A question I should have asked on my first day here

[Trx3]

Should have asked this question when I created my account on this forum but I was too busy with learning crypto mining, I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

[_act_]

It is very import to not give out your private key or seed phrase to anything online, there are ways hackers can be able to get access to your seed phrase, that is why it is better to use the legit third party site and not the fake ones.

Thise sites are using smart contract in a way no private key or seed phrase are known to the sites. But for the safety of your coins, never connect to untrustworthy sites for it is not safe.

[Pmalek]

PancakeSwap, for example, is an open-source platform. That can mean a lot or nothing at all depending on who verified their smart contracts and how. It wouldn't be the first time that a smart contract had vulnerabilities that were abused and taken advantage of despite being verified and open-source.

You should have different wallets for different use cases regardless. You don't connect your main or long-term storage wallet to such a platform. Create a separate wallet for each of those platforms that you want to use. Top it up with the tokens and native currencies you need and connect only that one ensuring you are on the official website and not a clone. So even if there is a nasty surprise with one swaps platform, your main stash wouldn't be affected. Only the part of it that you transferred to the secondary wallet would be in jeopardy.

Make separate ones for Voyager, PancakeSwap, etc.

[nc50lc]

-snip- I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

Mostly just to view your address, not your private key or seed phrase.
It's as simple as giving the site permission to view your address for them to be able to see your balance, txn history and use that as your receiving address.

But it may have different permissions per site, for example Pancake Swap has this permission when connected to Metamask:

Permissions
You have authorized the following permissions:
See address, account balance, activity and suggest transactions to approve

(the most common permission)

[MidNite36]

You only give access to your funds for the time being, I will like to advice you to always disconnect your paired wallet with any defi or swap platforms, once you disconnect the platform they no longer than access to your funds anymore.



If you are using trust wallet you will see connected platform in the section above.

Always disconnect

[PX-Z]

Should have asked this question when I created my account on this forum but I was too busy with learning crypto mining, I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

Every wallet can be connected to any third wallet services without exposing your wallet's private keys or seeds. Most of these permissions are basic such as checking address, transaction, etc. Also third party services always have warning and notes so you should read it before doing anything.

[libert19]

Addition to what nc50lc said, when you make a swap/add liquidity, etc, exchange will ask you for approval permission to use your funds:

1) 'Approve once' mean that you give exchange to use your funds only once. After that, for next action you will have to make approve transaction separately.

2) 'Approve all' would give platform access to use your all funds for any reason without asking any further approve permissions whatsoever.

You save $ in gas fees here but were exchange smart contract to get hacked or someone to find exploit, you would lose your all particular 'approve all' fund.


All in all, stick with 'approve once' transactions, it's safer.

[Z390]

-snip- I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

Mostly just to view your address, not your private key or seed phrase.
It's as simple as giving the site permission to view your address for them to be able to see your balance, txn history and use that as your receiving address.

But it may have different permissions per site, for example Pancake Swap has this permission when connected to Metamask:

Permissions
You have authorized the following permissions:
See address, account balance, activity and suggest transactions to approve

(the most common permission)

Sigh, it looks like I don't really understand how transactions work still, thanks for putting a light on this darkness, I thought the safest way is moving out your assets from a wallet you've connected to swap platforms many times is the way, this is what I do from time to time.

[EarnOnVictor]

Should have asked this question when I created my account on this forum but I was too busy with learning crypto mining, I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

This is a good concern and question, and with my little knowledge about this, the simple answer is that you are giving private key permission through the swapping procedure to initiate the transfer, but can't compromise it or leak your recovery seed. Once you do swapping only with a non-custodial wallet, I think that you are safe, nothing can access your crypto if you did not grant permission. Your wallet company is not foolish, neither is the blockchain technology, they understand how this works.

If still in doubt, then only swap with the wallet you don't keep your money.

[nc50lc]

-snip-

-snip- thanks for putting a light on this darkness, I thought the safest way is moving out your assets from a wallet you've connected to swap platforms many times is the way, this is what I do from time to time.

That was troublesome but it kind of worked if you are not aware of the amount you've permitted them to use.

You see, approving a connection is relatively safe since your private keys aren't leaked but the danger lies in the "...and suggest transactions to approve" part
which gives the platform a permission to create unsigned transactions on your behalf [but you still need to approve (sign) through a permission request to proceed]

If the site asked you to approve a "permission request" to spend funds as a part of the swap but with very high or unlimited amount (usually labeled as "approved amount"),
it could be damaging since they literally will have permission to spend that much if you approve it.
The good news is, most legit swap platforms are using "reasonable" amounts.
Also read libert19's reply since "Approve all" is most likely for an unlimited approved amount.

