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MetaMask Refutes Allegations of Wallet Exploit in $10M Hack

According to some reports, the wallets of several cryptocurrency experts have been hacked, resulting in the theft of over 5,000 Ether across multiple chains since December 2022. However, MetaMask has dismissed these allegations and has taken to Twitter to state that the thread suggesting the exploit is not correct. Despite this, the company has not divulged any further information regarding the matter. 

About the Twitter Response

On April 18 2023, MetaMask responded to a set of tweets made by Taylor Monahan, the founder of MyCrypto, a wallet manager for Ethereum. Monahan had disclosed that an exploit, which could not be identified, had resulted in the loss of more than $10.5 million in cryptocurrency and nonfungible tokens (NFTs) since December 2022. 

MetaMask has released an official statement in response to the recent reports on Monahan’s thread. The statement clarifies that there are some inaccurate claims about a supposed MetaMask exploit that resulted in a significant wallet-draining operation. However, MetaMask has made it clear that this is not an exploit specific to their platform. 

MetaMask has also gained attention in the past due to concerns regarding the safety of their platform. Earlier, in February of 2023, the company issued a warning to their crypto users. Specifically, MetaMask cautioned that the iCloud backup for their app’s data could compromise their funds if they used a weak password. 

This vulnerability could make users susceptible to phishing attacks and other malicious tactics that could result in the loss of their funds. To safeguard against these threats, MetaMask strongly recommended its users to use strong passwords and activate two-factor authentication. 

About MetaMask

 MetaMask is a well-renowned cryptocurrency wallet provider that facilitates the seamless storage, organization, and exchange of various digital currencies. Since its inception in 2016, the company has established a reputation for being a reliable and trustworthy provider of wallets. MetaMask is a ConsenSys product, which is a blockchain technology enterprise established by Joseph Lubin, one of the co-founders of Ethereum.