Research notes

Why an approval is not a balance: an ERC-20 allowance authorizes a spender to transfer tokens, subject to contract behavior. An unlimited allowance is an exposure indicator, not proof that its spender is malicious.

Why a clean result is inconclusive: bounded event scans can miss older approvals, and missing intelligence is not evidence of absence. Reports must preserve source coverage and outages.

Why agent policy belongs outside the model: networks, destinations, calldata and spend must be evaluated by deterministic controls. A model can explain a decision, but cannot grant itself an exception.