What happens if I approve a token for more than I own?

The answer

An allowance is a spending limit, not an immediate withdrawal. Some contracts request very large limits so they can transfer future tokens too.

What to do next

Before signing, inspect who will be approved and how much. Revoke unnecessarily broad approvals after use.

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Can an approved contract drain tokens I receive next month?

Potentially yes, if the permission is still active and its limit allows spending those tokens.