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MetaMask

wallet provider warns of scam schemes

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MetaMask has issued a warning to users about deceptive token schemes falsely claiming affiliation with the platform, emphasizing that there is currently no official MetaMask token.

MetaMask, the leading Web3 wallet provider, alerted its community on March 3 about fraudulent schemes promoting non-existent MetaMask tokens. The platform stressed that any claims suggesting the existence of a MetaMask token are false and potentially harmful.

This warning follows MetaMask’s February 28 announcement regarding a critical update that will introduce Bitcoin (BTC) and Solana (SOL) smart contract capabilities to its network. Scammers may be attempting to exploit this development.

MetaMask has previously addressed similar threats. In March 2023, the platform debunked rumors of a MetaMask token airdrop, warning that such claims were not only false but also dangerous, as they created opportunities for scammers and phishing attacks.

Rise in crypto scams

Scams involving fraudulent tokens have been on the rise, with malicious actors convincing users to invest in counterfeit assets that mimic reputable projects. These schemes often result in significant financial losses for unsuspecting investors.

Notably, entrepreneur Mark Cuban reportedly lost nearly $870,000 after interacting with a compromised MetaMask wallet. Additionally, MetaMask users have been targeted by address poisoning attacks, where scammers manipulate transaction histories to trick users into sending funds to fraudulent addresses.





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Crypto Wallet MetaMask Introducing Native Bitcoin (BTC) and Solana (SOL) Support This Year

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The popular Ethereum (ETH)-focused crypto wallet MetaMask plans to introduce native Bitcoin (BTC) and Solana (SOL) support in the coming months.

MetaMask announced this week that Solana would be added in May, which represents the wallet’s first native non-Ethereum Virtual Machine (EVM) support.

The project plans to add Bitcoin compatibility sometime in Q3.

SOL defied a wavering crypto market on Friday and surged by 7.5%. The sixth-ranked crypto asset by market cap is trading at $147.49 at time of writing.

MetaMask announced the new features amid a swelling user base. In a statement issued in February, the wallet’s developer Consensys said that the project’s monthly active users (MAU) rose from 19 million to more than 30 million between September 2023 and January 2024. That’s an increase of over 55%.

The number of monthly active users nearly matches MetaMask’s historical high of 31.7 million recorded in January 2022.

The wallet also recently inked a partnership with retail trading giant Robinhood that enables MetaMask users to purchase crypto assets directly within the wallet using Robinhood’s order engine.

The U.S. Securities and Exchange Commission (SEC) also recently agreed to drop its lawsuit against Consensys after suing the blockchain software firm over MetaMask last year. The regulator had claimed the wallet acted as an unregistered securities broker.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Popular Crypto Wallet MetaMask Unveils New Roadmap

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MetaMask, the popular self-custodial crypto wallet for the Ethereum (ETH) network, shared a flurry of announcements on Thursday, aimed at improving its wallet’s user experience.

Part of Metamask’s revamped roadmap includes adding smart contract capabilities to its current wallet. At the moment, MetaMask is an Externally Owned Account (EOA), a type of wallet that is controlled by a public and a private key. One of the main downfalls with EOAs is that it is subject to human error, meaning if you forget your private key, you lose your crypto holdings in that account forever. The other type of wallet that exists on Ethereum are Contract Accounts (CAs), which are controlled by code and have recovery mechanisms in place and security checks for verifying transactions.

In a blog post shared during ETHDenver, the largest North American Ethereum conference, the MetaMask team said “smart-contract-based accounts allow us to solve a number of problems: allowing new powerful uses of the assets you hold, while simultaneously improving security. When the user defines their terms from their own programmable account, we greatly expand how the user expresses their agency in ways that are enforced by their own code.”

One of those new features aimed at making the user experience on MetaMask easier include ERC-5792, which builds on its current feature, smart transactions. Under ERC-5792, or known as batched transactions, users can combine certain steps when it comes to signing off transactions, like “approve + swap” in one click, meaning that they would save time and gas fees by batching those steps together.

Dan Finlay, the co-founder of MetaMask, told CoinDesk that batching transactions “give us all the things you’re going to ask for in order, we’ll present them to the user in a nice, unified way. The user will pay for one gas fee for the series of events and then it’ll just be one block for the whole series of operations.”

MetaMask card

The MetaMask team also shared that its MetaMask debit card will be available in select states in the U.S. starting mid-March. The card has been in production for a few months and was initially available just to users in the UK and EU.

It connects to a user’s MetaMask wallet, letting them spend their crypto.

“You can be earning staking rewards or yield on your favorite protocol with your favorite tokens and have those funds available to spend anywhere that Mastercard is accepted with just a tap,” the team wrote in a blogpost.

More support

As part of the theme of making the user-experience easier, the MetaMask team will be adding support for Bitcoin (BTC) and Solana (SOL) in its wallets, meaning users can hold their various crypto assets in one place.

“So these are simultaneously delivering some of the most popular blockchains, but, but they’re also ensuring that we have smoothed out every part of our interface that allows new blockchains to be added seamlessly,” Finlay said in the interview.

Read more: Popular Crypto Wallet MetaMask Rolls Out ‘Smart Transactions’ to Combat Ethereum Front-Running





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