Authorization is the process of granting or denying access to a system or resource. It determines what actions an authenticated user or entity is permitted to perform. In digital asset systems, authorization ensures that only designated parties can interact with specific smart contracts or execute certain transactions. This mechanism is fundamental to maintaining security and control over digital assets and platform functionalities.
Context
The context of authorization within crypto news frequently involves debates around decentralized autonomous organizations (DAOs) and permissioned blockchains. Questions arise regarding the granularity of user permissions, the immutability of authorization rules, and potential vulnerabilities that could be exploited. Regulatory bodies are also scrutinizing authorization frameworks to ensure compliance and prevent illicit activities.
The SEC's no-action relief operationalizes institutional digital asset custody by clarifying the "qualified custodian" status for state-chartered trust companies.
Attackers deployed a deceptive Etherscan-verified contract, leveraging the Safe Multi Send mechanism to bypass user scrutiny and drain over $3 million.
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