Important Security Alert and Recommendations for BlackCardCoin Users

Dear BlackCardCoin Community,

At BlackCardCoin, we are committed to maintaining the highest level of security for our project and our users. In this context, we wish to highlight a significant security consideration related to our ERC20 tokens and the measures you can take to protect yourself.

The approve() Function and a Known Security Vulnerability

The approve() function, a part of the ERC20 standard, allows you to grant permission for another account to spend a specific amount of tokens on your behalf. However, there’s a known security vulnerability related to the reuse of this function that could lead to unwanted transfers of your tokens.

Recommendations for Safe Usage

1. Grant Approval for Low Amounts: Only approve the necessary amount of tokens and cancel unused permissions.

2. Reset Permissions: Before granting a new amount to a spender, first reset the existing permission to 0 and then approve the new amount. For example:

   • First step: approve(spender, 0)
   • Second step: approve(spender, newAmount)

3. Carefully Select Addresses: Only grant approval to addresses you trust and recognize.

4. Stay Alert to Security Announcements: Pay attention to security alerts and updates from BlackCardCoin and other trusted sources.

The Security of Our Community is Our Priority

Your safety is paramount to us. Thus, we recommend always considering the above precautions in your token usage. BlackCardCoin aims to continually provide information on security and protect our community.

Should you have any questions or concerns, please do not hesitate to reach out to us. Together, we can make BlackCardCoin a safer and stronger community.

Best regards,

The BlackCardCoin Team