August 1, 2022

MetaMask updated the wallet to protect users from fraud

Increased hacker attacks on the NFT community have forced the MetaMask team to release an important update to their wallet. We are talking about additional hints and warnings.

Unfortunately, cases of scams in the NFT world are not uncommon. Twitter and Discord users fall into the trap of scammers with enviable regularity, as they connect their wallets to dangerous smart contracts. As a result, they lose NFT and other digital assets for huge sums.

But now MetaMask has changed the rules of the game, improving the Ethereum wallet so that users can recognize and avoid scammers. The new 10.18.0. update changes the "setApprovalForAll" permission method. This feature provides direct access to the user's wallet and all tokens.

Metamask has now added special prompts. As a consequence, the app will notify that a smart contract requires a wide range of permissions, one of which is access to all funds in the account. This maneuver is often used to quickly "drain" the wallet.

Now a prompt pops up during the transaction, with the following sentence in large print: "Allow access to all of your BAYC?" And there is also a warning: "By giving permission, you are giving this account access to your funds.

The above innovations come after a series of high-profile thefts in the NFT industry. Hundreds of users have fallen victim to hackers in recent months. The total losses caused by cyberattacks amounted to tens of millions of dollars.


About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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