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How to Revoke Ethereum or Binance Smart Chain Smart Contract Spending Allowances Many people are unaware that when you interact with defi applications/dapps you usually end up allowing the smart contract to have unlimited allowance of spending those tokens on specific smart contract. This is a dangerous practice and is extremely unsafe. This guide will work for both Ethereum and Binance Smart Chain To protect yourself better, simply find the token address of the specific token you want to deny spending of, in this example I will use the token BAKE https://bscscan.com/token/0xE02dF9e3e622DeBdD69fb838bB799E3F168902c5 - BAKE BEP20 Token Contract You want to take that token address and go to the actual Contract Page of the Token: https://bscscan.com/address/0xE02dF9e3e622DeBdD69fb838bB799E3F168902c5#writeContract Once you are on this page under the "Write Contract" option, click the "Connect to Web3" to connect your Metamask wallet to Bscscan/Etherscan. You will then input the address of a smart contract you want to deny/revoke this token spending from, e.g. a LP contract or staking contract, etc. You set the amount to 0 Simply hit "Write" and Metamask should popup asking to complete the transaction. Done. You have now disallowed/set the spending amount to 0 of that token to a specific smart contract. You can rest assured knowing some random smart contract you allowed last summer can't spend your fortune of aped tokens.
Decentralized finance (DeFi) lending protocol Warp Finance has experienced a flash loan attack that resulted in a loss of $7.7 million worth of stablecoins. Warp said the attack essentially allowed one user to borrow more funds than their collateral value, resulting in a loss for other users or lenders. Flash loans allow users to borrow funds without collateralization, provided the funds are repaid within a single blockchain transaction. Warp did not immediately explain how the attack occurred or which stablecoins were lost, but Nick Chong of Hex Capital posted the flash loan transaction that shows the loss of DAI and USDC stablecoins. Specifically, 3.85 million DAI and 3.92 million USDC in the Warp contracts, totaling the loss at $7.7 million (1 stablecoin is worth $1). Warp said it plans to recover approximately $5.5 million that is "still secured in the collateral vault." Upon successful recovery, the protocol wants to distribute the funds to users who suffered a loss. Warp is expected to post a detailed analysis of the attack and next steps "in the coming days." © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. View the full original article