So make sure to check everything in the request that you're giving approval/confirmation.

[aysg76]

You save $ in gas fees here but were exchange smart contract to get hacked or someone to find exploit, you would lose your all particular 'approve all' fund.

And we all know there are many vulnerabilities in some smart contract developed before testing it on all basis and it becomes easy target for hackers to scam you of funds.So if you have connected your wallets to any third party software with approve all then there is huge possibility that your funds are at stake.

There is notable point here that you must connect your wallet to some legit third party software only not by clicking on any link you see because at this time we know once you connect your wallet the funds and NFT will be drained out easily and then you can't retrieve it back so be safe in these cases.

[Bitcoin_Arena]

i also depends on the platform you are connecting your wallet to. Some of them are malicious and you may give them way mopre permissions than just viewing the balance or suggesting transactions approval.

There was a common scam that would make the malicious actor gain access and transfer your tokens though it involved airdropped tokens - [Scam Alert] Beware of Airdrops that will drain tokens out of your address.

[Cuda911]

i also depends on the platform you are connecting your wallet to. Some of them are malicious and you may give them way mopre permissions than just viewing the balance or suggesting transactions approval.

There was a common scam that would make the malicious actor gain access and transfer your tokens though it involved airdropped tokens - [Scam Alert] Beware of Airdrops that will drain tokens out of your address.

I was once a victim to this scamming trick because I don't know that trying to sell a token can make your wallet get drained but I learnt the hard way, since then I don't ever try selling anything that isn't mine, if airdrop is a necessity its better to use a separate wallet.

[Taskford]

Should have asked this question when I created my account on this forum but I was too busy with learning crypto mining, I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

Depends on the platform where you connect your wallet since there are scam and take out your balance if you are not careful upon connecting on any random platform so before doing this verify first their reputation so that nothing bad will happen to you. Be more vigilant and always doubt on things you don't know since thinking twice can help you avoid unnecessary things which cost you a money.

[The Cryptovator]

We need to connect the wallet for a certain period once we are using a Dapps. So doesn't necessary to keep it connected. Some sites would drain your funds once you keep connecting for a long time. Usually, a website can't see your private keys or seed. But that doesn't mean you are safe. Always disconnect your wallet when your swap or trade is done. So there is no risk of compromising your wallet. Keep in mind hackers always look for opportunities, so don't give them chance.

[Marvell1]

If you connect to reputable sites like Pancake swap there should be no problem but unfortunately you connect to a scam site and you don't remember you approved them to use your wallet with permission any, but when you disconnect later, they still have full access to your wallet with pre-approval.

In this case, we have a solution which is Revoke, it allows you to review the permissions you have agreed to for the exchange and from there you can also use Revoke to revoke the permissions you have previously agreed to. With this tool, we can completely disconnect from any defi website like we have never connected before.
https://app.unrekt.net/

[cryptoaddictchie]

Some sites would drain your funds once you keep connecting for a long time. Usually, a website can't see your private keys or seed. But that doesn't mean you are safe. Always disconnect your wallet when your swap or trade is done. So there is no risk of compromising your wallet. Keep in mind hackers always look for opportunities, so don't give them chance.

I really wondered which sites are those who are draining wallets only just by connecting via wallet. Are those prominent sites? Or suddenly vanish after some time. Im always disconnecting on some dapps that I used but these are common dapps and platforms. But never had any experience with those scary scammers which I hope never.

[OcTradism]

Should have asked this question when I created my account on this forum but I was too busy with learning crypto mining, I want to know what happens if your wallet is connected to a swap website like Voyager, Pancake swap and others, once you connect your wallet what access do you give the website for that period of time? Private key access? Recovery seed access? Or just control of your wallet for that limited time.

When you connect your wallet to a web3 site, it starts to have risk for your capital.

However, a next step is more important, Approve. If you approve it, that website will be able to use your wallet for smart contract execution. it is why when you done, you should revoke all access to your wallet.

Private key and seed are only different display of your private key. Seed is a more user friendly, human readable format for your private key.

[Findingnemo]

Don't have much experience with smart contract with decentralized exchanges wallet but I remember an incident when people lost their funds because they gave access to the smart contact unlimitedly to manage the funds in their wallet so you should be very careful while connecting the wallet with an exchange even if its reputable.