How to Avoid Metamask Crypto Scams
As the popularity of Ethereum-based DApps (decentralized applications) grows, so does the use of Metamask, a popular browser extension that allows users to interact with DApps. While Metamask is a convenient and user-friendly way to access DApps, it is important to be vigilant to avoid crypto scams.
One example of a recent crypto scam affected users of Badger DAO, a DeFi earning platform. In this case, $120 million was stolen from users of after hackers gained Cloudflare access and changed Metamask wallet permissions so that users unwittingly approved unlimited access to their funds. Crypto frauds like this are unfortunately all too common.
To avoid falling victim to crypto scammers, here are some simples steps to safeguard your crypto wallet.
Verify what you’re approving
When making a transaction using Metamask, always be sure to verify that the address and amount being sent are correct before approving the transaction. By verifying the details of each transaction, you can help ensure that the PolygonPunks you purchased on Blind Boxes are not stolen by hackers.
You’ll also want to click on the contract address to get to EtherScan and check a couple of areas:
- How old is the contract?
- Is the contract red flagged?
You can see how old a contract is by clicking on the creator transaction hash. Further, EtherScan will display a red flag on known malicious contracts.
Manage infinite approvals
Often, users of DeFi applications will enable infinite approvals so they don’t have to make a deposit every time they use a certain protocol. By using revoke.cash, you can easily manage your infinite approvals and revoke access if you feel an application no longer deserves it.
Shout out to Rosco Kalis for creating this free to use tool that adds an extra layer of security to your Web3 experience.
Remove unused connected sites
When using Metamask, it is important to be aware of the websites that you are connected to. If you are not using a site, be sure to disconnect from it. This will help protect you from potential attacks in which hackers gain access to your data.
You can click the three dots in the top right corner of the Metamask extension and select “connected sites” to pull up a list, and then hit the trashcan icon next to any site you no longer want to be connected to.
Lock Metamask when away from your computer
Another way to protect yourself from potential attacks is to lock your Metamask when you are away from your computer. This can be done by clicking on the account icon in the top right corner of the extension, and then clicking “Lock.”
Manage token approvals
By clicking “View Account on EtherScan” from the Metamask extension, you can view a list of all the tokens that you have approved for use with Metamask.
You can then click under “More” and EtherScan and then “Token Approvals.” If you no longer want to use a token, you can unapprove it by clicking the “Revoke” button next to the token name. This will help protect you from potential attacks in which hackers gain access to your funds by using your approved tokens.
Set a secure password
It is important to use a strong and unique password for your Metamask account. This will help protect your funds in the event that any of your other accounts are compromised.
By following these simple tips, you can help keep your funds safe when using Metamask.
You’ve been hacked, now what?
Even the most vigilant crypto veterans can fall victim to crypto scams. If you suspect you may have been hacked, all hope may not be lost. Reach out to Metamask support via Twitter. They are a great account to follow anyway, since they are the first to announce widespread hacks and known vulnerabilities.
About Blind Boxes
Blind Boxes is a gamified curation platform and launchpad for NFTs (non-fungible tokens). This highly scalable dApp enables brands and creators to diversify their revenue streams, increase the liquidity of their creative assets, and become leaders in decentralized global economies while engaging fans and buyers to discover and collect rare, limited edition NFTs.
Via the Blind Boxes Marketplace, buyers experience the thrill of time-released curated NFT collections. Collectors virtually unbox exclusive items, curated by tastemakers across art, music, sports, and entertainment. Curation is at the core of our value proposition. The platform offers a commission structure that incentivizes independent contributors to curate blind box collections that feature top-tier talent, emerging artists, and designers from around the world.