What is token authorization?
Token authorization is a mechanism that allows smart contracts to interact with tokens, greatly improving the flexibility of blockchain applications. However, while this feature brings convenience, it also has certain security risks. Therefore, when the authorization is no longer needed or you suspect that you have signed a malicious authorization on a phishing website, it is crucial to revoke the authorization in time.
The importance of canceling authorization
1. Reduce security risks
If you are an active crypto user, you usually accumulate a large number of token authorizations. Once approved, these authorizations are usually valid indefinitely. If they are not revoked in time, hackers may use these permissions to steal your assets once they invade the authorized projects. Even if your last interaction with a project was several years ago, unrevoked authorizations may still expose you to risks.
2. Dealing with scams and phishing threats
The crypto world is full of phishing and scams. Without knowing it, you may sign a malicious authorization on a phishing website. Once it happens, scammers usually quickly drain your tokens. However, if the authorization can be revoked in time, it can effectively prevent asset losses. Even if the loss cannot be completely recovered, revoking the authorization can still avoid potential risks in the future.
Use PandaWallet for authorization detection
1. PandaWallet homepage - authorization detection function in EVM system or ETH/BSC system.
2. Select your wallet address or the EVM address you want to test and click Start Testing.
3. When the system detects that your Ethereum address has authorized behavior on the blockchain, the system will issue a warning and display your authorization list.
4. Click on "Unauthorized" to revoke the permissions that have been granted to the other party.