. Haven't revoked any previous tokens I've traded so I'll need to go through it all for sure and do that.
@@CryptoNewbie2022 that was a crazy video man. Love how he dug so deep into it. Definitely splitting my wallets up more now, especially for new launches.
Can u please guide me how to revoke ftm chain coins permission for trust wallet
Done do done lo 😄