CipherTrace Warns of Growing MetaMask Wallet Fraud

CipherTrace Warns of Growing MetaMask Wallet Fraud

CipherTrace has issued a warning about the growth of fraud with the help of extensions for the Google Chrome browser masquerading as the MetaMask cryptocurrency wallet.

In its warning, CipherTrace writes that over the past 24 hours, “there has been a significant increase in the number of complaints and comments about the loss of digital assets” after the installation of a fraudulent wallet.

The cryptocurrency community has come out with criticism MetaMask, stating that the company is not making enough efforts to combat fake wallets. MetaMask’s product director, Jacob Cantele, asked the community for advice.:

“What should we improve? We have alerts in our wallet, we have a scam site detector that warns of tens of thousands of such sites, we regularly launch marketing campaigns.”

Fraudulent sites and extensions work quite simply. The user goes to such a site, completely copying the appearance of the MetaMask site, installs a fake extension and enters a passphrase from the wallet. Attackers use a password to withdraw tokens.

To protect yourself from fraud, computer security experts recommend installing extensions either from the official MetaMask website or from the official Google Chrome extension store. In case of doubt, you can check the legitimacy of the site through the CryptoScamDB portal.

The MetaMask wallet is one of the most popular wallets for Ethereum. Thanks to the growth of the DeFi industry, the number of MetaMask users has exceeded
1 million.