Ethereum’s ERC-20 design flaws are a crypto scammer’s best friend
First introduced back in 2015, ERC-20 tokens are full of gaping security holes, with little chance of a fix any time soon.
ERC-20 tokens are among the most frequently stolen assets in the crypto industry, and even some of the updates intended to fix the issues are inadvertently facilitating theft.
The Ethereum networks near-ubiquitous token standard accounted for 89.5% of the $71.5 million worth of crypto lost to phishing scams in March, according to Scam Sniffer.
These tokens were stolen as a result of victims unwittingly being phished and approving functions like permit and increaseAllowance. Functions intended to enhance the token standards efficiency have introduced new vulnerabilities.
First introduced back in 2015, ERC-20 tokens are full of gaping security holes, with little chance of a fix any time soon.
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