Ethereum wallet MetaMask warns of new crypto scams

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MetaMask is a well-known software wallet that works purely for crypto on the Ethereum (ETH) blockchain. It is a non-custodial solution, meaning that the users are essentially in full control of their own assets. That is extremely powerful, but also dangerous, because users are responsible for their own security. Unfortunately, that sometimes goes wrong and even now there seems to be a new way of scamming.

New way of crypto scam

MetaMask itself warns about this and speaks of the so-called “poisoning of addresses.” It is a new form of scam, in which malicious people create new addresses that resemble the addresses of users.

They use sophisticated software to map users’ transactions and then create a resembling address. After that, the scammers send a negligible amount of crypto to the address in question, which has the same string at the beginning and end. Only in the middle part is the address slightly different.

By doing this, the hacker “poisons” your address and the hope is that you accidentally take this address for a subsequent transaction. This type of scam relies on the potential laziness of users who do not check everything before sending a transaction. Something that unfortunately still happens quite often.

How can you prevent this?

Preventing the poisoning of your addresses is difficult, especially since it is difficult to spot. Once the user in question sends the funds to the hacker, due to the nature of the technology, it is also impossible to get the money back. In that sense, it is therefore especially important to be sharp and to take your time for transactions.

If you are sending a transaction, please check the full address before clicking submit. In principle, this form of scam only works if users copy the addresses from their transaction history, because the hackers try to sneak in there. In that respect, MetaMask advises users not to do that anymore, because then you are safe anyway.

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