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Revoke.cash

@RevokeCash

May 5 • 8 tweets • 2 min read • Read on X

🤔 "If I revoke my staking approval - will I lose my staked tokens?"

One of the most common questions we get.

The good news?
This fear is based on a misunderstanding - not reality.

Here's the truth. 👇

2/ First: What is staking?

Staking means you're depositing tokens into a smart contract to earn rewards or participate in protocol activity.

Before doing that, you usually grant the contract permission (an approval) to move your tokens.

3/ Once your tokens are staked, that approval has already done its job.

📝 The tokens are no longer in your wallet
📝 They're now held by the staking contract
📝 The approval just allowed the deposit

4/ What happens when you revoke the approval?
Nothing breaks. Nothing resets.

You're not "undoing" the stake - you're just closing the door behind you.
Think of it like locking your front door. 🚪
You still own your house - you're just not leaving the door wide open.

5/ 🎥 Prefer a visual explanation? Here's a short video that helps clarify.

6/ TL;DR:

🔸 Revoking doesn't touch your staked funds
🔸 You'll still earn rewards
🔸 You'll still be able to withdraw
🔸 You will need a new approval to stake more in the future

7/ helps you stay in control.

Whether it's staking, approvals, or signatures - we show you exactly what access your wallet has granted. 🔎

We drop threads 🧵 like this every week:
Follow @RevokeCash to stay ahead of crypto scams!Revoke.cash

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More from @RevokeCash

Revoke.cash

@RevokeCash

Apr 30

🐍 Ever heard of "address poisoning"?

It's one of crypto's sneakiest scams - and most users don't even know it exists.

No fake websites. No malware downloads.

It just waits for you to make a tiny mistake.

Let's break it down 👇

2/ Unlike other scams, address poisoning doesn't come through the front door. 🚪

You're not being phished. You're not running shady software.

Scammers simply send a small transaction using a wallet address that looks just like one you've interacted with before. 🪞

3/ The goal? To show up in your recent transaction history.

Next time you're sending funds, you might grab an address from a previous transfer.

And unknowingly copy the scammer's lookalike address instead.

Read 8 tweets

Revoke.cash

@RevokeCash

Apr 9

😨"Can I get hacked if I approve a token on a testnet?"
The short answer: No.

Testnet tokens are worthless, and testnet approvals won't affect your real assets.

Let's break it down 👇🧵

1/
We get it - approvals are scary.
But testnets are designed to be safe sandboxes.
Think of it like playing poker with monopoly money. 🃏
Even if you go all in, you're not losing real ETH.

2/
Testnets (like Sepolia or Goerli) are separate blockchains from Ethereum and other chains.

So if you approve a token on a testnet:
✅ That approval only exists on that testnet
❌ It does NOT give anyone access to your mainnet funds

Read 7 tweets

Revoke.cash

@RevokeCash

Sep 29, 2023

Today we received a report of a sneaky trick that scammers use to steal your crypto assets. It revolves around "masking" a network's name to make it seem like you're sending some inconsequential token, while you're actually sending valuable assets 😱

We've all seen popups like these, when a website prompts us to switch our wallet to the required network. But in this case there's something weird going on: we're adding the network called "Totally Not A Scam" with symbol "SCAM", but it has the same chain ID as BNB Chain 🤔

This is possible because the name and symbol are not specified onchain. So if you add this network and then the website prompts you to send a transaction, it might seem like you're sending worthless "SCAM" tokens, while in reality you're sending your valuable BNB to the scammers.

Read 5 tweets

Revoke.cash

@RevokeCash

Aug 8, 2023

The Revoke browser extension is fully open source and client-side.

But what does that mean? 🤔👇

Many extensions that provide transaction insights (like @wallet_guard or @PocketUniverseZ or @_joinfire) send transaction data to a server that simulates the transactions and returns the results.

E.g. "you will approve all your Bored Apes" or "you will swap 1 ETH for 1800 DAI".

On the other hand, the Revoke extension does not simulate transactions. Instead it performs a static analysis to determine what kind of transaction or signature the website is requesting you to sign.

Read 12 tweets

Revoke.cash

@RevokeCash

Jul 9, 2023

Yesterday, we received reports of people seeing unknown approval transactions in their transaction history.

It turns out that this is a new scam where scammers use so-called gas tokens to steal money when victims revoke these "fake approvals".

Fortunately, many of these approvals weren't showing up in Revoke, since they were filtered out based on heuristics, but a few always slip through the cracks.

So to combat this scam we've just added a check that disables revoking approvals if there's an excessive gas fee.

So how does this scam work?

Years ago, when gas fees started to rise on Ethereum, the concept of "gas tokens" were developed. These gas tokens used (or abused) a feature of the EVM that allows for gas refunds when clearing storage.

One example is CHI:

blog.1inch.io/everything-you…

Read 8 tweets

Revoke.cash

@RevokeCash

May 18, 2023

As we've seen with last month's SushiSwap exploit, even established projects can contain bugs that put approved funds at risk. In these situations it is important to check if you're affected quickly, which is why we're launching our Exploit Checker.

We realise that it is hard to find out if you are affected by an exploit by just looking at your list of allowances, especially if you have many of them.

This is exactly why we created this Exploit Checker. On the Revoke.cash website you can find an "Exploits" page with a list of known exploits that put approved user funds at risk. Each of these exploits has its own checker associated with it.

Read 7 tweets

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