A user on the BSC blockchain lost nearly $120,000 after signing a malicious increaseAllowance transaction.

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According to Techub News, Scam Sniffer monitoring revealed that a user on the BSC chain lost approximately $118,000 worth of BUSD five hours ago due to signing a malicious increaseAllowance transaction. Analysts point out that while most users are wary of permit signatures and approve calls, the increaseAllowance function also poses a security risk, which is easily overlooked simply because its name is less common.

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