Investors Lose Over 1 Million Dollars – in Fake Metamask Token

Metamask is a browser extension that allows you to run Ethereum dapps without downloading the blockchain or installing any software. It also lets you manage your ETH address and sign transactions.

A fraudulent Metamask token has cost investors over $1 million in losses. 

The team discovered the scam at MyEtherWallet, which found that scammers had created a fake Metamask token on the Ethereum network. The fraud was designed to trick investors into sending money to the scammers, who would then disappear with the funds.

MyEtherWallet has warned investors to be careful when sending money to any not associated address with the Metamask team. They also advised investors to check any website URL before entering their login information. 

Fake MetaMask app:

The greatest Metamask scam in the Metaverse happened when hackers designed a fake MetaMask app that looked exactly like the real thing. It even used the same branding and logos. However, the phony app had a different URL, and it was hosted on a separate server. The fake app also had additional functionality that allowed the scammer to steal the user’s private keys.

The fake Metamask app is the latest in a long line of scams targeting cryptocurrency investors. Earlier this year, investors lost over $5 million in a fake ICO scam. Last year, investors lost over $1 billion in the Mt. Gox scandal.

These scams highlight the need for investors to be careful when investing in cryptocurrencies. Before investing, always do your research and never send money to an address you don’t trust. If you think you may have fallen victim to a scam, you should immediately report it to the authorities.

Investors have been warned about a fake version of the MetaMask wallet circulating online. The fake app has tricked users into sending over $1 million worth of Ethereum to the scammer’s address.

MetaMask is a browser extension that allows you to run Ethereum dapps without downloading the blockchain or installing any software. It also lets you manage your ETH address and sign transactions.

The Fake Metamask Token

A fake version of the Metamask extension was created and published on the Google Chrome store. This phony version promised to give users free MET tokens, which is the native token of the Metamask project.

When users installed the extension, scammers prompted them to input their seed phrase (also known as a mnemonic phrase or recovery phrase). This phrase is used to generate your private keys and should never be shared with anyone. The scammers used this opportunity to steal people’s private keys and funds.

MetaMask is a digital wallet:

It stores your private keys, so it can sign transactions on your behalf and allows you to interact with decentralized applications (dApps) that run on the Ethereum blockchain. The app is available as a browser extension for Google Chrome, Mozilla Firefox, Brave, and a mobile app for Android and iOS.

How to store your Ethereum safely?

If you want to store your Ethereum safely, you should use a hardware wallet such as the Ledger Nano S or Trezor. These devices allow you to keep your private keys offline and sign transactions without exposing your keys to the internet.

You can also use a paper wallet, which is a piece of paper that contains your public and private keys. This is a safe way to store your ETH if you don’t plan on using it for a while.

What are some common scams in the cryptocurrency world?

Ponzi schemes, fake ICOs, and exchange hacks are some of the most common scams in cryptocurrency.

Ponzi schemes are investment programs that promise high returns but use new investors’ funds to pay off old investors.

Fake ICOs are initial coin offerings that scammers create to steal people’s money.

Exchange hacks occur when hackers gain access to an exchange’s systems and steal the stored funds.

What should I do if I’ve been a victim of fraud?

If you have been scammed, you should report it to the police and Action Fraud. You should also change your passwords and enable Two-Factor Authentication on all your accounts.

What is Two-Factor Authentication?

Two-Factor Authentication (2FA) is an extra layer of security that clients can use to protect their accounts. It works by requiring you to enter a code sent to your mobile phone when you try to log in. This means that even if someone has your password, they will not be able to access your account unless they also have your phone.

How to buy Metamask?

Metamask can be bought on the official website or through various exchanges.

Some of the most popular exchanges list Metamask include Binance, Kucoin, and Huobi.

You can also find Metamask listed on CoinMarketCap.