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Crypto Scam, Metamask improves security

Decentralized applications (dApps) are becoming increasingly popular on the Ethereum (ETH) network. Users often access it using an extension like that of Metamask. Unfortunately, some hackers use Metamask’s SetApprovalForAll function to steal cryptocurrencies and NFTs from users. Aware of this, Metamask has decided to propose an update that will improve its security.

Ukraine, Odessa - October, 9 2021: Hand holding mobile with MetaMask app running at smartphone screen with MetaMask logo at background. MetaMask is software crypto wallet

On July 19, the OKHotshot account was made a post on Twitter to announce a good news. Indeed, MetaMask, an extension based on the Ethereum (ETH) blockchain that facilitates access to dApps, is currently working to launch an update that will help reduce the risks of scams. He’s counting propose a confirmation window to prevent users from unknowingly signing their NFT assets.

It must be said that users of the Metamask wallet have been victims of many scams already. For example, recently, $120 million was stolen from users of Badger DAO, a DeFi earning platform. The hackers had managed to gain access to Cloudflare and change the permissions of the Metamask wallet. The changes made led to users involuntarily approving unlimited access to their funds.

There are more and more victims of scams in the cryptocurrency industry, even if the platforms are more secure. It is important that users inform themselves about the various precautions necessary to avoid being scammed. One of the most important steps to take is to always check the address and the amount of a transaction before approving it. In addition, find out about all the websites you are connected to using Metamask in order to delete those that are not useful to you. Finally, set a secure and unique password for your Metamask account.

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Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.

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