READY. SET. REVOKE: Revoke.cash Urges Collectors To Check Their Wallet Approvals After Magic Eden Shuts Down Its Ethereum And L2 Marketplaces!
- Kyle
- 2 hours ago
- 2 min read
Collectors, check your wallets and your approvals on Revoke. Cash!
Magic Eden’s Ethereum and L2 marketplaces may be gone, but the approvals users signed to list their items onchain remain, leaving NFTs and tokens susceptible to bad actors who could exploit the contract and steal their jpegs.
Luckily, fixing this only takes a couple seconds and a few clicks thanks to the popular crypto security tool Revoke.cash, which lets users quickly review and remove old token approvals from their wallets.
“Magic Eden shut down their EVM marketplace yesterday. But approvals don't disappear when platforms do,” Revoke. Cash tweeted. “Your NFTs and tokens are one compromised contract away from being drained. So we added a Magic Eden label on http://Revoke.cash - to find and revoke them in seconds.”
To see your wallets approvals visit Revoke. Cash here and either connect your wallet or search your wallet address to see what you’ve previously approved.
From there, simply click revoke, pay the small transaction fee, which for this reporter was about 11 cents, and remove the approvals.
By revoking these approvals, collectors can protect themselves not only from bad actors exploiting Magic Eden’s now defunct contracts, but also from savvy traders who know how to call old listings that were never canceled.
“With ME shutting down old listings set without expirations can be pulled on chain,” ApeChain’s NGBShpend warned. “So when your bags pump in the future this means someone can snipe an old listing on chain If you had anything listed on ME revoking their contract approvals from your wallet will avoid snipes.”
For more information on Revoke.cash, or to check out the platform for yourself, visit the protocol’s website here: https://revoke.cash
