- Crypto whales lost their hard earned money in moment because of phishing attacks.
- Complete guide on how to protect your crypto from phishing attacks, follow the steps to save your money.
Introduction
The world of cryptocurrencies and decentralized finance (DeFi) is filled with opportunities and risks. Recent events have demonstrated how crucial it is to stay vigilant and proactive in protecting your digital assets. In two separate incidents, a crypto whale lost approximately $24 million, and another user lost $3.3 million due to vulnerabilities in approved contracts. In this blog post, we will explore these incidents and provide you with a step-by-step guide on how to safeguard your assets by reviewing and revoking suspicious approvals.
The Whales’ Tale: Costly Mistakes
Two recent incidents have sent shockwaves through the crypto community, underscoring the need for enhanced security measures.
Incident 1: The Phishing Attack
Just two days ago, a crypto whale fell victim to a sophisticated phishing attack, resulting in a staggering loss of approximately $24 million. The attacker managed to access the whale’s wallet, making off with 4,851 rETH (valued at $8.58 million) and 9,579 stETH (amounting to $15.63 million). This incident serves as a stark reminder that even the most seasoned crypto users can fall prey to malicious actors.
Incident 2: SushiSwap Contract Bug
On April 9, 2023, a user with the Twitter handle @0xSifu experienced a significant loss of 1,800 ETH, equivalent to $3.3 million. The cause of this substantial loss was traced back to a bug related to the approval mechanism within the SushiSwap contract. This unfortunate incident highlights the importance of thoroughly vetting smart contracts and their permissions before interacting with them.
READ MORE: The Bitcoin Whales: Dive into the World of some of the Largest BTC Holders
Protecting Your Assets: A Step-By-Step Guide
To prevent similar losses and enhance the security of your crypto holdings, follow these steps to review and revoke approvals for suspicious contracts:
Step 1: Connect to Ethereum Approval Checker
- Visit the Ethereum approval checker at https://etherscan.io/tokenapprovalchecker.
- Click on “Connect to Web3” to establish a connection with your Ethereum wallet.
Step 2: Identify Suspicious Contracts
- Once connected, navigate to the “Approved Spender” section on the approval checker.
- Carefully examine the list of approved contracts and token spenders for any suspicious or unfamiliar entries.
ALSO READ: FASB’s Crypto Accounting Standards: A Turning Point for Crypto Institutional Adoption
Step 3: Revoke Approval
- When you identify a contract that raises concerns, click on the “Revoke” button next to it.
- This action will initiate the process of revoking your approval for that particular contract.
Step 4: Connect Your Wallet
- To complete the revocation process, you will need to connect your Ethereum wallet.
- Follow the prompts to authenticate the revocation with your wallet credentials.
Additional Resources
Here are approval checker links for various blockchains:
- Ethereum: https://etherscan.io/tokenapprovalchecker
- Binance Smart Chain (BSC): https://bscscan.com/tokenapprovalchecker
- Arbitrum: https://arbiscan.io/tokenapprovalchecker
- Optimism: https://optimistic.etherscan.io/tokenapprovalchecker
- Polygon: https://polygonscan.com/tokenapprovalchecker
- Fantom: https://ftmscan.com/tokenapprovalchecker
- Avalanche (Avax): https://snowtrace.io/tokenapprovalchecker
Caution: Use Revoke Tools Wisely
While there are tools available, such as Revoke Cash (https://revoke.cash), designed to simplify the approval revocation process, exercise caution when using them. Ensure that you thoroughly research and trust any third-party tools to avoid potential risks to your funds.
Specific SushiSwap Contract Revocation
If you’ve interacted with SushiSwap recently, it’s crucial to revoke approval for the following addresses:
- Arbitrum Nova: 0x1c5771e96C9d5524fb6e606f5B356d08C40Eb194
- Arbitrum: 0xA7caC4207579A179c1069435d032ee0F9F150e5c
- Avalanche (Avax): 0xbACEB8eC6b9355Dfc0269C18bac9d6E2Bdc29C4F
- Boba: 0x2f686751b19a9d91cc3d57d90150bc767f050066
- Binance Smart Chain (BSC): 0xD75F5369724b513b497101fb15211160c1d96550
- Ethereum: 0x044b75f554b886A065b9567891e45c79542d7357
- Fantom: 0x3e603C14aF37EBdaD31709C4f848Fc6aD5BEc715
- Fuse: 0x2f686751b19a9d91cc3d57d90150Bc767f050066
- Gnosis: 0x145d82bCa93cCa2AE057D1c6f26245d1b9522E6F
- Moonbeam: 0x1838b053E0223F05FB768fa79aA07Df3f0f27480
- Moonriver: 0x3d2f8ae0344d38525d2ae96ab750b83480c0844f
- Optimism: 0xF0cBce1942A68BEB3d1b73F0dd86C8DCc363eF49
- Polygon: 0x5097CBB61D3C75907656DC4e3bbA892Ff136649a
- Polygon ZK-EVM: 0x93395129bd3fcf49d95730D3C2737c17990fF328
IMPORTANT TOPIC: Ethereum’s Bearish Trend and Structural Break Pointing to $1120 – Market Outlook
Conclusion:
The recent crypto losses serve as sobering reminders of the ever-present risks in the crypto space. By diligently reviewing and revoking approvals for suspicious contracts, you can take proactive steps to protect your assets. Embrace these measures as part of your crypto security routine, and stay informed about the latest developments in the DeFi ecosystem to safeguard your investments. Remember, your crypto security is in your hands.
Images from EtherScanChecker
