Token approval
A permission granted by a token holder that allows another address or smart contract to transfer a specified amount, often unlimited, of the holder’s tokens (allowance). Approvals can also be granted through off-chain signatures (permits). Approvals remain valid until revoked, so a malicious approval can be exploited long after it was given.
Related
Essays
- A Scam Made to Measure
“The victim has to understand what a token approval is, what a signature authorizes, how a legitimate claim page behaves, and be fooled anyway.”