In a blow to NFT wallet drainer scammers, MetaMask has updated its browser extension and wallet, making it harder for the scams to occur. The new feature asks you to grant permissions to your wallet instead of automatically doing so with a ‘set approval for all’ warning. However, it is essential to note that although it will add to the overall security of your NFTs, you should always keep up to date with the most recent security protocols.
MetaMask update will help reduce NFT wallet drainer scams
From this week, MetaMask users will have an extra layer of security when using their crypto wallets. The 10.18.0 update includes a huge software change that will now ask for access permission rather than automatically granting it.
The update by MetaMask is much needed and is in response to a vast wave of NFT wallet drainer NFT scams. Many people have been victims of these malicious scams through Twitter or Discord.
Notably, the NFT space has seen a wave of new social media scams via this method over the past six months. Some of the most significant NFT projects and most popular influencers have also been scammed.
Because of how the scams work and how they give these scammers complete access to your NFTs and crypto, some people have lost millions. Basically, the scammers connect your wallet to a malicious smart contract, that steals your assets.
Hopefully, now with this extra layer of security, people will have more time to consider their options and think about how, why and to who they are granting access to their wallets.
How does the MetaMask 10.18.0 update work?
MetaMask is a leading Ethereum wallet with over 21 million active users. MetaMask is trying to stay one step ahead of the NFT wallet drainer scams to protect its users. Because many people use its crypto wallets, MetaMask must act quickly and solve the issue.
The new release this week aims to disrupt the NFT scam industry. With the setApprovalForAll permission on MetaMask, users can avoid these types of wallet drainer scams. Users will no longer automatically connect. What’s more, if you don’t approve access, the other person can not access your NFTs or crypto funds.
Github post by MetaMask confirms focus on NFT wallet drainer scams
In the latest Github post by MetaMask on their software development repository, they offered screenshots and information on how the new security feature will work.
One of the screenshots has text that says, “Give permission to access all of your BAYC?” It also offers a second warning, stating. “By granting permission, you are allowing the following account to access your funds.”
In June, a MetaMask software engineer called Alex Donesky wrote on GitHub about the ongoing issues in the NFT space. He said, “There is some urgency to get something out there since this method is so commonly used.”
NFT security knowledge is still the best way to stay safe
The MetaMask update will help to reduce the amount of NFT wallet drainer scams, but they cannot stop them completely. NFT scams also rely on social interaction. People will often trick others into giving them access to their wallets. Finally, it is important to remember to keep your private key safe and never reveal it to anyone else.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
