🔐 **Web3 Wallet Security: Fake Approval Scams Exploiting "Revoke" Function**

🚨 **Main Takeaways**

- Fake approval scams trick users into revoking non-existent permissions, charging **exorbitant gas fees** that go to scammers.

- Scammers manipulate the "revoke" feature to drain funds through inflated transaction costs.

- Always **verify approvals**, **check fees**, and approach Web3 transactions with caution.

❓ **What Are Fake Approval Scams?**

- Scammers create **fake token approvals** that appear legitimate, tricking users into revoking them.

- No actual access is granted, but users pay high gas fees to "revoke" these fake approvals.

- Scammers profit from these fees, often using them to mint tokens or execute malicious actions.

🎯 **How It Works**

1. **The Lure:** Users see an unfamiliar token approval on a blockchain explorer (e.g., $ETH ) and panic.

2. **The Trick:** The approval is fake, but users believe it’s real and attempt to revoke it.

3. **The Gas Gimmick:** Revoking triggers a real transaction with **inflated gas fees**, draining the user’s wallet.

4. **The Loop:** The fake approval remains visible, tricking users into repeating the process and losing more funds.

💡 **How to Spot & Avoid These Scams**

1. **Stay Calm:** Don’t act out of panic. Scammers rely on urgency.

2. **Double-Check:** Verify contract addresses, amounts, and fees before approving or revoking.

3. **Know Your Fees:** Use tools like Etherscan’s Gas Tracker to monitor gas prices.

4. **Educate Yourself:** Stay updated on emerging scams and security best practices.

🛑 **Real-Life Example**

- A user sees a fake $USTC approval for an unknown spender.

- Attempting to revoke it, they pay high gas fees, but the approval remains visible.

- Scammers use the fees to mint tokens or execute malicious actions.

#Web3Security #BlockchainSafety #bnb #safeWallet #BinanceAlphaAlert