Token approval theft is a malicious act where an attacker gains unauthorized permission to spend a user’s tokens from their wallet, typically without directly stealing the private key. This often occurs through deceptive interfaces that trick users into signing transactions granting excessive allowances to a malicious smart contract. Once approved, the attacker can drain the specified tokens up to the approved limit. It represents a significant security vulnerability in decentralized applications.
Context
News frequently reports on token approval theft incidents, emphasizing the critical need for users to carefully review transaction details and revoke unnecessary approvals. Discussions often highlight the importance of smart contract audits and user education on managing token allowances. Developers are working on improved wallet interfaces that provide clearer approval requests and easier revocation mechanisms.
An AI-crafted supply chain attack exploited developer trust in the NPM registry to deploy stealthy wallet-draining malware, compromising end-user funds.
Eleven Drainer is the latest DaaS threat, leveraging social engineering to trick users into signing malicious token approvals, bypassing smart contract security.
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