As the 2023 year ticked over, the crypto community gave a hot tip for newbie investors: Don't leave anything to chance. Check your smart contracts and revoke all approvals.
Even known “good-behaving” contracts should be revoked as hackers could find exploits to pilfer funds from connected wallets.saw around $2.1 billion stolen mostly from DeFi protocols and cross-chain bridges where attackers found vulnerabilities in existing smart contracts to carry out their heists.
Users commenting on the post also suggested that one could schedule a reoccurring interval to revoke all smart contract approvals, such as on the 1st of every month or even at the start of every week. Others suggested there were third-party services that could check and revoke smart contract approvals across a number of chains, including Binance Smart Chain , Ethereum and Polygon.
One user responded that the “best” advice was to interact with as few smart contracts as possible saying “revoking permissions is good practice but not giving permissions in the first place is better.”
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