Why you must renounce transaction approval.

There are ongoing and increasing breach of smart contract codes leading to lose of token and coins, this is usually due to errors and or bugs in the smart contract codes which could affect connected wallets or only pooled tokens. 

Your wallet could also be compromised when you leave it open to any smart contract and thus become a victim of wallet theft. 
How can your wallet be exposed?

1. Swapping
During swapping, you permit the contract to initiate most times unlimited transaction with your wallet and this leaves your wallet open to exploit and coin transfer and withdrawal. 

2. Providing Liquidity
You also permit the contract to initiate unlimited number of transactions with your wallet, this time, two or more token permission and this can lead to total lost of assets. 

3. Bridging
Bridging is just like swapping but this time it involves swapping tokens or coins between two different blockchains. You permit the contract codes to initiate unlimited transfer of assets as well, thereby exposing you to theft.

4. Staking
When you stake your assets, you allow the smart contract code to initiate unlimited transfer of tokens.
With the aforementioned, it's clear you're exposed to asset loss. 

PREVENTION OR REDUCING RISK
1. After every transaction approval, renounce the approval so as to disconnect your wallet from the smart contract, it doesn't matter if you provide liquidity or stake your assets. You can re-approve the transaction whenever you want to. 
2. Set two or wallets or addresses, one for interacting with DEXes and DEFIs and another for saving assets only. You can have another for airdrops as well.
3. Avoid using the lowest approval fees as they are prone exploits. 
4. Don't use contracts that are not verified.
5. Make sure to check the smart contract version as most versions from 0.5 down are scam contracts. 
6. In the case of exposed wallet address, create a new wallet and transfer your assets to the new one. 
These security measured are not only applied to token approval but also to #SAFU your assets.

Trending

Why Linux Isn't Popular in Nigeria Yet

Honestly, if you've ever wondered why almost nobody in Nigeria runs Linux on their daily computer, it's pretty straightforward. Most people here touch a PC for the first time with Windows. That first experience sticks. Pretty much every laptop or desktop sold in shops comes pre-loaded with Windows. It's the default. Just like how Android phones got everyone hooked on Google accounts and Gmail, Windows became the standard here. Linux only pops up in school when teachers list "types of operating systems" – it's academic, not practical. Then there's the software side. The tools people actually use and learn – Microsoft Office, Photoshop, even VLC for media – are all built for Windows first. Games too. Trying to run popular stuff on Linux often means extra hassle, compatibility layers, or just giving up. People know Windows inside out: the shortcuts, where settings are, how it looks. It's comfortable. Switching feels like starting over. Companies buy...
Continue

The text editor I used instead of notepad and notepad++

Been stuck in the Notepad → Notepad++ loop for years. Quick notes in Notepad, anything with code or bigger files in Notepad++. But I recently tried Text Editor Pro and honestly… it’s kinda spoiled me now. This thing is free (optional donations), portable, and loaded. Syntax highlighting for pretty much every language/script you’d touch, multi-caret + synchronized editing, code folding, over 600 customization settings, 100+ skins. They even added an AI Chat inside the editor – feels futuristic for something that still looks and acts like a classic text editor. Other stuff I actually use: spell checker, image/PDF viewer built-in, Markdown/RTF/SVG preview, character map, numerical unit converter, side-by-side text compare, formatters for JSON/SQL/XML, converters, multi-directory support (including SFTP), and search results pane. It’s like someone collected every little tool I ever opened separately and put them in one spot. Latest version is 35.4.0, starts instantly, no nonsense...
Continue

The RISC-V Revolution: Qualcomm and Google's Joint Venture in Android's Future

Image
The Android ecosystem is on the cusp of a transformative shift toward RISC-V architecture. Google's announcement of official RISC-V support in Android, positioning it as a "tier 1 platform" alongside Arm, set the stage for this evolution.  Qualcomm has now joined the race, revealing plans to introduce the first-ever mass-market RISC-V Android System-on-a-Chip (SoC) in collaboration with Google.This groundbreaking "RISC-V Snapdragon Wear" chip represents a pivotal moment for both companies and Android's future.  RISC-V, an open-source architecture, poses a significant challenge to the dominance of Arm CPU architecture in mobile devices. The open nature of RISC-V makes it cost-effective and flexible, allowing companies to design their own chips without paying licensing fees. Amidst challenges and volatility within Arm's business model and global political dynamics, RISC-V offers an alternative that's gaining momentum. RISC-V could serve as ...
Continue