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Marketplaces bear primary responsibility for the security risks of legacy smart contract approvals

OverviewDebatesRelated claimsTopicsSources
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Magic Eden and Revoke.cash urged users to revoke legacy approvals for Limit Break's Payment Processor V2 on Ethereum, Polygon, and Base to prevent future wallet exploits

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Although Magic Eden closed its EVM marketplace, active on-chain approvals granted by users in 2024 remained live, exposing their wallets to the Limit Break Payment Processor V2 exploit

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The current Web3 smart contract approval model is too dangerous for mainstream adoption

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Crypto protocols should abandon single-signature authorization for critical smart contract functions

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DeFi protocols should restrict smart contract interactions to prevent exploits

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Traditional rating agencies should assess smart contract code risks