Cryptonomics

Learn to Use BscScan Token Approvals For Added Layer of Security

A view into how you can be better aware of token approvals that can sneak in and cause serious damage after accidental acceptance.

Approvals: Avoid Token Tragedies

Users now have the opportunity to review all Binance Smart Chain (BSC) token approvals they have knowingly or otherwise committed.

There are huge cases of users reporting losses due to signing off on approvals they were not clear about, consequently offering approval to rogue contracts in the space looking to take advantage of unknowing participants. BSC Scan’s ‘Token Approval Checker,’ now offers users a chance to check and amend this pesky issue regularly.  

Users simply need to access BSC Scan’s Token Approval Checker, where they will be prompted for their wallet address (as can be seen below). From there, users are invited to revoke any approvals unfamiliar to them.

Source

Users are ultimately capable of identifying which BSC address they are approving while processing their transactions. BSC Wallet, MetaMask, and even browsers like Brave offer interfaces which make it easier for users to determine this, as was noted by @DefiDebauchery on Twitter. The user did, however, reserve a little criticism for Trust Wallet:

“Unfortunately, @TrustWallet does not currently isolate approval targets. Can we get that soon?”

The efforts by both crypto users at large and BSC Scan to help rectify any potholes that the crypto community can suffer always add value to a growing community that must look to nurture new members to keep thriving. 


What is BSC Scan?

BscScan (BscScan.com) is a blockchain explorer developed by the same team as Etherscan. It offers an analytics platform for Binance Smart Chain, but it also has many other neat features. These can be good sources of information if you want to keep an eye on DeFi projects built on BSC. You can also use BscScan to: 

  • Look up transactions and check their progress. 
  • See the latest blocks added to the blockchain. 
  • Check the balance of wallets and any transactions they have made. 
  • Search for, ‘read,’ and interact with smart contracts deployed to the blockchain. 
  • Research the supply of tokens and other cryptocurrencies.

You can access BSC Scan here.

Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

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