 | I see more and more people here reporting that they have been hacked, so I figured I'd write this post. TL:DR is on the bottom for those impatient crypto souls :) If even one person is saved, my late night rambling is worth it. I'm not a pro by ANY means, but I've been around the block long enough to know a thing or two, and lost a few dollars here and there ;) The goal of this post is to be as straight forward as possible, like if I was explaining this to a 5 year old. If you're experienced, you may find it a little boring. Most new investors dabble in shitcoins available on DEX's while looking for those 1000x gains. They dig through telegram and discord channels looking for the next ETH. Not only are they new, and inexperienced, but now they're digging in the deep end of the pool. This is where the risk lies. The scammers love the deep end of the crypto pool... Most crypto investors think that by having a hardware wallet and keeping their crypto on one, they are immune to being hacked and robbed. If you are one of those people (like I was in 2018), you are wrong. The old school wrench attack is not your worry here. Not revoking allowances is... For starters, did you ever interact with ANY smart contract using your hardware wallet? If so, you gotta do some "clean up". By that, I don't mean disconnecting from a dapp in MetaMask. That won't help you, even if it makes you feel better. ***This token approval allowance check has to be done for every blockchain**\* You can use etherscan or bsc scan to manually verify allowances on both chains if you do not feel confident using revoke dot cash. I know I didn't feel confident using it myself, until I verified the website through multiple sources. Go to revoke(dot)cash and paste your wallet address, or go to: https://etherscan(dot)io/tokenapprovalchecker Better yet! To be safe, go to the legitimate etherscan website you always use, click on "More" in the right hand top corner, and under "Services" you will find the "Token Approvals" that will lead to the exact same link, as above :) As to revoke(dot)cash, I wrote it like that so anybody can just type it in themselves without worrying about clicking on random links from reddit :) ***DON'T JUST GOOGLE THOSE LINKS, PHISHING LINK DO SHOW UP!!! STAY SAFE!!!**\* What did you find? Uniswap? Curve? 1inch? Maybe a shitcoin contract you interacted with 2 years ago? Should you revoke allowances for an old school dapp such as Uniswap or Curve? You bet you should! What if THEY get taken for a ride due to a bug in their smart contract? Your money will be at risk. Disconnecting your wallet from a dapp app doesn't keep you safe. This is a great explanation of why that is the case: Revoking approvals vs. disconnecting apps: what's the difference?It's easy to confuse these two processes, but they are fundamentally different:
Here is a screenshot I will use as a reference: Shitcoin galore, mostly :D Now imagine there is USDC here, with an Unlimited Allowance, and an Authorized Spender you don't know. That contract will be able to drain your funds even if they are on a hardware wallet, hot wallet, metamask, paper wallet- you name it. You won't even have to approve the transaction, you already did it once before if it says Unlimited. Chances are, you didn't even know that you approved the smart contract to drain your wallet. Hey, I didn't know! I just clicked next! Look at the Angela token authorized spender- would you trust that smart contract with your money if instead of some Angela shitcoin it was authorized to spend all your USDC? You sure wouldn't! One day you wake up, and your money is gone. It happened to a few people here recently. One guy lost like $250k. His money was in a hardware wallet, safe, secure, locked away. It didn't matter. That's some life changing money to a lot of us regular working folks. People jumped from roof tops over losing much less. Most of us are not experts in Solidity. If the wallet says we gotta approve a blind transaction, we do. Obviously, most of us can't read code, and the people stealing from us know that's our greatest weakness... TL:DR So to reiterate, Check ALL your addresses Revoke ALL the allowances (do this monthly, or even more frequently) Most of all, DO NOT USE YOUR HARDWARE/ HOLDING WALLET TO INTERACT WITH SMART CONTRACTS! Your safest bet is to transfer your assets you are gonna play around with to a hot wallet, and interact with the smart contract you gotta interact with from that wallet only. No exceptions. It's really easy to lose your money in this space. Crypto is not very user friendly yet. One wrong click can make you go broke. Learn, invest, and stay safe :) If you can add anything of value to this post, please do! [link] [comments] |
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