Revoke.Cash: a Simple Hack To Remove Wallet Permissions

By Lucasgaio | Cryptoscience | 30 Nov 2023


Two years ago I wrote an article where I explained how to disapprove a smart contract previously activated with your wallet. Today, at the gates of a new bull-run that will certainly bring new investors into the crypto world, it is good to review this article. In particular, in "Smart Contracts: How and Why it is Important to Disapprove Them" I explained how to use DeBank, an online crypto-tracking service, to disconnect your wallet from sites you no longer use. Now, however, I will present you with a special site where you can get information, see which smart contracts are active and how to deactivate them.

In the meantime, to stay tuned, I still recommend you follow me on DeBank and also here on Publish0x because a new interesting article will be released.

 

Token, NFT & Smart-Contracts

Using Dapps like Pancakeswap, Uniswap or Opensea means having interactions with them through your signature device, i.e. the crypto-wallet. To interact with it, therefore, it is necessary to give permission to the aforementioned Dapps to move or spend their tokens or NFTs. This is a system used by decentralized exchanges or other online services. A token, whether fungible or not, is a digital asset that can be bought or sold, but it differs substantially from a currency like Bitcoin in that it is issued on a blockchain but is governed by a smart contract. The smart contract is the set of rules written in code that regulate the issuance, supply, spendability and all the rest of the characteristics of a token. For this reason, once a smart contract has been approved that allows a Dapp to move a token owned by us, it is not enough just to disconnect the wallet so that it can no longer spend it infinitely. If these approvals are not revoked, in fact, the protocols with which we interact have full capacity to move our tokens as we were the ones who gave this permission. How many times have you used a Dapp for a trade or to give liquidity to a pool and then forgotten about it?

 

Revoke.Cash

This is where Revoke.Cash comes into play. This is a service that allows you, by connecting your wallet, to scan its contents and see what the security status is. Once connected, in fact, the platform is able to control on each blockchain which smart contracts are active and for how long. If you find that there is an approval that you want to delete, simply revoke it.

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The revocation is instantaneous and passes through a transaction that is written in blockchain and for this reason usually requires a small fee. In fact, if you press the "revoke" button, your wallet will ask you to sign the transaction proposing a cost to pay. Once this is done, the only ones who will be able to spend the tokens in your wallet will be you.

 

Some safety tips

1. Periodically using  Revoke.Cash prevents scams against those who use DeFi. It is good practice to disapprove of permissions given on a frequent basis.

2. If unfortunately you fall into a scam due to a malicious Dapp, this tool unfortunately does not allow you to recover the funds but prevents the loss of others.

3. Using the  Revoke.Cash browser extension helps you have safer browsing.

 

 

 

Read also: How to Live on Crypto: Bitrefill

 

 


 
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Lucasgaio
Lucasgaio Verified Member

Having survived more bear-markets than I wanted to, I'm a pharmacist who likes crypto. Follow me on X: https://twitter.com/Lucasgaio_ Follow me on DeBank: https://debank.com/profile/0x1cd7b2c89cd42580bec1844087f62060edd80d75


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