A token approval exploit is a security vulnerability where a malicious actor abuses the approve function of an ERC-20 token to drain funds from a user’s wallet. This often occurs when a user has granted excessive or indefinite spending permissions to a compromised or fraudulent smart contract. The attacker then uses the approved allowance to transfer the user’s tokens to their own address. It represents a significant risk to digital asset holders.
Context
Token approval exploits are a recurring theme in crypto security news, with numerous incidents reported across various decentralized finance platforms. Users are frequently warned to revoke unnecessary token approvals and to be highly cautious when interacting with new or unverified smart contracts. These exploits underscore the importance of vigilant user operational security.
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