Unlimited Token Approval Exploits Cost $417M Since 2020
Unlimited Token Approval Exploits Cost $417M Since 2020
馃敁 $417M Vanished: How?
RevokeCash reports $417M stolen due to unlimited token approval exploits since 2020. This highlights the urgent need to improve token approval management in the crypto space.
- Ambire extension offers a solution by supporting EIP-5792
- EIP-5792 aims to eliminate manual token approval management
- Developers urged to explore EIP-5792 for enhanced security: https://eips.ethereum.org/EIPS/eip-5792
This development underscores the importance of evolving security measures in the rapidly changing crypto landscape. Users and developers alike should stay informed about such improvements to protect assets and enhance overall ecosystem safety.
馃敶 $417M has been stolen due to unlimited token approval exploits since 2020 according to @RevokeCash It's time to eliminate the need for managing token approvals! 馃攼 Solution 馃憞
1/ EIP-5792 - A GAMECHANGER? We played with @WilsonCusack's frontend demo, tweaking it to reflect an actual transaction on @Balancer and the @base chain 鉃★笍 We got approval and a swap combined in one transaction, using the Ambire extension and saving on gas.
Ambire Wallet Community Votes on Bitrefill Integration
Ambire Wallet is conducting its **first community vote** on adding an app to their catalog - specifically Bitrefill, a service for purchasing gift cards and mobile top-ups with crypto. **Key Details:** - Vote deadline: September 12 - Eligible voters: $WALLET or $stkWALLET holders - Incentive: 20% cashback on first Bitrefill purchase if approved - Voting platform: Snapshot This marks a significant step in **community-driven development** for Ambire, allowing token holders to directly influence which apps get integrated into the wallet's ecosystem. [Vote on the proposal](https://snapshot.box/#/s:ambire.eth/proposal/0xe9c25d55ec5277147a5a75ec082830bc5feaeb257b66e6409ff3788872867ac0)
Web3 Newsletter Reaches 20,000+ Subscribers After 2+ Years
A Web3 newsletter called **@onfireweb3** has grown to over **20,000 subscribers** after running for more than 2 years. The newsletter delivers weekly crypto news updates to its audience. This week's edition focuses on potential market developments, with the headline suggesting significant growth potential for the current cycle. - Newsletter has maintained consistent weekly publishing schedule - Subscriber base has grown to 20,000+ over 2+ year period - Content focuses on crypto and Web3 industry news The publication appears to have established itself as a reliable source for Web3 news and market insights. [Read this week's edition](https://web3onfire.com/p/this-cycle-could-go-nuclear)
馃殌 Ambire Launches Zealy Campaign
**Ambire's Zealy campaign is now live** with a **$2,570 prize pool** for users testing smart wallet features. Participants can: - Try new smart transaction capabilities - Complete Zealy quests for rewards - Earn XP through Ambire's reward system - Test advanced features like multi-send and gas payments in various tokens The campaign focuses on **EIP-7702 functionality**, allowing users to experience smarter wallet operations including approve & swap transactions. **Double rewards opportunity** - users can earn both Zealy quest rewards and Ambire XP simultaneously. [Join the campaign](https://blog.ambire.com/supercharge-account-zealy-campaign/)
EIP-7702: The Next Ethereum Upgrade Explained
Ethereum's upcoming upgrade introduces EIP-7702, a significant improvement for wallet functionality. This proposal aims to enhance account abstraction, enabling wallets to support both basic (EOA) and smart accounts simultaneously. Key points: - Hybrid account abstraction improves security and user experience - Combines benefits of traditional and smart contract wallets - Ambire implements this solution for enhanced wallet functionality [Read the detailed analysis](https://blog.ambire.com/eip-7702-wallet/) to understand how this upgrade affects your Ethereum experience.
Ambire Demos Enhanced EOA Features on Odyssey Testnet
Ambire has successfully demonstrated enhanced EOA (Externally Owned Account) capabilities on the Ithaca Odyssey Testnet, previewing features from Ethereum's upcoming Pectra upgrade. Key improvements enabled by EIP-7702: - Transaction batching for multiple operations - Simplified token approval management - Gas fee payment using ERC-20 tokens These features will be available to all existing Ethereum accounts, marking a significant advancement in wallet functionality and user experience. [View demo transaction](https://benzin.ambire.com/?chainId=911867&txnId=0xd1e0755113190d9ca650f05ebcf6959707c28ab95f707be805a2dfdd75e76c75)