How to Revoke Access to Your Wallet and Protect Your Tokens
Etherscan now offers a service that allows you to revoke access to your MetaMask wallet. This is important because with the increase in phishing attempts during the current bull run, itโs crucial to prevent anyone from draining your wallet. In order to understand how to revoke access, itโs essential to know what token approvals are and how they work.
What Are Token Approvals? ๐ค
Token approvals refer to granting permission for an app or smart contract to spend a specific number of tokens from your wallet. For example, if you want to spend 200 USDT, an app can ask for approval for this spending limit. The key point to note is that the number you approve matters. Approving the maximum amount gives the smart contract unlimited access to your tokens, which can be exploited by bad actors.
Therefore, itโs crucial to be cautious about granting access and only approve the minimal amount required.
The Etherscan Token Approval Tool ๐ก๏ธ
Etherscan provides a token approval tool that allows you to check and revoke token approvals on the Ethereum chain. Here are the steps:
- Connect to Web3: Connect your MetaMask wallet as only the address owner can revoke approvals.
- Amount & NFTs at risk: See the value of assets and NFTs at risk.
- Token standards: Check ERC-20, ERC-721, and ERC-1155 options.
- Total token approvals found: View the total number of token approvals on your address.
- Show all approvals: Toggle between current and previous approvals, even if you donโt hold the tokens anymore.
- Filter by: Use the filter to find specific assets you approved.
- Transaction hash: Access detailed information about granted approvals.
- Last updated (UTC): See when you granted the approval and how long it was active.
- Assets: The approved asset.
- Approved spender: The smart contract that you approved.
- Original allowance: The number of tokens the smart contract can spend.
- Revoke: Click this button to revoke approved tokens for each smart contract.
- Current allowance: After revoking, see the remaining tokens the smart contract can spend.
Conclusion โ
The Etherscan revoke feature is a valuable tool for managing and protecting your tokens on the Ethereum chain. However, itโs important to note that there are other tools available, such as Revoke Cash, which cover multiple chains. Remember to always exercise caution when granting access and regularly check and revoke any unnecessary approvals to safeguard your tokens from potential attacks.
Having your wallet drained is not fun. With the current bull run in the making, we see an increase in phishing attempts. One way to prevent somebody from draining your wallet is by revoking access to your wallet. Etherscan now also offers this service. So, letโs find out how to revoke access to your MetaMask. This also works for other EVM-compatible wallets.
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