Enhance Your Wallet Security with Redefine's New Approvals Monitoring Feature
12 Apr 2023
In the ever-evolving world of blockchain technology, security is of the utmost importance. Ensuring the safety of your digital assets requires constant vigilance, especially when it comes to managing token approvals. Redefine is excited to introduce a game-changing feature to help you stay ahead of potential threats: Approvals Monitoring.
What is Approvals Monitoring?
Approvals Monitoring is a cutting-edge feature that automates the process of monitoring token approvals across your wallet ecosystem. With this powerful tool, you no longer need to manually check your token approvals using Redefine's Approval Manager. Instead, Approvals Monitoring will proactively alert you if the risk profiles of any spenders change or if a new approval is given to a risky spender.
Benefits and Use Cases:
To better understand the value added by Approvals Monitoring, let's explore two critical use cases:
Monitoring Hacked Contracts: Imagine using Dexible frequently and learning about a security breach hours after it happened. With 35 wallets to manage, identifying the compromised contract address and searching for active approvals associated with it would be a daunting task. Approvals Monitoring steps in by promptly alerting you of your exposure and providing a link to revoke the specific approval on the affected wallets and chains.
Preventing Token Theft: Consider a scenario where you or one of your traders accidentally approves a transaction with a malicious spender. Without knowing the spender's malicious intent, your tokens could be stolen within hours. Approvals Monitoring immediately alerts you after a risky approval is signed, allowing you to take swift action and protect your assets.
Redefine's Approvals Monitoring feature is a crucial addition to your blockchain security toolkit, offering proactive monitoring and timely alerts to help you safeguard your digital assets. Stay ahead of potential threats and minimize the risk of token theft by leveraging the power of Approvals Monitoring. Upgrade your security management process today and experience peace of mind in the dynamic world of blockchain technology.
Setting up Redefine Monitoring
Add Wallets to Wallet Manager Once the user is on the WebApp, they perform 3 steps (illustrated in the image below). Step 1 is to enter the Wallet Manager tab and then Step 2 is to click Add new wallet. After this, Step 3 requires them to add all the wallets that they want to monitor - wallets can either be added manually or uploaded in a batch as a csv file.
In the users’ personal/organization Slack workspace, they will need to decide on an existing channel or create a new, dedicated channel to which they want to receive alerts from Redefine’s Monitoring.
Activate Redefine’s Monitoring by using the four-step self-service set up flow in the web application:
3.1 Click your User Profile button and then “Slack configurations”
3.2 Select “Activate” next to “Redefine Monitoring”
3.3 Click “Connect Slack channel”
3.4 Select channel to receive alerts
Redefine offers advanced end-to-end security solutions for DeFi investors and traders. Our platform supports our customers throughout their DeFi investment journey. We provide customers with a dynamic risk score, real-time risk monitoring of their portfolio, and active features that save investors’ funds in case of an attack or indication of imminent financial loss.
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