“Approve” is to give another account (either a personal address or a smart contract address) the right to assess your assets without notifying you.Therefore, this operation must be cautious!
When will the "approve" be used?
When using the wallet, the approve operation is not used for transfers, only when it involves interacting with the contract (DApp, DeFi, etc.), and the contract needs to be approved by the users. Therefore, when you use the wallet, when the following transaction details interface appears to ask for the approval. This operation must be carefully checked and handled carefully, and multiple times to confirm whether the link you are currently visiting is safe and credible.
If you enter some unknown third-party links on the DAPP browser or operate some unknown DAPPs, you must be sure to determine whether the third party's code is open source or has done a code audit, judge whether the other party's team can be trusted, etc.
How to cancel "approve" to the contract?
For details on ETH disapproval, please click: Ether Security Center
To disapprove other chains, use Debank or Cointool tools (you can search for Debank or Cointool tools on the DAPP browser and use)
How to prevent Approve scam? Please DO NOT
- Participate in DApps with unknown origins
- Participate in DApps without open source code
- Participate in DApps without audit reports
- Participate in DApps of anonymous teams
- Trust any projects spread by the community.
Also, we suggest regularly use cleaning tools for approval cleaning (such as DeBank, Cointool, etc.) and use the function of Bitpie to create addresses in batches, distinguish between the addresses participating in defi and the address of storing coin, separate management or create a new wallet without any contract approval.
In the process of operation, if the token transfer is authorized to a malicious contract, it is equivalent to that this contract can use your tokens as collateral or other malicious operations.
When you approve a contract with Bitpie Wallet, there will be a pop-up box that can set the token amount for the approval. If the upper limit of the token amount that can be used for approval is Y. the amount of tokens greater than Y needs to be requested again, If you need to request a quantity greater than Y again, it will trigger the next approve operation. In addition to a small amount of approval for many times, it is also possible to use the function of Bitpie to create addresses in batches to distinguish between the addresses participating in defi and the address of the coin, to manage separately.