Permit Signature

Definition ∞ A permit signature is an off-chain cryptographic signature that authorizes a third party to spend a user’s ERC-20 tokens without requiring an on-chain approval transaction. This mechanism allows users to grant token spending allowances more efficiently by signing a message with their private key, which a relayer then submits to the blockchain. It significantly reduces gas fees and improves user experience by streamlining interactions with decentralized applications. The permit signature functionality is a direct outcome of EIP-2612, enhancing the flexibility of ERC-20 token usage.
Context ∞ Permit signatures are a notable advancement in the Ethereum ecosystem, often featured in news regarding gas fee optimization and user experience improvements in DeFi. Their adoption by various protocols is a key development for increasing the accessibility and efficiency of decentralized financial services. The security implications of off-chain signing and the reliance on relayers remain important considerations for users and developers.

A close-up view reveals a sophisticated hardware wallet, featuring a prominent faceted blue secure element, reminiscent of a digital asset or token. Brushed metallic surfaces encase transparent components, highlighting an internal blue glow, symbolizing cryptographic key protection. This device represents robust security for private key management, facilitating secure transaction signing and immutable ledger interactions within a decentralized finance ecosystem, safeguarding digital identity and Web3 assets.

→Supply Chain Attack

→Unlimited Allowance

→Transaction Pretexting

Wallet Users Targeted by New Eleven Drainer Phishing-as-a-Service Syndicate

New PhaaS syndicate, Eleven Drainer, weaponizes social engineering and malicious signatures to bypass wallet security, enabling full asset sweeps.

A sleek, metallic hardware wallet or secure element displays glowing blue digital data, representing cryptographic operations. The device features a prominent U-shaped frame with an integrated button, suggesting biometric authentication or transaction confirmation. Its robust design implies tamper-proof cold storage for private keys and seed phrases, essential for decentralized ledger security. This advanced module facilitates secure digital asset management and immutable record keeping, crucial for blockchain integrity and distributed consensus.

→Web3 Threat

→Asset Theft

→Malicious Approval

DeFi Trader Wallet Drained $6.5m via Phishing Permit Signatures

A sophisticated phishing campaign leveraging malicious permit signatures bypassed seasoned DeFi user defenses, resulting in a multi-million dollar asset drain.

→Smart Contract Risk

→Wrapped Bitcoin

→Permit Signature

User Wallet Drained by Phishing Permit Signature Exploit

Malicious permit signatures leveraging EIP-2612 enable off-chain asset drainage, posing a critical risk to DeFi users' staked and wrapped holdings.

Permit Signature

Wallet Users Targeted by New Eleven Drainer Phishing-as-a-Service Syndicate

DeFi Trader Wallet Drained $6.5m via Phishing Permit Signatures

User Wallet Drained by Phishing Permit Signature Exploit

Incrypthos

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