The Revoke.cash plug-in has released a new version, adding warnings about potential scams such as OpenSea batch list

On March 9, the Token permission query tool Revoke.cash browser plug-in released v0.5.0, adding warnings to potential scams such as OpenSea batch list, Permit 2, Permit For All, and meta transaction.

Interpretation of this information:

The recently released browser plug-in, Revoke.cash, has added an update to its version 0.5.0 by including several warnings to prevent potential scams. The plug-in which is designed to query token permission allows users to take control of their ERC-20 tokens.

Revoke.cash ensures that users are not defrauded while conducting transactions on platforms where they have authorized their account by granting permission to use their tokens. Some of the scams have been successfully executed by hackers on popular marketplaces like OpenSea.

The recent batch list scam on OpenSea is a modification of the infamous permit scam, which was largely pulled off by 0xMaki, causing users to sign the permits for all tokens available in one transaction. This action grants access to all types of ERC-20 that belongs to the users, such as BAT, SNX, and other tokens.

Another potential scam that the Revoke.cash browser plugin has cautioned users about is the Permit 2 scam. The Permit 2 scam allows a hacker to gain full access to a user’s crypto wallets on a DEX such as Uniswap V1, by requesting permission for a fake address.

Lastly, the plug-in has also flagged the meta transaction scam, which is increasingly becoming a prevalent scam pattern in the token permission query space. The Meta-transaction scam pattern involves hackers issuing tokens and requesting permission from users, allowing them to conduct transactions on their behalf. In this scenario, the hacker gains full control over the token in question and can perform transactions without the user’s prior consent.

The purpose of the updated Revoke.cash browser plug-in is to make a more secure and transparent process of granting permission to tokens. The addition of warnings to prevent unsuspecting users from falling prey to potential scams will aid them in keeping safer at all times.

In conclusion, Revoke.cash emphasizes the importance of staying cautious while conducting transactions on blockchain platforms. Remember always to double-check the transaction values, approve transactions one at a time, and read reviews and sources of information critically.