MetaMask warns users over new Crypto scam “Address Poisoning”

The MetaMask team addresses a new type of scam, in which scammers trick the victim through cloned Crypto addresses.

MetaMask is a popular decentralised Ethereum, that allows its customers to trade with ERC-20 tokens without going through any centralised services. For convenience MetaMask users can use credit and debit cards, Apple Pay, Google Pay, and PayPal to buy crypto assets directly. ConsenSys is the developer company behind this decentralised wallet. 

On 12 Jan 2023, MetaMask wallet informed its customers to remain away from scammers, which are using a new technique to loot people’s money. 

MetaMask explained that in this new type of scam, which is known as Address Poisoning, scammers send $0 tokens to the victim’s address to get the past transactions of the victim. Further scammers move toward another step to trick the victim with a new address, more similar to the victim’s crypto address.

MetaMask explained:

“They use an address with the same first & last few characters as the real transaction you sent; in hopes, you will not check the full address, and instead copy theirs in a future txn.”

Further MetaMask team suggested people always double-check the crypto address perfectly, instead partially. And also suggested using the address book option to avoid such creepy scammers.

MetaMask & Privacy issue 

In the last few months, MetaMask faced huge criticism over its new data privacy policy. Through the new privacy policy, ConsenSys stated that it will store the user’s data like name, IP address, etc. 

Many people raised questions over such policies and claimed that MetaMask wants to make money with users’ data, which was totally against the initial aim of the company. 

Later ConsenSys officially responded to these questions and confirmed that such new policies will help MetaMask to enhance the user experience and also said that soon in near future it will change its data policy & only will store users’ data for 10 days. 

Read also: Binance secures regulatory approval in Sweden