Meme Insider
If you're active in the meme token scene on Base, the Ethereum layer-2 chain buzzing with viral coins, you've probably got approvals set for various dApps and DEXs. But a recent alert from security expert Chaofan Shou is a wake-up call to check and revoke any approvals to a suspicious contract address right away.
Shou, an intern at Solayer Labs and Fuzzland known for his work in blockchain security, posted on X (formerly Twitter): "Remove your approval to 0xD9f4a3238154ff6439e37F98c9B11489353715Bb on Base asap." He linked to a transaction on BaseScan that appears to show a wallet getting drained of multiple meme tokens. You can view the tweet here and the transaction here.
Why This Matters for Meme Token Holders
Meme tokens on Base, like Basenji (BENJI), Skimaskdog (SKI), doginme, Apetardio, and others, are fun and potentially profitable, but they attract scammers. Phishing attacks often masquerade as airdrops, NFT mints, or token claims, tricking users into signing transactions that grant unlimited approvals to malicious contracts.
Once approved, these drainers can transfer your tokens without further permission. In the linked transaction, we see dozens of ERC-20 transfers involving popular meme coins, wiping out the victim's holdings in one go. If you've interacted with shady sites or clicked dubious links in meme communities, you might have unknowingly approved this address or similar ones.
What Are Token Approvals?
In simple terms, when you use a decentralized app (dApp) like a DEX to trade meme tokens, you "approve" the dApp's contract to spend a certain amount of your tokens. This is a standard ERC-20 feature on chains like Base. However, bad actors exploit this by getting you to approve huge or unlimited amounts, then siphoning your assets later.
Revoking unnecessary approvals is like changing your locks after lending out keys – it keeps your wallet safe without affecting legitimate dApps.
How to Revoke Approvals on Base
Don't panic; fixing this is straightforward. Here's a step-by-step guide:
Use a Revocation Tool: Head to Revoke.cash, a trusted site for managing approvals across chains. It's free and doesn't require sharing private keys.
Connect Your Wallet: Switch to the Base network in your wallet (like MetaMask) and connect it to Revoke.cash.
Scan for Approvals: The tool will list all active approvals. Search for the address 0xD9f4a3238154ff6439e37F98c9B11489353715Bb.
Revoke It: If it shows up, click to revoke. You'll pay a small gas fee on Base, but it's worth it for peace of mind.
Check Regularly: Make it a habit to review approvals after using new dApps, especially in fast-moving meme token ecosystems.
Other tools like Etherscan's Approval Checker work similarly, but since this is on Base, stick with multi-chain options.
Staying Safe in the Meme Token World
Meme tokens thrive on hype, but security should always come first. Double-check URLs before connecting your wallet, avoid unsolicited DMs on X or Discord, and use hardware wallets for larger holdings. Alerts like Shou's highlight how vigilant the community needs to be.
If you've been affected or spot similar suspicious activity, share it responsibly to protect others. For more on meme token security and the latest Base news, stick with Meme Insider – your go-to for all things viral in crypto.
Stay secure out there! 🚀
