🔒 Popular myth: you cannot withdraw crypto from a cold wallet without confirming the transaction

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When you exchange tokens through a decentralized exchange (DEX) or simply interact with smart contracts, you automatically give them access to some tokens in your wallet. This is necessary in order for the smog smart contract to exchange your tokens.

For example, if you exchanged USDT for ETH via DEX, the exchange's smart contract will access your USDT in the wallet. Often this access is unlimited.

If the smart contracts of this exchange are hacked, hackers will be able to withdraw all your USDT from the wallet, even if you use a cold wallet and are not connected to the site.

Something similar recently happened with the SushiSwap protocol: the smart contracts of this exchange were hacked and hackers were able to withdraw crypto from the wallets of users who issued unlimited permissions to the contracts.

🛡 How to protect your wallet?

The main thing you should know: if you periodically use different DEXs in different networks and exchange tokens there, then you should check, just in case, whether you have given various contracts unlimited access to your tokens.

This can be done on these sites: revoke.cash, Etherscan, de.fi.

To revoke permission, it is enough to connect the desired wallet to the site, find contracts with unlimited permission and revoke with the Revoke button.

The main disadvantage of this method: you will have to spend a commission to sign the review transaction. And if there are too many contracts, then it is easier to create a new wallet and transfer the crypto there so that it is not spent on commissions.

For prevention in the future, you can simply not give unlimited permissions to contracts when exchanging tokens. Many wallets have such a function. For example, after the hacking of SushiSwap contracts in Metamask, when signing a transaction, a new window appeared where you can set limits.

We remind you once again that disconnecting the wallet from the site (Disconnect) or having a cold wallet will not protect you from this type of attack.

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