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Don't Get Drained: How Approval Scams Steal Your Wallet

Learn how approval-drain scams work and the one simple check that keeps your wallet safe.

· 4 min read · Blackhat Empire

What Is an Approval-Drain Scam?

You connect your wallet to a new memecoin site, click "Approve," and a few minutes later your SOL or ETH is gone. That is an approval-drain scam. The site never intended to sell you anything — it tricked you into giving it permission to spend your tokens.

Approval scams are the most common wallet theft method for beginners. They do not hack your seed phrase. They do not break your wallet. They just ask nicely, and you say yes.

How It Works Step by Step

Every token you hold is controlled by a smart contract. When you approve a transaction, you give that contract permission to move a specific amount (or all) of that token from your wallet.

Here is the scam flow:

  1. You visit a site that promises a free airdrop, a presale, or a "verified" token launch.
  2. The site asks you to connect your wallet.
  3. After connecting, it requests a token approval (often phrased as "Approve to claim" or "Approve to buy").
  4. The approval contract is malicious. It sets the approval amount to the maximum possible — your entire balance.
  5. The scammer drains your wallet instantly or waits until you leave and then executes the transfer.

You never see the drain coming because the approval itself does not move tokens. It only grants permission. The actual theft happens later, often hours or days after you disconnect.

The One Rule That Protects You

Never approve a transaction you do not fully understand. That is the rule. Every approval request shows a contract address and a permission amount. If you cannot read those two things, do not click "Confirm."

On Solana, token approvals are called "delegate" or "approve" transactions. They look different from simple transfers. If a site asks you to approve a token before you can buy or sell it, that is a red flag. Legitimate memecoin trading does not require pre-approval.

On EVM chains (Ethereum, BSC, Arbitrum), the approval request will show the token being approved and the spender contract. If the spender address looks random or unverified, walk away.

How to Check Before You Approve

Before you click "Approve" on any site, do these three things:

  • Look at the contract address — Paste it into a block explorer or check it on GMGN. If the contract is less than a few hours old and has zero verified source code, it is almost certainly a drainer.
  • Check the approval amount — If the request asks for unlimited or max approval, do not approve. Legitimate dapps only request the exact amount you need.
  • Use a burner wallet — Never connect your main wallet to unfamiliar sites. Create a separate wallet with only the tokens you are willing to lose. This is the single most effective defense.

For a deeper breakdown of how to read on-chain data before connecting, see our metrics reference.

What to Do If You Already Approved

If you realize you approved a malicious contract, revoke the approval immediately. You can do this on GMGN by going to your wallet dashboard and using the "Revoke" feature under token approvals. Find the suspicious approval and revoke it. This removes the scammer's permission to spend your tokens.

Do not wait. Approval drains happen fast. Revoking is free and takes two clicks.

The Hard Truth About Memecoins

Most memecoins go to zero. Many of the sites that promote them are designed to drain you, not to make you money. Approval scams are just one method. Rug pulls, honeypots, and fake launches are more common than real projects.

The only way to survive is to treat every new site as hostile until proven otherwise. That means:

  • Never connecting your main wallet to a site you found through a Telegram link or a Twitter reply.
  • Never approving a transaction without checking the contract on GMGN first.
  • Never trusting a site that asks for approval before showing you what you are buying.

Final Word

Approval scams work because they exploit trust. You trust the site, you trust the pop-up, you trust the word "Approve." That trust costs you everything.

Learn to read transaction requests. Use a burner wallet. Revoke suspicious approvals immediately. These three habits will keep your wallet safe from 99% of beginner drains.

Memecoins are high risk. Your job is to understand the risk before you take it. Start with that.

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